Purchase after BK

[melc68]

Hello New here and have a few questions.
Originally I visited my attorney to try and complete a debt consolidation. I had to many credit cards and I was borrowing from one to pay another. All my bills including my house and credit cards where all paid on time. Never the less I was not getting ahead.

Our attorney recommended I file bankruptcy chapter 7. So we did, we are currently waiting for our discharge papers. We are keeping the house. Before we filed our credit score was 780 now its 420. Remember my situation is weird all my bills are paid on time no late payments on nothing. So if you where to look at my credit report (perfect payment history then BK and now continue to pay perfect) Here are my questions
-What can I do to get my credit score back up?
-Do banks look at this situation different and offer a competitive interest rate or do they just say BK and try to charge 20% or more for any loans etc.
Reason I am asking is our car broke down and its cost more to fix than its value. I drive 55 miles each way to work so I have no option to just buy a beater. I am looking at purchasing a bare bones transportation 15-20 thousand but I am concerned that the banks will try to charge me 20% or more for financing

Any Thoughts

[Pandora]

Remember my situation is weird all my bills are paid on time no late payments on nothing. So if you where to look at my credit report (perfect payment history then BK and now continue to pay perfect)

Here are my questions

-What can I do to get my credit score back up?
-Do banks look at this situation different and offer a competitive interest rate or do they just say BK and try to charge 20% or more for any loans etc.
Reason I am asking is our car broke down and its cost more to fix than its value. I drive 55 miles each way to work so I have no option to just buy a beater. I am looking at purchasing a bare bones transportation 15-20 thousand but I am concerned that the banks will try to charge me 20% or more for financing

Any Thoughts

Doesnt matter if you were on time , every time prior to filing Bk - once you pull that trigger, its all over. Only thing that will change it is time and new credit being established with a payment history.

any way you can hold off financing a car for now and just purchasing out-right a good used one?

[DaisysMom]

After I filed in February, I was inundated with offers from car dealerships trying to sell me a car to begin "rebuilding my credit rating." I have no idea what the interest rates would be because I just tore them up, but I know now that if I need a car, I will be able to get one. Probably the same for you. Do some calling around and see what's out there.

DM

[LadyInTheRed]

The more time you can put between your discharge and a car loan, the better terms you will get. If you can get a beater to get you through 6 months or a year, you may do better. But, people have reported getting rates under 10% using Capital One Blank Check pretty quickly after discharge.