Confused & stressed

[prestlrp]

OKAY, SO DISCHARGED & CLOSED TUESDAY. FOLLOWED OTHERS LEADS HERE AND APPLIED FOR CAPITAL ONE BLANK CHECK (DENIED) AND WENT TO CARMAX THIS MORNING (DENIED)! IM SOOOOOO FRUSTRATED B/C IM REALLY, TRULY IN NEED OF A CAR AS I COMMUTE 2 HRS 2 WORK VIA PUBLIC TRANSPORTATION AND ITS GETTING 2 COLD, ALONG WITH ITS MORE EXPENSIVE USING THE METRO. BEFORE SOME OF YOU SUGGEST, I HAVE NO CASH 2 BUY A CLUNKER, THEREFORE THATS NOT AN OPTION FOR ME AT THIS TIME.

ANY SUGGESTIONS ON HOW I SHOULD PROCEED WITH FINANCING OPTIONS? DID I APPLY 2 SOON?

ALSO, CAP1 DENIED THE AUTO LOAN BUT DID ISSUE ME A CREDIT CARD WITH A $500 LIMIT, HOW CRAZY & IRONIC!

IVE ALREADY CHECKED MY CREDIT REPORTS AND EVERYTHING REPORTING AS IIB WITH THE EXCEPTION OF 1 ITEM, WHICH IM DISPUTING.

THANKS IN ADVANCE FOR YOUR ADVICE

[keepinitreal]

I HAVE NO CASH 2 BUY A CLUNKER, THEREFORE THATS NOT AN OPTION FOR ME AT THIS TIME.

ALSO, CAP1 DENIED THE AUTO LOAN BUT DID ISSUE ME A CREDIT CARD WITH A $500 LIMIT, HOW CRAZY & IRONIC!

You could use a cash advance from the new credit card to buy a $500 clunker.

[LSUTiger32]

If you can make a car payment, start doing so now TO YOURSELF! By the time your credit heals enough in the next two or three months you would have enough cash to buy something to last your for a year or two. Continue saving the car payment and in two years you can have an extremely nice PAID FOR car. What did you expect two days after discharge? You haven't even given your credit report enough time to update.

[tobee43]

OKAY, SO DISCHARGED & CLOSED TUESDAY. FOLLOWED OTHERS LEADS HERE AND APPLIED FOR CAPITAL ONE BLANK CHECK (DENIED) AND WENT TO CARMAX THIS MORNING (DENIED)! IM SOOOOOO FRUSTRATED B/C IM REALLY, TRULY IN NEED OF A CAR AS I COMMUTE 2 HRS 2 WORK VIA PUBLIC TRANSPORTATION AND ITS GETTING 2 COLD, ALONG WITH ITS MORE EXPENSIVE USING THE METRO. BEFORE SOME OF YOU SUGGEST, I HAVE NO CASH 2 BUY A CLUNKER, THEREFORE THATS NOT AN OPTION FOR ME AT THIS TIME.

ANY SUGGESTIONS ON HOW I SHOULD PROCEED WITH FINANCING OPTIONS? DID I APPLY 2 SOON?

ALSO, CAP1 DENIED THE AUTO LOAN BUT DID ISSUE ME A CREDIT CARD WITH A $500 LIMIT, HOW CRAZY & IRONIC!

IVE ALREADY CHECKED MY CREDIT REPORTS AND EVERYTHING REPORTING AS IIB WITH THE EXCEPTION OF 1 ITEM, WHICH IM DISPUTING.

THANKS IN ADVANCE FOR YOUR ADVICE

good morning prestlrp....well this is JUST my opinion...but i do think you applied to soon.

we waited months...(our dates are not "real" dates listed to protect our privacy)...however, i think it was more than 6 months before applying for any credit...we did get cards, however, we have not tried for a car loan at yet and cannot even fathom attempting it for sometime..although we have rec'd offers in the mail...ie. the local car dealership approved me for 28k...i didn't even try...but bet me it's at 20% or so.

you need to give it some time and then offers will begin slowly appearing in your mailbox. best of luck!

[Flamingo]

To the OP - there is no guarantee as to anything right after discharge. Just because something happens to someone else does not mean it will happen to you. 98% of those applying right after discharge get denied as you found out. Also, what you are doing now is racking up hard inquiries on your credit reports just fresh out of BK which makes you look even worse to creditors. Time is your friend after discharge, no matter how difficult it is to get by. The suggestions by LSUTiger are marvelous to get you back on your feet as to a vehicle. Also, do you have a prior paid off never late car loan with, say, GMAC, Ford Credit, Chrysler Credit, etc.? If so, that ups your chances of getting a vehicle at one of those dealers. We were told that worked for us when we obtained a new vehicle while in our Chapter 13.

I would save, save and save some more and shop around in a bit. Filing BK and the repercussions are not easy and one just does not step onto the cruise ship after filing thinking everything will be all right - it's not.

Best of luck to you...

[prestlrp]

Thanks All, yes Im learning that what works for others does not work for all. Ive decided to buy a $3k vehicle with the help of my parents and try again for a car next year. However, LSUTIGER, please note my credit report was updated to discharged w/i 24hrs, but I appreciate everyones opinions and advice thats why I opened up the post for discussion

[LSUTiger32]

Thanks All, yes Im learning that what works for others does not work for all. Ive decided to buy a $3k vehicle with the help of my parents and try again for a car next year. However, LSUTIGER, please note my credit report was updated to discharged w/i 24hrs, but I appreciate everyones opinions and advice thats why I opened up the post for discussion

I don't doubt that, but did you check to make sure that all the individual accounts had been updated to the correct status?

That said, I love you new idea. I would never borrow money from family but that's a much better idea in my opinion that financing a car. Get that money paid back to your parents as soon as humanly possible. Those kind of things can ruin relationships. Just an example but let's say that you would have gotten a car with a $300 car note. Get crazy intense and pay that back to your parents in 6 months. Sell the dog, whatever. That would be $500 a month. Once you pay them back, start saving that $300 car note into a savings account. Do that for one year. All of a sudden, in 18 months you can sell the car you buy now for probably $2,000 and then have $3,600 in a savings account for a car. That gives you a $6,000 jump on whatever you do next. That's what I am doing right now and in three years I will driving pretty much anything I want and paying for it with CASH!

Good luck!