Approved!!

[jenrw74]

I just wanted to give some hope to those post-discharge looking for a car loan. We started credit report clean-up a month before d/c so that by the time we received it we would be ready to buy a car. Both of our cars are very old with very high miles and we have sunk thousands into them over the course of our ch 13. Plus the fact that neither of them comfortably fit all of us.

Our d/c date was 5/25 and we applied for Roadloans on 6/1, one week later. We were approved for $30k at 9.99%! I really couldn't believe it! I was so ready for a ridiculous interest rate. These last 3 and a half yrs were hard but there seems to be a light at the end of the tunnel.

[ilovemycaitybug]

That's great! Congratulations and have fun car shopping!!!

[SinkingFast]

WooooHoooo!! Jen!!

With the '07's on their way out, there's lots of great deals being offered right now too!!

[sickandtired8]

Originally Posted by jenrw74

I just wanted to give some hope to those post-discharge looking for a car loan. We started credit report clean-up a month before d/c so that by the time we received it we would be ready to buy a car. Both of our cars are very old with very high miles and we have sunk thousands into them over the course of our ch 13. Plus the fact that neither of them comfortably fit all of us.

Our d/c date was 5/25 and we applied for Roadloans on 6/1, one week later. We were approved for $30k at 9.99%! I really couldn't believe it! I was so ready for a ridiculous interest rate. These last 3 and a half yrs were hard but there seems to be a light at the end of the tunnel.

How can you "clean up" a credit report in two months? I am not trying to sound smart but I am trying to figure out how this is done. I would think it would take years to do this. Thanks S&T

[lrprn]

Originally Posted by sickandtired8

How can you "clean up" a credit report in two months? I am not trying to sound smart but I am trying to figure out how this is done. I would think it would take years to do this. Thanks S&T

Ch 13 filers have one big advantage - three to five years of known on-time payments to the trustee and big assets like cars that are paid off through their plans. That makes Ch 13 filers more attractive to lenders right after discharge and closing. Ch 7 filers have to use time and regular credit payments to fix their credit records to get the same offers Ch 13 filers wlll get much more quickly.

Also if an older 7 or 13 filer has a long credit history with multiple earlier successful credit payoffs from many years of loans and credit cards before filing, that helps too.

[jenrw74]

Originally Posted by sickandtired8

How can you "clean up" a credit report in two months? I am not trying to sound smart but I am trying to figure out how this is done. I would think it would take years to do this. Thanks S&T

It was actually less than 2 months. Soon after our last ch13 payment to the trustee I signed up for TrueCredit and started disputing inaccurate info on my reports. Almost everything that was in question was fixed except for a duplicate Bank of America CC account on Experian. That's still there after disputing twice. But my scores went up (674, 660, 649). So combined with my husband's high income we were approved thru 2 different lenders (RoadLoans & Wachovia) within 2 weeks of d/c. Wachovia was applied for thru the dealership and we ended up with a rate less than RL so we took it. We bought a new 07 Hyundai Veracruz that comfortably fits my whole family for a change!

[sickandtired8]

Originally Posted by jenrw74

It was actually less than 2 months. Soon after our last ch13 payment to the trustee I signed up for TrueCredit and started disputing inaccurate info on my reports. Almost everything that was in question was fixed except for a duplicate Bank of America CC account on Experian. That's still there after disputing twice. But my scores went up (674, 660, 649). So combined with my husband's high income we were approved thru 2 different lenders (RoadLoans & Wachovia) within 2 weeks of d/c. Wachovia was applied for thru the dealership and we ended up with a rate less than RL so we took it. We bought a new 07 Hyundai Veracruz that comfortably fits my whole family for a change!

That is wonderful! Thanks for sharing the info. S&T