Wow...blown away by Capital One

[Air00Max]

My wife and I were just discharged on 6/25/14 from our 13 Conversion to a Chapter 7. We had to purchase a new vehicle while in the 13 and were approved at 19.99%. I just applied to refinance, and was approved by Capital One at 5.32% I am sooooo happy and thankful right now..saving a ton of money on interest, and was able to reduce the term by 6 months.

[justbroke]

Congratulations! I did something somewhat similar. I was in a Chapter 13 and converted to a Chapter 7. I redeemed one of the vehicles through 722 Redemption (US Bank) and the interest rate was 17.49% or something like that. After discharge from my Chapter 7, I refinanced through Navy Federal for far less (can't remember the specifics, but it was similar to your rate). A discharge is a wonderful thing!

(I will note, that your pre-bankruptcy experience with auto-lenders is very important to how your "auto-enhanced FICO" score looks after discharge. In fact, your payment history before filing will dictate how you "bounce back" after you receive your discharge. Of course, time heals all wounds and eventually everything will start to gel really nice. Even a 700+ score is possible within 2 years after receiving a discharge.)

[BNKRPTinNC]

Same here. Was discharged on 2/18 and received an offer from Cap One for a credit card. I had been considering getting one to re-establish credit by making small purchases and paying off each month. I didn't care what the rate was as I was more concerned about the annual fee, with anything above $0 going in the circular file. As I currently have no payments of any kind other than mortgage, and even though my vehicles are all over 10 years old, I am not inclined to go out and make another major purchase just to bring up the old credit score. Went on-line and guess what's in my wallet? It kinda reminds of when I applied for my first credit card, 30+ years ago, trying to establish some credit history. It was much harder to get one back then and my first came with a $500 limit. Times sure have changed.

FWIW - my score during the 13 was at a high of around 670. Almost immediately after discharge it jumped to 715.