APPROVED for CapOne!!! Also, used car question...

[brokeinmichigan]

So, we're 4 months out of our BK7. I've been getting "pre-approved" applications in the mail since before discharge, but they have all been subprime rates, lots of fees, etc. In today's mail, I received another "pre-approved" offer from CapOne, but this one is NO ANNUAL FEE and 0% interest for 1 year. I read the fine print, and decided to go for it online....fully expecting to be turned down. But to my surprise, I was approved....in 15 seconds!!!! Don't know my credit limit yet, but really don't care. I'll just use it for gas now and again, and pay it off in full every month. My credit scores are still lousy (581 - 538 - 568), as I have no new credit since discharge, and our mortgage isn't reporting. So, I'm pretty happy with this...the first step on the path to better credit. BTW...Capital One was one of my creditors included in our BK....I really can't believe this one!!!!!

We are in the market for a new vehicle, as well....not NEW, NEW...just new to us. We have about $5000 for a downpayment, so hope we can find something where we can finance a portion (with low monthly payments) to continue the credit building. Any suggestions for used car financing that is BK friendly???

Thanks!

[familyof7]

SAFCO depending on what state you are in.

[Cramdown]

Capitol One Auot Finance====but beware, high "damn it" interest rates and if you miss a payment, I talking a day late, be ready for the phone calls. As long as you can deal with that, you got yourself a new car!

[familyof7]

what capital one credit card did you get approved for?

[rrockinggramma]

try your credit union on the car loan, if you didn't discharge anything from them in your BK. Their interest rates are usually more friendly. My daughter got Cap One blank check, for 14.9 percent after her BK.

[marializ]

capital one auto

What does Capital One pull for auto loan?

[brokeinmichigan]

Familyof7--I was approved for Capital One Platinum Mastercard with NO annual fee and 0% APR for 1 year.

As for our credit union...I've been under the impression that there is no way in Haiti they would ever lend us money again, and may even close our existing accounts if they were aware of our BK. We didn't include our car loan that we had with them in our BK, and as a matter of fact, paid it off this month. That car is in great shape and will last another 100,000 miles (Volvo), but my DH's van is dying a slow death, which is why we need to replace it.

So, is there a chance our CU will lend to us even if we have this recent BK?

Thanks!
Michelle

[marializ]

Credit union

We have a auto payment still with are credit union. But we included are cc with them bk... So I think we are blacklisted from them from ever getting another loan..... Have you tried Patelco Credit Union? We got a small loan with them...to build are credit back...

[tay666]

As for our credit union...I've been under the impression that there is no way in Haiti they would ever lend us money again, and may even close our existing accounts if they were aware of our BK.

Where did you hear that?
Generally you only have trouble with credit unions if you wiped out some debt with them in BK.
They don't like not getting their money back.
If you didn't file on any debts with them, then you shouldn't have a problem.

[krielly]

No WAY!!!!!! Capitol One gave you a cc when you filed on them? That's AWESOME!!!!! I'm really shocked. If you don't mind me asking what was the amount you BK'd with them?

[brokeinmichigan]

krielly-
I think it was in the neighborhood of $2000 with CapOne for the BK. I think it's pretty funny, too. I've heard similar things before like this...maybe read it here. They make these offers and extend credit to you because they know you can't file again for 7 years. Whatever the reason, I'll take it.

Woo hoo!

[brokeinmichigan]

tay666 - So, if I understand correctly, our cu may lend us $$$ even with a recent BK7 discharge? Our credit with them is excellent (expecially my DH's), just our credit in general (esp with the BK) isn't great overall.

Has anyone here ever gotten a loan through their CU soon after a BK7 discharge? I assume they have to run the same credit reports as any other lender...what would make them extend credit to someone in our situation?

Thanks!

[rrockinggramma]

If you didn't discharge any debt with your BK at your credit union, (they didn't lose any money on you) and you have always paid your debt with them, what can it hurt to go ask them? It might save you a lot of $$$$ in interest.

[CindyLou]

try Chrisitan Community credit union. They are very BK friendly, as long as you don't have anything on Chexsystems. www.mycccu.com

their rates start at 6.75 and they don't charge more for used car. If you have 5000 down it shouldn't be a problem. They look at the whole picture, not just the score.

If you have 5000 down you SHOULD be able to get into on of the 0.9% deals on a new car. I did that 4 month's out of BK. I had about 5000 down and then chose a car with a big rebate and applied that to the downpayment also and ended up putting 25% down and they were able to give me the 0.9%. My scores were in the high 500's. I worked with the special financing dept at a large volume Ford dealership and financed through Ford credit.

Your 5000 down will give you a lot of freedom with the new car hunt.

Keep us posted.

[brokeinmichigan]

cindylynnsmith~
Thanks so much for your input/reply...you always seem to have loads of knowledge!

Although the 0.9% sounds tempting (and a NEW car even MORE luxurious!), we are hoping to keep our payments low, so we'll likely stick with something used (but "newish"). We just paid off our second car, and hope to keep the payments around what those were, so as not to increase our monthly expenses.

But again, thanks for your insight!