A silly question about income affecting loan specs?

[turnedleaf]

This seems a silly question, but bear with me.

We are in the position of having to apply for a loan shortly after discharge. I know my husbands score is in the mid 500's, and I am starting to get *very* nervous about possibly not getting approved for anything decent.

Here is my question. Our income level is quite high, and we are obviously now debt free (chapter 7). Do creditors look at high income as a positive in our corner, or is its a matter of "We dont care if you make 25 thousand or 250 thousand, you filed bankruptcy and we arent going to touch you with a 10 foot pole..."?

Or will they count it as a good thing?

[BassBoy]

Yes, having the income to afford a debt is a good thing, but creditors will look at your pre-BK credit history, and if that was good, some lenders will extend credit/loan. There are some lenders that will not extend credit to anyone with a BK on their record regardless of how much money you make.

With auto financing, there are plenty of lenders at your disposal that will finance a vehicle, but be prepared to pay a higher rate though.