New auto loan after bk...

[carbk]

Hello - I'm considering a new car, mainly because I am anxious to rebuild my credit. I don't know what my credit score is but I had perfect credit prior to my BK - I also had a dream a few nights ago that my credit was in the 700s (lol I wish), and I recall in my dream that this was with the BK on my credit! Anyway, I have read on here that people were getting approved left and right thru capital one auto finance - Well...I tried them thru there online blank check and they declined me for a 20k auto loan. I really don't want to go waste my time - or anyone elses time at a dealership for them to tell me I cannot get a new auto loan. I know a few sales managers and they have all said that they can supposedly get me approved but I haven't really let anyone run my credit. I know sales managers will sometimes say whatever you want to hear over the phone just so you can go into the dealership.

Some other relevant info - Since my BK was discharged, I have got two new credit cards, thru Capital One and Orchard Bank, I have used them and paid them right off! I will never EVER spend more than I can afford with them again though. I only allow myself to make a purchase on my credit card if I have the money to pay for it in my pocket, for example. Then what I actually do though, is just pay the credit card at month end. I am also not going above 50% of the credit cards credit line since I heard this this a good thing to do. Any suggestions?

[Flamingo]

There are numerous postings in here about buying cars after discharge. Have you done a search yet on your topic? Unfortunately, as you have found out, some folks get approved, some don't and it is the BK on one's records that brings in the declines. There are some BK friendly lenders and some lenders will not lend at all with a BK on your credit. Your credit score can be excellent but you can still get declined due to a BK.

[jribe]

the credit card usage utilization is actually 1/3 of the credit limit that helps your credit. Just FYI.

Hello - I'm considering a new car, mainly because I am anxious to rebuild my credit. I don't know what my credit score is but I had perfect credit prior to my BK - I also had a dream a few nights ago that my credit was in the 700s (lol I wish), and I recall in my dream that this was with the BK on my credit! Anyway, I have read on here that people were getting approved left and right thru capital one auto finance - Well...I tried them thru there online blank check and they declined me for a 20k auto loan. I really don't want to go waste my time - or anyone elses time at a dealership for them to tell me I cannot get a new auto loan. I know a few sales managers and they have all said that they can supposedly get me approved but I haven't really let anyone run my credit. I know sales managers will sometimes say whatever you want to hear over the phone just so you can go into the dealership
Some other relevant info - Since my BK was discharged, I have got two new credit cards, thru Capital One and Orchard Bank, I have used them and paid them right off! I will never EVER spend more than I can afford with them again though. I only allow myself to make a purchase on my credit card if I have the money to pay for it in my pocket, for example. Then what I actually do though, is just pay the credit card at month end. I am also not going above 50% of the credit cards credit line since I heard this this a good thing to do. Any suggestions?

[wees]

I think this article can help you.

http://ezinearticles.com/?Car-Loans-After-Bankruptcy---Tips-to-Getting-Approved&id=50838

[carbk]

Hey thanks! That was indeed very helpful