Discharged!

[Flying2BK]

Well, got the letter in the mail....went to check the dashboard/ndc and it shows my case as "completed" last payment was 10/15/2015.

Last year I made more than I ever had in my life (150K+) with no debt now...and a lot of lessons leaned I think the overall experience has been positive.
Just got a nice large profit sharing check, a 16% pay raise so the good news keeps coming. I would like to buy a house soon, so I am trying to build credit
but with so more disgust for Credit Cards and loan officers, I prefer to pay cash for everything (I've done that for 5 years now) I do have one CC that has a low
credit line of $300....I have to force myself to use it.

My next question is car loans. I want to buy a new (used but new to me) Truck and want to take a loan to start building that credit up....again I could probably just
pay cash (25K-30K range) and be done with it....but I know I need to really get the credit line and credit score building again.

Any good recommendations for Car loan lenders for recently discharged BK13 applicants with no stupid 25% APR!.....

[spidge]

Congrats on completing your Ch13 and all the other good news.

[bk13survivor]

Congratulations!! Good Job!!

[dmc-2008]

Excellent! Congrats!!!!

[wobbly]

Nice!

[LadyInTheRed]

Congratulations. Sounds like you have a bright future!

I suspect you won't have a problem finding a reasonable car loan. You have high income, no debt and, apparently, enough cash in savings to buy the car. Wait 30 to 60 days, pull copies of your credit reports and have any errors corrected. Then apply for a loan or two.

[Flying2BK]

Congratulations. Sounds like you have a bright future!

I suspect you won't have a problem finding a reasonable car loan. You have high income, no debt and, apparently, enough cash in savings to buy the car. Wait 30 to 60 days, pull copies of your credit reports and have any errors corrected. Then apply for a loan or two.

Well I think I am going to skip getting a car loan "just to get a loan" because I am not paying stupid high rates! I can pay cash.... I have had all kinds of offers but they are SUCKER BETS! I mean one company wanted to loan me $25K if I paid them 2K upfront (fee) and 24% interest....YGTBSM. No thanks!

On another note I asked my current credit card if they would "raise" my credit limit so I could use it more and start to establish more credit, I have had the card for 18 months, it is a Capital One Card Visa, I pay 24.99% APR (no way in hell I will ever not pay my balance off in full with that rate!) and it has an $75 annual fee. Anyway I was denied a credit limit increase but they lowered my rate to 18.99% (gee thanks! --what a bunch of robber barons!) .......I was denied by Discover and AMEX since they closed my accounts 5 years ago!

It's funny to me that with NO debt and "high" income I would be a sure fit for a simple CC......sadly I am not.

I will wait it out a few more months and pull some more credit reports. My feelings are that the banks just want to screw you over...and recoup some more fee's for nothing. I was in a 100% payback and was not even late on any account whenI filed ---I filed to get out form under a bad home loan that was way under water.

Oh-well learn as I go. I am 100% not in any hurry to accrue debt "just to get credit again" F- them! I do not ever want to return to my old habits and culture of spend, spend, spend!

[nodebt]

I was discharged on 1/29 after 5 years and 8 months I am so happy

[lolly78]

Congratulations!!

[Flying2BK]

UPDATE!

Looking at buying a home....one year after discharged and finally approved for an FHA home loan. I had to call several lenders to get the right deal. Credit score is 679 with only having one credit card I try to use as much as possible.

Probably have some more hoops to jump through but there is light at the end of the lonnnng tunnel!

Funny thing is CH13 taught me to live on CASH and not need credit, I have actually had to FORCE myself to use my credit card to establish some credit.

Good luck to all those behind me!

[justbroke]

Did you use an "extenuating circumstances" waiver for the underwriter to approve the FHA loan? I mentioned you in another thread so that maybe you can help the other person.

[dmc-2008]

Congrats!!!

[LadyInTheRed]

Did you use an "extenuating circumstances" waiver for the underwriter to approve the FHA loan? I mentioned you in another thread so that maybe you can help the other person.

I was mortgage shopping a month or so ago and was told that you can get an FHA loan immediately after Chap 13 discharge without a problem. I am a year and a half past discharge and didn't actually close on a loan because I decided to wait until April when the BK will be off my record so I can get a conventional loan, without the initial FHA fee and monthly insurance payments. But at least 2 direct lenders and 3 mortgage brokers told me the same thing. I was looking to refi, but I think the qualifying standards are the same as for new purchases.

Another thing I learned is that mortgage lenders don't pull FICOs. They pull the credit beaureaus' proprietary scores, which for me always seem to be higher.

[sophieanne]

LadyInTheRed - just curious if you could tell me who you contacted tor an FHA mortgage after bk. I contacted FHA. and Fannie Mae and was told the 2 year post discharge rule applied. I was told maybe someone who does manual underwriting could do a refinance but I had absolutely no luck finding anyone. Every bank/lender I spoke to said I had to wait 2 years. If you know of someone I would be very interested in getting a name.\\
Thanks.

[justbroke]

sophieanne I believe that LadyInTheRed applied for a refinance. The FHA criteria for refinancing is much different from the criteria for purchase money.

I reached out to Flying2BK to see how they were able to get one 1 year after discharge of a Chapter 13. (I think 1 year is the absolute minimum if you can prove extenuating circumstances, but we really have only one person here that has even done one after the "Back To Work" program ended.)