We got new credit in a second!! Unsecured! Wow

[backtoschool]

Hi
Just to let you know I owed Cap one 6000 that ended up 8600 I think on my chpter 7 in Jan 2009. I stopped paying them 18mos b4 they sued me also and got a judgement. I also got a new card with them per offer in mail for 1000. No monthly fee , 39.00 annual fee, and nointerest until june 2011. They also sent me a 30,000 ck for car ( I did not cash of course) So I do not know what their logic is. They also have sent me a reward zone card offer . I guess they figure we can not file bkrptcy again for 8 yrs. I know I am not getting into the cc trap. I plan on paying for gas with it and paying off each month.

Cap One is bk friendly if you have stability with your job and were a good credit risk before you bk'ed. They are known for having a very detailed, very proprietary model for who they extend credit to, which is great for those of us that fit their model and want to rebuild.

[tobee43]

Cap One is bk friendly if you have stability with your job and were a good credit risk before you bk'ed. They are known for having a very detailed, very proprietary model for who they extend credit to, which is great for those of us that fit their model and want to rebuild.

that's excellent to hear! i do know whether we want to or NOT we will be needing "credit" in the future. it's our society and that's just the way it has to be. i do want to buy this house one day as i have expressed and we will NEED a new car. so we don't have much choice in the matter...oh...unless we hit the lottery!

[LSUTiger32]

that's excellent to hear! i do know whether we want to or NOT we will be needing "credit" in the future. it's our society and that's just the way it has to be. i do want to buy this house one day as i have expressed and we will NEED a new car. so we don't have much choice in the matter...oh...unless we hit the lottery!

See my friend, this is where normal sucks. You DO have choice, you just are choosing another method. I am certainly not going to argue the house, most of us do and will need a mortgage to get a home. But the car, come on!!! You can buy a car that does not require a loan. You just have to choose to want to do it. What people on here can't seem to understand is that a car is determental to you getting a home in a lot of cases, especially if you do not have a large income. Let's say that you have $5,000 a month in income. You have $1,000 a month in credit card/school loans/installment debt/whatever. You look at a home with a payment of $1,250, which is a modest home of say around $175,000. Your ratios in that case are fairly decent 25/45 with the latter actually being on the borderline for some programs. Now, throw a $500 car payment in the mix. Your ratios are now 25/55 and you are DECLINED for a mortgage. The way that the culture in this country has us brainwashed over FICO scores and credit is amazing. They had me for quite a while, but I am cured!

[tobee43]

See my friend, this is where normal sucks. You DO have choice, you just are choosing another method. I am certainly not going to argue the house, most of us do and will need a mortgage to get a home. But the car, come on!!! You can buy a car that does not require a loan. You just have to choose to want to do it. What people on here can't seem to understand is that a car is determental to you getting a home in a lot of cases, especially if you do not have a large income. Let's say that you have $5,000 a month in income. You have $1,000 a month in credit card/school loans/installment debt/whatever. You look at a home with a payment of $1,250, which is a modest home of say around $175,000. Your ratios in that case are fairly decent 25/45 with the latter actually being on the borderline for some programs. Now, throw a $500 car payment in the mix. Your ratios are now 25/55 and you are DECLINED for a mortgage. The way that the culture in this country has us brainwashed over FICO scores and credit is amazing. They had me for quite a while, but I am cured!

fist the house....and then....well personally, i just do not want just a CAR...i was hoping for a BENTLEY.....so i really do need to get my scores up there...what are they about 350k.....


these credit reporting services need more useless watch dogs ....this country best get ready for a change in the way they view one's score, or this economy will most likely recover even slower than it is. if we, the consumer stop buying it's like the domino theory....no factories hire to make parts....no sales people hired to sell goods....OH...forgot..silly me they all come from china anyway!!!!!! so it appears to me we are SOL!!!

i'm still going for it...i'm just looking to live. and seriously when we do have to buy a car it will ONLY be when we have have down at least...so i guess i'll be getting the bentley at about 90????

[backtoschool]

I do not think a car payment is looked at unfavorably by mortgage lenders. Quite the contrary, it show the ability to pay off large installment debt. Large credit card balances certainly would affect the debt to income ratio in a negative way. Most people are not carrying $1000 a month in credit card debt post bk however, and if they are, they absolutely should not be. I do not believe that people should carry a balance on a credit card, especially post bk. (unless they are waiting for business expenses to get reimbursed etc, or for other logistical reasons). But obtaining credit is not the same as using that credit and keeping a large monthly balance on the card.

I was told by my mortgage lender that a mixture of trade lines, including some installment debt was better than having no open trade lines at all, when applying for a mortgage.

[tobee43]

yes, i think some have been so burnt with credit it's just getting them back into the pool...or actually throwing them in.

the sad part of this...is let's face it...in this country we simply do not have a chose...we either PLAY or PAY....

so i'm in resolve...i understand all to well...i MUST re-establish my credit if i want this house. and as i have stressed i'm too old and good looking to drive an old used car in need of daily repairs that will cost more in the long run with repairs.

in this country it's the ugly truth...we need credit to some extent.

[LSUTiger32]

I do not think a car payment is looked at unfavorably by mortgage lenders. Quite the contrary, it show the ability to pay off large installment debt. Large credit card balances certainly would affect the debt to income ratio in a negative way. Most people are not carrying $1000 a month in credit card debt post bk however, and if they are, they absolutely should not be. I do not believe that people should carry a balance on a credit card, especially post bk. (unless they are waiting for business expenses to get reimbursed etc, or for other logistical reasons). But obtaining credit is not the same as using that credit and keeping a large monthly balance on the card.

I was told by my mortgage lender that a mixture of trade lines, including some installment debt was better than having no open trade lines at all, when applying for a mortgage.

Totally agree on the credit cards.....well you know how I feel but if you think you need one by all means pay it off every month. Most people are not carrying that much in credit card debt but even if you pay the thing off every month, what matters is what it shows when they pull your credit. A lot of people also have school loans which count into the ratios and were not bankruptable. Your lenders thoughts are the common thoughts in this country. I don't disagree with that, but that in and of itself doesn't make it smart. The car payment is not looked at unfavorably by lenders unless you're not paying or it changes your ratios. It absolutely does change your ratios and your ability to get a mortgage and/or the amount you qualify for. No one wants to consider risk in any of this. All is merry and bright and everyone is bulletproof. Grab some credit cards, get you a nice fat car payment again, go after the house and then oops.....the first sign of storm clouds and you are right back in trouble. It's just not worth it me, but that's just me. If there is one thing I have learned its that I am in minority with those thoughts.

[LSUTiger32]

so i'm in resolve...i understand all to well...i MUST re-establish my credit if i want this house. and as i have stressed i'm too old and good looking to drive an old used car in need of daily repairs that will cost more in the long run with repairs.

Oh man!!!! Ahhhhh!!! Arggggghhh!!!! I just want to beat my head against the wall!

[tobee43]

Oh man!!!! Ahhhhhh!!! Arggggghhh!!!! I just want to beat my head against the wall!

BEAT!!!! but I AM NOT CLEANING up the mess!!!!!

and i know b2s will be riding with ME in MY bentley...watchin you have to run along the side of the car....oh..and we will be stopping to charge a designer bag or two...as well.

point is...we don't MAKE society...wish we did...we just have to survive in it....

[LSUTiger32]

BEAT!!!! but I AM NOT CLEANING up the mess!!!!!

and i know b2s will be riding with ME in MY bentley...watchin you have to run along the side of the car....oh..and we will be stopping to charge a designer bag or two...as well.

point is...we don't MAKE society...wish we did...we just have to survive in it....

Hey now, if you get the Bentley you could at least pick me up off the side of the road. Oh wait, my car runs fine!

[backtoschool]

BEAT!!!! but I AM NOT CLEANING up the mess!!!!!

and i know b2s will be riding with ME in MY bentley...watchin you have to run along the side of the car....oh..and we will be stopping to charge a designer bag or two...as well.

point is...we don't MAKE society...wish we did...we just have to survive in it....

I want to stop at whole foods and get an overpriced soy cappuccino on the way too.

[tobee43]

I want to stop at whole foods and get an overpriced soy cappuccino on the way too.

LOL!! we went yesterday food hunting!!! i brought my own homemake...i missed the soy one...i MUST do it our next visit.

[tobee43]

Hey now, if you get the Bentley you could at least pick me up off the side of the road. Oh wait, my car runs fine!

the only way i would ever consider picking you up on the side of the road...would depend completely on what football jersey you're wearing....your car runs fine for now...LOL!!!

[LSUTiger32]

the only way i would ever consider picking you up on the side of the road...would depend completely on what football jersey you're wearing....your car runs fine for now...LOL!!!

LOL! That's easy DREW BREEEEEEEEEEEEEEEEEEESSSSS! Of course, he had the worst game of his life Sunday so he better get right.

And yes my car runs fine for now and since I don't send a crapload of money to Crapital One each month for it, I have big ol' stinking car replacement/repair fund in the bank. Either it will be running or I will have a new PAID FOR car.....it just won't be a Bentley!

[Logan]

yes, i think some have been so burnt with credit it's just getting them back into the pool...or actually throwing them in.

the sad part of this...is let's face it...in this country we simply do not have a chose...we either PLAY or PAY....

so i'm in resolve...i understand all to well...i MUST re-establish my credit if i want this house. and as i have stressed i'm too old and good looking to drive an old used car in need of daily repairs that will cost more in the long run with repairs.

in this country it's the ugly truth...we need credit to some extent.

Imagine if everyone took LSU's advice and no-one bought a new car.......