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No loans after discharge?

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  • No loans after discharge?

    My discharge was official in mid December. I applied for a loan at my local bank yesterday. I was told today that the lender they use (which I thought would've been the bank itself) has denied my application since the bankruptcy was so new. For the loan, I was putting up my car, which I own ouright, as collateral. the car is less than a year old, there is no lien against it and I was borrowing 25% of the current value of the vehicle. Besides my mortgage, I have no other outstanding loans and no other open lines of credit. When asked what the purpose of the loan was, I said it was to help build back my credit. One of the things the loan officer told me was that the lender said that this loan wouldn't be good enough for rebuilding credit since they only report to one bureau, yet they use all 3 as a median to get my score for the loan. Is this something that sounds right? I mean, if they didn't want me to borrow, they could've juat denied me from the start. Am I stuck not being able to borrow money now?

  • #2
    It reads as if you went to the wrong place. I would start at a credit union. Credit unions are discretionary lenders; if they like you, they'll loan money to you. Within 6 months after my discharge, NFCU and I had a love affair going.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      Will a credit union take me on if I'm not a member? I mean, I know I'll have to open a savings and/or checking account first, but can they turn me down whwn I go to join?

      Comment


      • #4
        Joining would be part of the process. For every credit union, being a member means opening a "share" savings account with $5 (which is one share). Most won't usually turn you down unless you have bad things in your ChexSystems report (which holds information about "deposit accounts" and how you maintained them).
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


        • NextPhaseNow
          NextPhaseNow commented
          Editing a comment
          Can I check the ChexSystems report for me?

      • #5
        You don't need this loan, and taking out a loan such as this would likely not have helped your credit that much anyways. What does help your credit recover is to allow time to pass (at least 6 months from discharge), check your credit reports and dispute any accounts reporting a balance owed or delinquent payment status, and apply for one or two credit cards. Use the cards to make routine purchases, and pay off the entire balance each month.

        Make sure the credit cards are from reputable lenders, and offer reasonable fees and terms. Do not fall into the trap of taking out one of the many predatory credit cards which are offered to people who recently filed. Examples of these include First Premier, Applied Bank, and Credit One Bank. These cards all offer absurdly low limits, which are gobbled up by the high annual fees, account setup fees, and other junk fees. They also charge high interest and offer no grace period. Using these kind of predatory lenders will not only cost you money in interest and fees, but it's highly unlikely to have the desired effect of building a good credit score.

        Comment


        • #6
          Thanks for this info. Would the secured Capital One card or Discover card be the way to start?

          Comment


          • #7
            Originally posted by NextPhaseNow
            Can I check the ChexSystems report for me?
            Yes, just visit ChexSystems and ask for your free annual report. They will mail it to you.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog


            I am not an attorney. Any advice provided is not legal advice.

            Comment


            • NextPhaseNow
              NextPhaseNow commented
              Editing a comment
              Thank you so much

          • #8
            Originally posted by NextPhaseNow View Post
            Thanks for this info. Would the secured Capital One card or Discover card be the way to start?
            Yes, you can apply for the secured Capital One MasterCard or Discover "It" card. Both of these credit cards have very low fees, and report to the credit bureaus as normal credit cards, which means that using them responsibly will rebuild your credit. More importantly, both of these credit cards offer a grace period, so as long as you pay the bill in full each month, you don't have to pay any interest.

            Since these are secured credit cards, you get to determine the size of your credit limit, which is equal to the amount you place on deposit with them. Therefore, if you can afford to deposit a good amount such as $500 to $1000, you won't be stuck with an absurdly low limit of $300, which is what most "poor credit" credit cards provide.

            Comment


            • #9
              I found good information here: https://www.720creditscore.com/help/. They have a list of credit cards that do not conduct hard pulls on credit history. I don't recommend spending money to learn what they and other sites offer for free.
              also https://www.askmrcreditcard.com/secured/

              There is the search for "comenity bank shopping cart trick" for a line of credit.

              paypal seems generous at times.

              Financing car to get an extended warranty sometimes works.

              Credit Unions take a chance where banks fear to tread.

              shotgun a bunch of apps within a week or so, so it looks like shopping for the best deal instead of multiple rejections.
              Last edited by Maria80386; 02-10-2018, 10:08 AM.

              Comment


              • #10
                Originally posted by Maria80386 View Post
                There is the search for "comenity bank shopping cart trick" for a line of credit.

                paypal seems generous at times.

                Financing car to get an extended warranty sometimes works.

                Credit Unions take a chance where banks fear to tread.

                shotgun a bunch of apps within a week or so, so it looks like shopping for the best deal instead of multiple rejections.
                I respectfully disagree with the above posting. You should not buy a car that you weren't already planning to buy, just to (hopefully) rebuild your credit. That would be crazy! Likewise, you should not apply for more than two credit cards, and if approved for both, keep both. Do not "shotgun a bunch of apps" or else you will appear desperate to the credit scoring models, you will probably be denied for everything, and your credit scores will sink further due to all those inquiries.

                Comment


                • #11
                  Have you tried applying online for a Capital One "Non-secured" card? They are very generous with people who have completed their bankruptcy. You could try now or wait till you've past the 3 months past discharge. I don't think you need to apply for a secured card.
                  Filed Chapter 13 - 07/20/12
                  Discharged 8/2/16

                  Comment


                  • NextPhaseNow
                    NextPhaseNow commented
                    Editing a comment
                    If I apply for the unsecured card and get declined, will I be offered the secured card or would I have to take another hit on my credit to apply for the unsecured card?

                • #12
                  sophieanne, I was thinking the same thing when I read this earlier. We have a $2500 Target MC at ~15% interest that seems to have survived the bk entirely, and I get unsecured offers in the mail from Capital One almost every day. YMMV, of course, and OP, I can't say what would happen if you get denied because I haven't taken them up on any of their offers just yet.

                  Comment


                  • #13
                    Hi again, I can't answer either of your questions. All I know is my husband and I both got cards, with higher limits than I expected, after BK. I know others who have been through this
                    chatroom have done/received the same.
                    Filed Chapter 13 - 07/20/12
                    Discharged 8/2/16

                    Comment


                    • #14
                      Try Barclays Cards as well.

                      I do think that some credit card companies will offer a secured card if they decline you for an unsecured card.

                      The longer you wait, the better your chances of approval.

                      Try registering with CreditKarma. They will make credit card recommendations based on your credit reports and estimate your chances of approval. There may be other sites that do the same thing.
                      LadyInTheRed is in the black!
                      Filed Chap 13 April 2010. Discharged May 2015.
                      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                      Comment


                      • NextPhaseNow
                        NextPhaseNow commented
                        Editing a comment
                        Thanks for this. I registered with MyBankrate and they have shown some offers as well. I will look into Credit Karma as well. How long would you suggest waiting? At this point I only want 1 card.

                    • #15
                      Capital One bombards me with letters & eMails encouraging me to get a car loan. (Maybe I should try to hock my 15 year old, 165K mileage. "rough condition" VW, LOL.)

                      Comment

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