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

[CindyLou]

be sure and compare what your payment will be on a used car with higher interest. We went with a new one at 0.9% because the payment on a used one at 12-13% was going to be exactly the same (I didn't know at CCCU at the time and thought my only option was Cap One or the dealership for a used car)

good luck!!

[brokeinmichigan]

I hadn't thought of that...very good point. My DH is at the CU right now, discussing the situation with them. I'm a little worried that once "the cat is out of the bag", they'll want to close out our accounts. But, as aforementioned, we didn't include ANY of our accounts/loans that we had with them, and even paid off a loan with them this month. Hopefully, that will be in our favor.

Thanks again for the sage advice....

[brokeinmichigan]

So, the card arrived today. Only a $500 limit to start with automatic increase at month 5, if all payments rec'd on time. But no fee, and 0% APR for 1 year...16% after that, but we won't be carrying any balances, so who cares?! So, here goes...my first step at rebuilding credit. Will use this only for gas purchases and pay it off in full monthly.

[bmcmull]

car loans

Alway,s check with your credit union when doing loans out of BK especially if you have a good past relationship with them. As for the CC from capitol one that was a flaw in the computer system, system made an error in giving you that card. Here is the deal though, say you put $2000.00 on it and they do a soft pull on your credit bureau in 90 day's and see the BK, they can and will raise that 0% to the state maximum.. Be carefull and do not cary a balance. I have had a credit card go up before even though I was never late with them, they saw I was strugling with another card and hit me with the 28.99 %%%%%%% deal. Problem was I was carrying a balance of $15,000.00 on it.... UGLY PAYMENT !!!!

[bmcmull]

Also capitol one does auto loans online as well, maybe you will hit the lottery twice !!!! Good luck

[brokeinmichigan]

bmcmull...

Thanks for the reply. See my new thread in the Purchasing a Car section. We were denied by our CU. Although, I'm wondering if we go in person to the loan lady at our branch we may have better luck. We just did the online app, it went through the main branch, there was nowhere to notify them that we have $5K as downpayment, etc. Maybe we oughta go in to our branch and sit down with them. We recently paid off a signature loan with them that we bought our last car with.

As for the CapOne card, I rec'd a pre-approved thing in the mail, got online and punched in the code and in 15 seconds had the approval. Got the card a week later...granted a low limit, but that's ok. Just using it for gas purchases and paying it off every month.

Do you think that they would even consider a Blank Check with us? We did discharge $$$ with them in BK, but now I have a CC with them. They know we cant file again.....I suppose it's worth a try. But I want to avoid lots of hard pulls if they will likely deny us.

Also, I have heard that there are stipulations on year and mileage of the vehicle you purchase....do you know if that is true, and if so, what are the stipulations?

Thanks again for your reply...

[bmcmull]

I Just noticed you did a ch 7, no debt for you now is a good thing. Banks look at you different at this point, but still does not explain the low APR from cap one. I am a finance manager for a car dealer in Dallas TX. If I was in your shoes I would go to my branch office of my CU and tell them I have the cash down. I would'nt see a reason why they would not work with you but keep in mind most banks have a min amount financed. Usually 6k. I would buy something cheap put all the cash down and re-establish over a couple of years 24-36 months. Pay as little interest on the loan as possible. I see people all the time in my office re-establishing at 18% on 20k and more. Good luck on your deal.

[bmcmull]

Also as for the cap one check used for car loans you are correct they will stipulate age and miles on car, but all other banks will as well. I would still try them and also HSBC, and WFS. They are both beacon driven and it really just depends on how their computer scores you. HSBC you can get online WFS you will have to find a dealer. I have a referral for you if you want, they will do your fiancing and work with you on finding something local. His email is [email protected]. Great guy. Specializes in lease returns all over the country. High line and regular cars. John Ammons is his name. Tell him Billy Mcmullen Reffered you to him.