Denied for Capitol One Blank Check

[Immaraia]

Can someone share with me there experience with this financing. My BK was Filed in June/2008 341 meeting was 07/2008


I was curious as to why they possible denied me & whether or not i can apply again after everything is discharged.

Any thoughts?

[soleprop]

did you discharge a cap 1 debt? are your credit scores low? as a rule, many lenders will not lend to a recent bker. the whole thing takes time.

you asked for thoughts too, so here's mine: why are you in such a hurry to jump back on the debt wagon? your BK should have been the wakeup call you needed to start living within your means (i.e., off of your paychecks, not credit).

good luck with moving forward.

[cooper_monica]

look in the mirror

I'm replying to your post bc I too was denied by both capital one, and both by us bank 722 redemption program. I owed capital one nothing at all. My credit scores were low and always have been between a 500-560 my entire life. And I did owe us bank which of course was included in my bankruptcy before applying I was completely honest and upfront with them about it. Yet denied twice by two different companies swearing up and down they can assist people in a bankruptcy.

I would just like to say to the previous poster that responded to your post. Get real. Living life is about debt, if you want to make it in the united states of america you are going to have some debt. your mortgage, your car note, your medical bills, insurance, your kids everything in life we need or want seems to come with some financial baggage, and i am tired of people on here acting as if it is easy to get thru life without it it isnt. I make almost 60 grand a year my car broke down and i did not have the money to keep putting into it so i decided i would wait until my bankruptcy was finished before i purchased another one. And what did i do i used the money i could have to purchase one out right on medical expenses. Now im starting from scratch again. its hard getting on the bus, dealing with traffic, always needing a ride, and when you get one, having to put ,money in other peoples car for gas bc you dont have your own.

In life all people do is shift one bill from the next around to make room for the next one whether or not i get a car note or anyone does is not gonna change the fact that for the bill you dont get you probabaly have another one in its spot or need to get something in your life to take its place. So if you want to get a car sweetie by all means do so, just have a back up plan, pay your stuff months in advance for those rainy days, or put down a couple hundred less so you can be ahead of the game when you get the bills.

[Flamingo]

Can someone share with me there experience with this financing. My BK was Filed in June/2008 341 meeting was 07/2008

I was curious as to why they possible denied me & whether or not i can apply again after everything is discharged.

Any thoughts?

They denied you because you just recently filed bankruptcy. That should not be a surprise and I am not saying that to be smart, just to be realistic here. Just because one or two other folks who post on here may get lucky and get financed doesn't mean it will happen to you. The best thing to do is be savvy about your credit after discharge. Know your chances of getting denied are very high for anything you apply for. Take your time and over the next six months to one year apply for something and see what happens. The more you push to get credit, the worse you will make it for youself as those hard credit inquiries when you apply add up and work against you on your credit reports. Time is your best friend after BK; believe me.

[cool33097]

.

I would just like to say to the previous poster that responded to your post. Get real.

Very funny

Credit card is what put us all in this situation. I think you should wait to get discharge and clean your credit report first and then maybe apply for a credit card and you might get it.

To the previous poster......We are entitle to give our opnion...if you tired to hear what we have to say....don't listen....you are not obligated.

[epiphany]

Very funny

Credit card is what put us all in this situation. I think you should wait to get discharge and clean your credit report first and then maybe apply for a credit card and you might get it.

To the previous poster......We are entitle to give our opnion...if you tired to hear what we have to say....don't listen....you are not obligated.

I have to agree. And I have to say to the naysayer that it is okay NOT to agree. It's nothing to get mad about. If you are tired, go to sleep.

I don't think I ever heard anyone here say it was "easy" to live without credit. It can be done however and the rewards are bountiful. You just have to learn to do without some things that you might have previously taken for granted.

I haven't used a stitch of credit since 11/07. I have gotten used to it but in no way has it been "easy".

But comparing it to the difficulties and stress that I had trying to pay those credit card bills month after month, year after year, I would have to deem it the better of the two options by far.

I will need a new car in the next year or two and will have to apply for credit to get that. But I am in no hurry. My 96 is running fine and gets good mileage. There is no reason to go out and get a new car immediately after filing, much as I would love one.

It's the lessons of restraint that are being preached here, not the avoidance of necessity to ones detriment.

And I do not agree, you do not have to be in debt barring a major catastrophe. That, of course, will happen to good people, but many of us find ourselves in this situation because of materialistic values and poor money management.

ep

[HHM]

To answer the OP's questions, YOU ARE STILL IN AN ACTIVE BK, why would you expect anyone to lend you.

As for credit use in general, I think it is a cop-out to say you must use credit. That is merely an excuse to justify reckless spending. Granted, for big things, i.e. a house, yes, most people will need to borrow, but for anything else, to use credit is to buy into the rampant consumerism credit card companies are selling.

[Logan]

Can someone share with me there experience with this financing. My BK was Filed in June/2008 341 meeting was 07/2008


I was curious as to why they possible denied me & whether or not i can apply again after everything is discharged.

Any thoughts?

I was approved shortly after discharge for 24K but didn't use it. I just applied yesterday about 6 months later and was approved for 6K less and the interest rate was better if I bought a 2008 but tiered down to over 15% if the car was older than 2004.

My credit is better and my income is very good so they have most likely tightened there criteria. Also, they obviously don't want me to buy a used car based on the difference in interest rates.

Logan

[soleprop]

To the previous poster......We are entitle to give our opnion...if you tired to hear what we have to say....don't listen....you are not obligated.

thank you for saying this so well!

I have to agree. And I have to say to the naysayer that it is okay NOT to agree. It's nothing to get mad about. If you are tired, go to sleep.

I haven't used a stitch of credit since 11/07. I have gotten used to it but in no way has it been "easy".

ep, thank you for your perspective, too. it's been since 11/05 for me, and it isn't easy but it is doable. and it will continue to be doable post bk as well, especially as i've learned a lot more about the kind of budgeting required to live as credit-free as possible (with the exception of a mortgage or somesuch).

i know that i was floored/amazed/appalled at how many repeat bk filers there were in my 341; i understand that sometimes in life there are circumstances we can't do much about -- but the odds of all of those people in just my 341 having experienced those kinds of experiences -- nah. most of those people just hadn't learned to budget, save, and live without credit and within their means.

To answer the OP's questions, YOU ARE STILL IN AN ACTIVE BK, why would you expect anyone to lend you.

As for credit use in general, I think it is a cop-out to say you must use credit. That is merely an excuse to justify reckless spending. Granted, for big things, i.e. a house, yes, most people will need to borrow, but for anything else, to use credit is to buy into the rampant consumerism credit card companies are selling.

amen again.

[joab]

To answer the OP's questions, YOU ARE STILL IN AN ACTIVE BK, why would you expect anyone to lend you.

Several auto dealerships in my area solicit business from customers in active BKs. One finance manager told me he's processed 7000 such loans and has yet to see a customer get in trouble--which should not be taken as an endorsement for risking the wrath of YOUR trustee/BK court.

With interest rates of 18-20%, it's not a good financial move, either. The only legitimate reason I can see to take out an auto loan during BK is to acquire basic transportation if your old car is broken or repossessed.

[itcaughtup]

They denied you because you just recently filed bankruptcy. That should not be a surprise and I am not saying that to be smart, just to be realistic here. Just because one or two other folks who post on here may get lucky and get financed doesn't mean it will happen to you. The best thing to do is be savvy about your credit after discharge. Know your chances of getting denied are very high for anything you apply for. Take your time and over the next six months to one year apply for something and see what happens. The more you push to get credit, the worse you will make it for youself as those hard credit inquiries when you apply add up and work against you on your credit reports. Time is your best friend after BK; believe me.

Not always true, i was approved a week after discharge for over 30k, didnt use it all but was approved none the less, I was shocked that several companies approved me. I was however; denied from cap one when i applied on my own on line but every (read 5) dealership i went to after that got me approved through cap one, i was also bought by americredit at one dealership as well. 9.9% was what i settled on but each dealership was a different rate even though it was through cap one, strange, i do know all about buy rates and bumping the rates as well and it is a dirt game the car business but whatya gonna do. i had strong scores prior to filing and have a decent income at the moment so I'm not sure if that made a difference but i would try a few dealerships. Be upfront from the beginning and speak to the finance or business manager before talking to a salesman, i called several places before going and had the finance manager do a credit app over the phone so i knew i wasnt wasting my or their time. Good luck and be smart, I wont preach to you as it is your life and your decision just be sure whatever you do works for you!!

[Flamingo]

Not always true, i was approved a week after discharge for over 30k, didnt use it all but was approved none the less, I was shocked that several companies approved me. I was however; denied from cap one when i applied on my own on line but every (read 5) dealership i went to after that got me approved through cap one, i was also bought by americredit at one dealership as well. 9.9% was what i settled on but each dealership was a different rate even though it was through cap one, strange, i do know all about buy rates and bumping the rates as well and it is a dirt game the car business but whatya gonna do. i had strong scores prior to filing and have a decent income at the moment so I'm not sure if that made a difference but i would try a few dealerships. Be upfront from the beginning and speak to the finance or business manager before talking to a salesman, i called several places before going and had the finance manager do a credit app over the phone so i knew i wasnt wasting my or their time. Good luck and be smart, I wont preach to you as it is your life and your decision just be sure whatever you do works for you!!

What you missed in the original posting and as to my response was that the OP is in active bankruptcy, not yet discharged. While Joe's Predatory Car Financing might have taken the OP for a nice high interest ride, the OP's chances of getting approved by anything decent at this point is less than 1%. Not everyone gets approved...If your credit was really rotten prior to filing that can work against you terribly also besides having the BK blaring on your credit reports. This forum is full of postings by people who just cannot figure out why no one will approve them when they are discharged. Let's face some reality here. No place has to approve you if you have BK on your records. Some creditors won't as soon as they see it. But it shouldn't come as a suprise if one is just fresh out of (or, in this case, in) bankruptcy and gets denied on any credit application. Also, in this economy, lenders are extremely picky because so many people are defaulting on credit and walking away from homes.

Remember, a Chapter 7 is on your credit reports for 10 years after the date of filing. As time goes on, your chances of getting better credit rise as you reestablish that you can control your money and make payments on time.

[cooper_monica]

Previous Post :
"Several auto dealerships in my area solicit business from customers in active BKs. One finance manager told me he's processed 7000 such loans and has yet to see a customer get in trouble--which should not be taken as an endorsement for risking the wrath of YOUR trustee/BK court."

Thank you at least someone could say. I have received over 10 letters or dealers and as well as from us bank 722 redemption program saying in print that they could finance me while currently in a bankruptcy thats why like i as well as the original poster took the time to apply for a loan.

As for the previous comment about getting a vehicle while being in bankruptcy my trustee had no problem with it when i discussed it at my 341 meeting, and from my understanding those in a chap 7 with no assets can purchase a car.

and thanks for all the comments, but i would like to say from personal exp. it is extremely hard to live without credit. Maybe if you are wealthy, come from a family that has instilled good financial management, and helps support you, or share a home with a spouse that has a good income. my situation as well as probably the OP may not be your situation. Credit was not the main reason I was in bankruptcy unlike some, bc I never got good credit or established it from the day I was 18. 85% of my debt was not from credit, my student loans never even checked my credit report i got the loans automatically bc they are guaranteed for people with low income, and who are considered independent. My tax lien, me not paying uncle sam, my cable bill, no credit check there I only had 3 credit cards on my credit report probably the only true credit I ever actually applied for besides my auto loan. And yet from three credit cards that I used to help out a family member at a time when I was 19 they went to over 12 collection agencies.

I didnt try to get a car bc I wanted to jump into debt, i NEEDED a car to get out of debt, to get to a job that pays better, to get to interviews, to start a small business out of my home that i can do on my off days to make ends meet. why bc even though i do make a good living i have alot of bills with or without a bankruptcy i just paid $3700.00 for medical and dental work, not cosmetic, but neccessities, but i still needed a car just like you need your car. And no i was not looking unlike some for a 40,000 ride, i was looking for a 5,000 ride but i did the almost impossible and bought a car for cash. So thank you all for your support.

[BROKENN]

cash is better op, you'll be glad later. well done

[Cali]

I haven't received a letter yet for any type of loans. And I am discharged.