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Credit Score of 466 and could be lower after BK

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  • Credit Score of 466 and could be lower after BK

    Hey Yall!
    I have a question... signing the final paperwork for my Chapter 7 bankruptcy on Saturday (I think) and I am giving my car back to the bank. Right now due to my lates my credit score is 466. I am sure it will go lower than that once the bankrupcty goes through. I will need to buy a car once the bank comes and gets my current one. Will I be able to buy another one right away? Do the car offers come rolling in once you file bankruptcy?

  • #2
    Originally posted by Rozi View Post
    Hey Yall!
    I have a question... signing the final paperwork for my Chapter 7 bankruptcy on Saturday (I think) and I am giving my car back to the bank. Right now due to my lates my credit score is 466. I am sure it will go lower than that once the bankrupcty goes through. I will need to buy a car once the bank comes and gets my current one. Will I be able to buy another one right away? Do the car offers come rolling in once you file bankruptcy?
    i would look into capital one they are a a bk friendly lender. As soon as your bk dicharges you need to go get some shared secured credit card and loans to start building your credit. hopefully you get 2-3 months of payment history in before the bank repos your car and then have some re-establihed credit for you new purchase. Hopes this helps. The keys to re-establishing credit is the number of trade lines you get and how you pay them. the amount of the trade line does not matter.

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    • #3
      Most likely your scores will go up after the discharge due to all of the accounts reporting Zero balances and closed account. My score went up almost 100 points right after discharge. You will be able to get credit but you should try to clean up your report as much as possible before applying. That will make your chances for approval much higher. Try Cap One, Firestone, Hooters (6 months post discharge), Barclays Itunes Visa (Must have 6months history on another account to get approved), Fingerhut and JCpenny. I got approved for these with scores at about 600 after discharge. Barclays gave me $1200 then I called to recon and got $2500. Firestone gave me $1500 now at $2200. Cap One gave me 27K for an auto loan with good rate with 2 repos included in BK. There is life after BK! Good luck

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      • #4
        Thanks for the advice yall! I sign the papers this Friday finally. I am still not sure that I am making the right decision. If I could just get rid of my car and keep the other debt I would. I thought about just doing a repo but I am afraid of Santander and what they would do to me. Plus I am afraid of buying a car from a buy here pay here place. I hate making decisions!!

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        • #5
          If you are able to wipe out all of the negative debt you have and start over fresh that is the best thing you can do IMO. The moment I got my discharge I felt so relieved and didnt have this huge burden on my shoulders. I let my car repo right before I filed even though it was current because it was so upside down and it was with Santander. I went and bought a $2500 dollar Durango which was exempt from the BK and drove it until I could get financed for something better. I got financed 2 months after my discharge thru Carmax/ Cap One. Who cares if you have to get a beater from a BHPH you will be trading it in anyway. File, get your scores up and start over. Good luck

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          • #6
            Thank you brokr741! You are right. I am just scareed... Time to stop putting this off and just do it.

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            • #7
              Same advice, I am willing to bet your Credit score will GO UP after you file. BK will fix much of what is wrong on your CR right now and stop any new negatives from accruing.

              You should be able to buy a car pretty quickly, but almost certainly only AFTER the BK; your credit is too shot right now to finance anything. Granted, you will have a large interest rate and whatnot, but you should be able to get something.

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              • #8
                Originally posted by HHM View Post
                Same advice, I am willing to bet your Credit score will GO UP after you file.
                Yep - same happened to me.
                Filed CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
                FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
                FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.

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                • #9
                  So my bankruptcy went through last week and I just checked my score and it is now sitting at 355.... I guess I need to find some good walking shoes.... I am so sad

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                  • #10
                    When you say it went through what do you mean? Your scores will most likely go up as the accounts report closed, zero balance. Give it a little while after discharge for them to report. You can pull your credit immediately after discharge and start disputing. That's what I did

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                    • #11
                      Oh that the bankruptcy has hit my credit report and only two of my accounts have updated to include them into the bankruptcy. I am just nervous because I need a car to go to work and my current car that I surrendered in the bankruptcy is about to die because I have two bad Catalytic Converters. I am just a mess.

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