Just Discharged - Auto Loan Advice Needed!

[derf]

My Chapt. 7 Discharge was official on 2/2/06. At the same time, the case was closed.


I have 3 vehicles, all older than 10 years. One I claimed as exempt on my petition, the others the Trustee did not take/want.

Here's the deal:

Last month I needed to purchase a different vehicle due to repairs needed on the vehicles I allready owned. So as not to cause any potential issues with my BK prior to the discharge, the vehicle was bought under my parents name and they have a loan on it, which I currently indirectly paying.

Now that I have my discharge, how soon can I transfer the vehicle and the loan into just my name?

I'd like to begin re-building my credit ASAP, and a vehicle loan in my name through my bank seems to be a good start. I just don't want to raise any red flags and have my BK re-opened.

Any thoughts on this?


Thanks!

[FilingOnMyOwn]

Case is closed? Do whatever you want.

[StaciMM]

You will probably not be able to get a great loan right now-perhaps work on cleanup for a few months before trying. You may want to start with a secured card, so that by the time you try for an auto loan, you already have some positive history after the BK.

[Jenny]

It's not as easy as transferring the loan to your name. You have to qualify for a loan. StaciMM's advice is good. If you try to apply now, you'll pay a really high interest rate if you can get a loan. I don't know what your parent's credit looks like, but if it's good, a payment on a loan in your name will be a lot higher than it is now.

[derf]

Thanks for the reply's!

To clarify things a bit:

I am discharged from my Chapt. 7 and the case is closed.

I pulled my CR from all 3 agencies in december of 05 and they were all reporting my BK correctly.

I have allready recieved several new Un-secured CC Offers with limits upwards of $5,000 with 14.9 Fixed being the usual APR, as well as a few 12.9 Variable, all with no annual fees. I also recieved today an offer from Orchard Bank for a CC with a 9.9& Variable APR & a $59 Annual Fee.

I've allready recieved pre-approved status on many cars with no Annual Fee's, so it's likely that I will elect one of those cards when I decide to get a CC Again.

My Credit was near 700 on FICO when I filed in Oct. 2005. I had always been current with my payments.

I currently have a Auto CC that reports through Good Year, that has a 0 balance, and was not closed during my BK. I have had this card for over years.

I have not pulled my CR this year yet, as the Agencies were all reporting correctly in December. I have not yet pulled my FICO Score now that I am discharged either to see how much of a hit it took. (I'd like to know a good place to do that too.)


Just offering some clarity to aid in any further advice.


Thanks Again!

[bilbo]

You can only get FICO scores for all 3 major CRA's at www.myfico.com