So I surrendered my 99 Four Winns Vista (26') in my ch7 bk, discharged in April. I filed because I had no health insurance and two very pricey procedures. I would've filed if I had the boat or not... the old payment was under $200 a month anyways.
Big bummer, I am totally lost and have been all summer!! Especially since I live on the water. I know, I know... I coped and found other things to do, but curiousity did kill the cat today.
My credit scores have been progressively moving upward since April, at which time I received my first post-bk credit card. I dont keep a balance and pay off whatever I put on each month (usually $50-$100). My credit scores went from the 400's to a nice rosy 630, when I checked experian yesterday. Thats 6 months from discharge to now.
I have been pre-approved for car loans through cap. one, and my credit union. I dont need a car though - I paid cash for a reliable low mileage Envoy that I love. But it made me wonder - why can I get approved for $20,000 in car loans but not a boat loan, which for a used boat like the one I used to have - is around $20,000 anyways?
Called my credit union and was pre-approved over the phone!
The loan officer said they dont care so much about the bk, but more about my FICO score now, how much Ive re-established my credit since discharge, and how many accounts I have with them (I happen to have a CD, savings, and checking acct with them.) She said a score of 630, a solid job (Ive been here 12 years) and credit cards being paid on time, with some post bk history and BAM, Im approved for 8.5%. Which for a recreational vehicle, isnt super bad!!
With that being said, I wonder what everybody else has found out there - whether it is a boat loan, RV loan, ATV loan... what happened after bk with you? Did you apply and get approved/denied? Is my credit union experience out of the ordinary?
Big bummer, I am totally lost and have been all summer!! Especially since I live on the water. I know, I know... I coped and found other things to do, but curiousity did kill the cat today.
My credit scores have been progressively moving upward since April, at which time I received my first post-bk credit card. I dont keep a balance and pay off whatever I put on each month (usually $50-$100). My credit scores went from the 400's to a nice rosy 630, when I checked experian yesterday. Thats 6 months from discharge to now.
I have been pre-approved for car loans through cap. one, and my credit union. I dont need a car though - I paid cash for a reliable low mileage Envoy that I love. But it made me wonder - why can I get approved for $20,000 in car loans but not a boat loan, which for a used boat like the one I used to have - is around $20,000 anyways?
Called my credit union and was pre-approved over the phone!
The loan officer said they dont care so much about the bk, but more about my FICO score now, how much Ive re-established my credit since discharge, and how many accounts I have with them (I happen to have a CD, savings, and checking acct with them.) She said a score of 630, a solid job (Ive been here 12 years) and credit cards being paid on time, with some post bk history and BAM, Im approved for 8.5%. Which for a recreational vehicle, isnt super bad!! With that being said, I wonder what everybody else has found out there - whether it is a boat loan, RV loan, ATV loan... what happened after bk with you? Did you apply and get approved/denied? Is my credit union experience out of the ordinary?
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