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My Ch. 7 BK was discharged May 2018. It's been a year and my Experian report is 'clean' and I have a score of 620; I have no late payments, credit usage is below 50%, no derogatory remarks (besides the BK which is being disputed and hopefully removed), and I paid off an installment loan of $500 to build credit. I am having a very hard time getting an auto loan. I've tried credit unions, "BK friendly" lenders, even Roadloans refuses to lend to me. What am I missing? Is it because of the BK, the credit usage, or a mix? I feel like majority of people are able to re-establish at least an auto loan at this point. I feel like I'm black-listed everywhere and I can't figure it out. Anybody else have this much trouble post BK?
Do you have any credit cards? You mentioned an installment loan but is there any revolving credit cards reporting?
You may wanna try to get a few secured cards to start rebuilding. Have you tried discovers prequalify? What creditors did you include in your BK? Cap one is usually very easy to get after a bk, it is usually bucketed of course, but it's a something to build on.
You mentioned disputing your BK, I highly doubt that will be removed. Yes BK is hard on yiur reports, but you will recover and rebuild
I have a secured card with USAA, and 3 other non-secured cards with ridiculously low limits. I burned Capital One, USAA and Discover. Cap One and Discover refuse to lend to me and I had an agent from Capital One actually tell me to stop applying because my ssn is flagged in their system and they will not reconsider. I find that crazy because what it seems from these forums, Capital One will gladly welcome customers back even after they burn them. I managed to get one approval from DCU for a $3000 personal loan but got roadblocked when I tried to open an account to become a member (Chexsystems is also apparently out to get me). My DTI is under 10% and I bring in over $100k/year.
What are some of the denial reasons you are getting?
Also, if the account that is flagged in CHexSystems was apart of your BK, you can send your discharge papers to them to have it removed.
The reasons for denial are insufficient credit history (weird because it's over 7 years old), proportion to loan/balances too high, and inquiries. I am working on paying off more of my credit cards and hopefully I'll see a spike after doing so. Thanks for all the replies, everyone, it seems I'm fighting an uphill battle here.
Whats you util on each card. List credit line with balance. And how many inqs are on each CRA?
@Anonymous wrote:The reasons for denial are insufficient credit history (weird because it's over 7 years old), proportion to loan/balances too high, and inquiries. I am working on paying off more of my credit cards and hopefully I'll see a spike after doing so. Thanks for all the replies, everyone, it seems I'm fighting an uphill battle here.
Cap-1 is going to take at least a year if you were not successful. The BK effectively wiped out any credit history you had even good accounts are not going to be considered prior to it, its the elephant in the room.
One year post bankruptcy I have 4 credit cards. The first card I got as soon as my debt was discharge was a Capital One Secure credit card, and 6 months later my limit went from $300 to $600 and I acquire 3 more cards. Havign said that 6 months ago I was approved for a Capital One Quick Silver Signature Visa card with a limit of $6,000 and 6 months later my limit was raised to $10,000. If you want offers you have to earn yout stripes with the secure credit card and prove your worth and go from there. Pre bankruptcy my credit card score was 531 and now it's 731.
ear