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how to get a loan

New Member

how to get a loan

I had a chapter 7 bankruptcy discharged in credit score now is 659. i looked at my credit report recently, it has a lot of derogatory items on it. i want to buy a car, and applied for credit. it was denyed.what can i do?

Message 1 of 9
Moderator Emeritus

Re: how to get a loan

What does your CR say since the BK?   Any negatives on there?  Anything you can clean up?

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 9
Frequent Contributor

Re: how to get a loan

My bk was also discharged in 09. Your score is way better than mine!

Message 3 of 9
New Member

Re: how to get a loan

my score is 659 according to the capt one letter. i have 2 credit cards which i pay on time and more then minimum payment. nissan offered a loan by the financing was 10%.i was hopping that capt one will give me  a smaller APRs,but they had denied the credit. Now my score probably is even less, because of the inquiries. 

Message 4 of 9
Frequent Contributor

Re: how to get a loan

With a BK on one's credit report and a credit score where yours is, I think that Nissan's offer at 10.9% is not might want to post in the Auto loan forum there are those that would give you loads of advice. if you have a thin credit profile post BK then it will be had to get prime rates. You could always refinance 6 or 12 months into the loan. Just keep making ontime payments on all open credit lines and things will only get better.....Good Luck and keep us posted.

Starting Score: 500s
Current Score: EQ: 708myFICO(7/15/17), TU: 721myFICO(7/15/17), EX: 701myFICO(7/15/17)
Goal Score: 750

Wallet: Discover IT $50300, Capital One Platinum $17000, Barclays Rewards $6700, Walmart $6000, Amazon Store Card $6000 Chase Sapphire Preferred $5000, Chase Sapphire Reserve $10000, Bank of America Cash Rewards $500. BestBuy $10000
Message 5 of 9
Frequent Contributor

Re: how to get a loan

Goodness, I would DIE for a 10% interest rate! I am paying 30% on one vehicle, and 25% on the other!

But, I just opened an acct with a local CU and they are trying to refi my 30% rate, they said theirs wont be  more than 18%. 

Message 6 of 9
Established Contributor

Re: how to get a loan

Hi Russia


How much do you currently owe on the credit cards you have? That amount may be why you were declined. Do you have any negative items on your credit report after filing BK?


I got a pretty decent rate (5.5%) about three years after my Chapter 7 was discharged. I applied at two places and got that rate from my local credit union. Do you have any credit unions around that you can join? Are you eligible to join NFCU?


There is life after BK. You just have to be patient and ensure you follow the credit laws (pay your bills on time, keep your utilization low and avoid a lot of inquiries). As the previous poster mentioned, 10% is not a bad interest rate but you could potentially get better depending on what is on your credit report and if you shop smart

BK in January 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Platinum Delta Skymiles ($35,000) --- GEMB CareCredit ($10,000) --- AUFCU ($10000)---Discover IT ($33,000)

Experian 827 Transunion 828-- Feb 2018
Message 7 of 9
New Member

Re: how to get a loan

Thank you to all of you for your good advises. Will work on my credit.



Message 8 of 9
Valued Contributor

Re: how to get a loan

Try Prestige Financial. They provide auto loans for people with BKs on their credit reports. Their website is
Prestige was the only company that would give me an auto loan 3 years from filing a Chap 13. They also only work with dealers that sell reliable used cars as they don't want a broken down car to be the reason for not making a payment.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 9 of 9