Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Got denied with my Credit Union.. what now?

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Got denied with my Credit Union.. what now?

    I discharged from Chapter 7 last week. Unfortunately car is on the last hoorah, need a used reliable car. I decided to apply for Loan through my credit union. My current credit score is 635. I got the results and got DENIED . I didn't go directly to a dealer hoping i get a better rate through CU. I guess not.

    Question now... Do I still have a chance if I apply directly through dealership? What about applying online? I am just worried now they will again do a hard pull on my credit score...

    Please help. Thanks
    Trent

  • #2
    If you shop it all within two weeks, you only get one hit. I would go ahead and go to dealers and do online and see what you come up with.

    Comment


    • #3
      There is no guarantee you will be approved for a car loan anyplace so soon after a BK discharge. If you are able, your rates/fees will usually be sky high. Also, usually when one is shopping for a mortgage or vehicle, all credit inquiries during a two week window are counted as one hard inquiry by creditors because many people shop around for mortgages and vehicles and have multiple applications. What looks bad is someone fresh out of BK trying to get a lot of credit at one time...
      _________________________________________
      Filed 5 Year Chapter 13: April 2002
      Early Buy-Out: April 2006
      Discharge: August 2006

      "A credit card is a snake in your pocket"

      Comment


      • #4
        3 weeks ago I got into an accident. I knew the car was going to be totaled (I was right) and started looking into financing options. I didn't apply at first, what I did was go to my bank and ask them what my chances were with a recent (closed in July 2010) Chapter 7 BK on my record. I was told that I would likely be denied. I came onto this board and went to one of the stickies about buying a car as they had links to online places that would lend to high risk borrowers. I contacted Capital One and asked them about it. They said that as long as I was closed, I shouldn't have a problem. I went with Capital One and got a decent rate. And I only ended up with one hard pull as they were the only place that I officially applied with.

        Sometimes if you give information about your credit history and your bk before you do an application, they may tell you what your chances for approval are and you can avoid a credit check that may show on your report.

        Comment


        • #5
          I applied for Capital One and I was approved for $14400 APR 10% 60months. I was really surprise but glad I got a lower rate than I expected. Now at least I have a buying power since I got my own loan. Off to the dealers this wknd.

          Comment


          • #6
            Originally posted by snapfish96 View Post
            I applied for Capital One and I was approved for $14400 APR 10% 60months. I was really surprise but glad I got a lower rate than I expected. Now at least I have a buying power since I got my own loan. Off to the dealers this wknd.
            HOw much down?

            Comment


            • #7
              No down.

              Comment


              • #8
                I was able to get a loan through Chase at 7.7% I got it right before I filed but at that time I had not paid a credit card well over 12 months or my 2nd mortgage. I did however put $8000.00 down....
                Filed 7/17/10 1st 341 8/17/10 2nd 341 9/16/10 1st confirmation 10/06/10 2nd confirmation 11/10/10 Bar Date 11/15/10 3rd and final confirmation hearing Dec 8 and acceptance of plan Dec 29 2010....

                Comment


                • #9
                  You guys simply amazed me at how much you're willing to spend on a car...and get a loan fresh out of bk to pay for it.
                  Filed: 6-7-2010 341: 7-15-2010 DISCHARGED: 9/17/2010

                  Comment


                  • #10
                    Originally posted by nc73 View Post
                    You guys simply amazed me at how much you're willing to spend on a car...and get a loan fresh out of bk to pay for it.
                    I didn't have a choice. Someone rear ended me and my 2007 Corolla was totaled. I could have bought a clunker, but I need a reliable car as I do have a commute to work. Plus, if I receive notice of foreclosure today, I wouldn't have had the money for rent.

                    Comment


                    • #11
                      Originally posted by snapfish96 View Post
                      I applied for Capital One and I was approved for $14400 APR 10% 60months. I was really surprise but glad I got a lower rate than I expected. Now at least I have a buying power since I got my own loan. Off to the dealers this wknd.
                      Did you read the requirements of the loan? If the car doesn't meet the 110% of FMV, then you will have to put money down. I didn't have a problem as I got my car for considerably below Blue Book value. Had it been sold at Blue Book value, I would have had to put money down.

                      Comment


                      • #12
                        Originally posted by helpmeout View Post
                        Did you read the requirements of the loan? If the car doesn't meet the 110% of FMV, then you will have to put money down. I didn't have a problem as I got my car for considerably below Blue Book value. Had it been sold at Blue Book value, I would have had to put money down.
                        I verified and the loan I was qualified for was no down. Only downside I have to get it from the authorized dealership.

                        Comment


                        • #13
                          Originally posted by nc73 View Post
                          You guys simply amazed me at how much you're willing to spend on a car...and get a loan fresh out of bk to pay for it.
                          I have no choice. I need a dependable car to get work everyday.

                          Comment


                          • #14
                            We could choose to not get a loan, but we plan on getting a small one (as we'll have $5k to put down) for the purposes of rebuilding our credit. We also need a dependable car. The one we have now is close to $90k miles and it has been having a few kinks, so I expect something to happen here soon. I really want a fuel efficient vehicle also to help cut down on gas expenses.
                            I may be smarter than an attorney, but I'm not one. No legal advice here, people.
                            Filed Ch. 7 pro se on 10/22/10 341 on 11/19/10 Report of No Distribution Filed on 11/19/10 Discharged 1/19/11 Closed 2/2/11

                            Comment


                            • #15
                              Originally posted by snapfish96 View Post
                              I verified and the loan I was qualified for was no down. Only downside I have to get it from the authorized dealership.
                              Mine was no money down, as well. As long as the car I bought met the LTV %. If it didn't, I would have to pay the rest.

                              Comment

                              Unconfigured Ad Widget

                              Collapse
                              Working...
                              X