After BK question

[sara4]

I'm at the 54 day mark and no objections so far. The last day for objections is August 13th. I have a question concerning purchasing a car after BK. I've read all the different forums and it seems everyone have a different story. I've been working on my credit reports and noticed that 1 creditor posted to my Equifax credit report under a different name even though they show discharged on the report, is that legal? Also with the following scores how hard will it be to get a new car (I'm in Florida). I say new because I haven't been able to save any $ and I just started working 2 weeks ago.

Here are my scores as of August 4th 2007

TU - 568
Experian - 545
Equifax - 577

Any suggestions as to how I can keep it going up? I'm told I need at least a 600 to get a loan from my Credit Union. Will Captial One even touch me with my scores for the blank check program??? Any suggestions will be helpful

Filed - May 2
341 Meeting - June 12
Last Day for Obj - August 13

54 days and counting!!!!

[HenriettaHen]

Sara4, one reason you may have not received any replies is that you have not yet formulated (in writing), the one question you so wanted an answer to (you asked many):

Which seems to be -

Can I go out and get a car loan right after bankruptcy?

The answer my dear is ... not easily. Slow down. Read up around here and study a bit.

You don't say much in your posts about your situation.

What is it?

[sara4]

Thanks for responding, I guess I thought my post said enough. I've been reading a zillion post a day and sometimes it all sounds positive and other times it don't. My situation is I'm still driving the car that I'm giving up because it was so far upside down that my lawyer advised me not to reaffirm. I just started a new job so no savings yet although I do get retired military pay. I was only looking to buy a new car because I won't have one and used cars seem harder to finance and rental are very expensive. I was just hoping for some insight which is why I posted my credit scores. Sorry if I asked more than 1 question, I've posted a few times and only seem to get one or two responses and I guess now I know why. Here are the main questions I'm trying to get answered.

Are my scores high enough for Capital One Blank Check?
Ford? someone that won't rip me off
What's the best way to dispute all the CO showing up on my credit report? I've been disputing for almost 6 weeks and I'm hoping once I discharge the scores will go up like some I've seen.

Thanks HenriettaHen, I'm just a mess and stressed!!!

[JollyGG]

There are lots of people here who have bought cars right out of bankruptcy.
However, I am not one of them. I'm giving myself time to improve my credit score and save a little bit of a down payment.
I am aware that not everyone can do that.
I've seen most people having success with captial one, roadloans, or ford. Some credit unions are bankrupty friendly as well.
We really can't tell you with any degree of certainty if you would qualify or not. That is probably why you haven't gotten as many responses as you would like. About all you can do is try a few and see if you get the loan and what the interest rate is.
Come back and tell us about it when you are done.

[sara4]

Thanks JollyGG for your response. I do understand that it's a hard questions to answer. I guess I was hoping some that have gotten car loans would respond, but I'll be sure to post my results. BTW congrats on your Discharge, I'm waiting and hoping August 13th (last day for objections) come and go quickly!!! I wish I could wait but the car I'm driving was included in the BK and I'm just grateful I still have it for now. Again thanks for the response and look for me after the discharge!!!

[Beach Bum]

Sara4,

My last day for objections is August 13th too. We're so close, one more week.

I'm in a similar situation. I too am giving up my car, but my wife is keeping hers. It would be possible, although difficult, for us to only have one car when we both work. I'm planning on buying a car the day we receive discharge.

I think as far as getting approved on a car loan, there are a several factors that play a role. Yes, you credit score is important. But I also think other factors have equal importance: employment history, you current salary, debt to income ratio (which should be greatly reduced after a Chapter 7), and you living situation (rent or own and how long have you lived there).

I plan on applying for both Capitol One and RoadLoans, who both have a blank check type of program and cater to us subprime folks anyways. That would be the ideal way to buy a car, not having to haggle at the dealer about your loan. It's bad enough negotiating a price.

The last few cars I bought it worked well this way. Get preapproved thru CapOne, RoadLoans, or a Credit Union. Walk into the dealer after already negotiated a price with there fleet or internet salesman. And tell them you already have the financing lined up, but you will apply with their financing to see if they could give you a better rate. (Don't tell them what rate you were already approved for.) If they get you a better rate, great, use their financing. If not, stick with what you have.

Be sure to have agreed on a price, via email or phone, before you even step foot onto their lot. It's so easy these days to simply look at their entire inventory via the internet.

Good Luck.

[JollyGG]

Sara4,

I think as far as getting approved on a car loan, there are a several factors that play a role. Yes, you credit score is important. But I also think other factors have equal importance: employment history, you current salary, debt to income ratio (which should be greatly reduced after a Chapter 7), and you living situation (rent or own and how long have you lived there).

Beach Bum makes a very good point. One I was going to mention in my previous post but couldn't phrase quite right. Beach Bum says it much better than I could have.

[spell]

Once your case is discharged, then pull up your credit reports and make sure everything has been listed correctly as discharged.

Don't jump right back into debt so quickly, at least until you are sure of your available cashflow and have terms in your favor. There sure is something admirable about saving up and paying cash.

[sara4]

You're right Beach Bum, we are so close and it feels good to know we're almost done!! I've been working on disputing my cr for about 2 months now and I'm working as well as retired military so I'm hoping my income will help with everything. I do rent however so I'm not sure how that will affect everything. I agree that going to the dealer with financing already lined up is the best way to go but I'm a little nervous as well. No repos on my credit report but lot's of late payments as I was trying to raise the money to file for BK. Also some charge offs but I'm disputing since they were days before my bk. thanks for the words of wisdom. It really helps just to hear all the positive stuff!!! Good luck with you as well, I hope we both get a DEAL!!!

Filed - May 2, 2007 done
341 Meeting done
Declared no assets July 9, 2007
Last day for objections August 13, 2007
55 DAYS AND COUNTING!!!!!!!!!!