Refinance question

[Anonymous]

We were discharged from ch 7 last week and got approved through Santander with a rate of 18% & payments are $443/month. Not ideal, but our only choice at this point. It's for a vehicle we love so is worth it to us. My question is how long should we wait until we attempt to refinance when we do not have any other credit lines boosting our credit scores at this time?

[starry1]

I don't know what's best, but I can tell you what I did. I financed at 17% right after filing, made six payments, then refinanced with my cu for 8%. Still not ideal, but probably the best I can do for a couple years.

[grassfeeder]

6 months seems like a pretty quick refi for them to accept....promising!

I ended up at 10.99% 3 months post BK, I'll probably give it a year and see what my local CU might be able to do for me....

If I were you, I'd get a secured card reporting right away. I got a huge bump on my score once that first trade line reported.

[Scupra]

Agreed that six months seems to be a sweet spot as long as you have positive history at that point.

[starry1]

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@grassfeeder wrote:
6 months seems like a pretty quick refi for them to accept....promising!

I ended up at 10.99% 3 months post BK, I'll probably give it a year and see what my local CU might be able to do for me....

If I were you, I'd get a secured card reporting right away. I got a huge bump on my score once that first trade line reported.

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Well, it is NFCU, so other credit unions may not have hopped on board as quickly.

[lovelylisa84]

I would say six months. Did you try Capital One first or was that through the dealer? That is really high!

[Anonymous]

Dealer unfortunately. Tried capital one but they denied me due to two credit cards for each of us being in our bankruptcy. They even denied us for a secured card unfortunately. Pathetic, I know :/

Any advice on a secured card from somewhere other than capital one?

Thanks for the help guys!

[Comet21]

We purchased a car August 2012, 4 months after discharge @5% through Wells Fargo Dealer Services. I refinanced last month down to 2% through Capital One.

[Comet21]

I forgot to mention that I tried to refinance through Johnson Space Center Credit Union here in Houston and was denied due to BK. on the bright side, my rejection letter showed my EX FICO at 698!