My husband and I filed Ch. 7 in July 2009, gave our 2003 Ford Expedition back to Wells Fargo in October and paid cash for a 2004 Doge Grand Caravan. We were discharged from our Ch. 7 on 11/6/09. We checked our reports in December and everything was showing IIB with a $0 balance. I was able to get 2 credit cards fairly quickly later that month (Orchard Bank and Capital One). My husband decided to wait to apply for any cards.
So in January we applied for an auto loan with Cap. One Blank Check. We were denied but they sent our info to Road Loans and they approved us for $25k at 23% with $1500 down. We said NO Thank you right away. So my husband decides to go ahead an try to open at least 2 credit card accounts to help with the rebuilding process. He was denied by Orchard, Capital One, Credit One, and Hooters. I was like hold up a minute, stop applying for all these cards and let me check some things out.
I get his credit reports again and low and behold, Equifax and Transunion had changed some of our accounts that had been listed as IIB with a $0 balance, back to open accounts with past due balances. And were not talking about a few collection accounts. They had our second mortgage and car loan with Wells Fargo so it amounted to almost $100k. So I filed online disputes and it took Transunion 2 days to fix the problem and it took Equifax 2 weeks.
Once everything was fixed, we reapplied with Cap. One Blank Check and we were approved for $30,000 at 9% with $1500 down. Yesterday we bought a 2009 Certified Used Camry (the recall repairs have already been made) from Carmax. The car was $15,899 with 17000 miles and was used by the service center as a loaner car and has a 7 yr/100,000 mile warranty. We put $4000 down so our payments are set at $237.75 for 72 months but we will be paying a lot more than that to pay it off early.
In 2006 when we bought our 2003 Ford Expedition at 18% for a payment of $599/month, I left the dealer with a nagging feeling that we were doing something wrong. But last night I left happy and stress (but not debt) free. Good luck to everyone!
So in January we applied for an auto loan with Cap. One Blank Check. We were denied but they sent our info to Road Loans and they approved us for $25k at 23% with $1500 down. We said NO Thank you right away. So my husband decides to go ahead an try to open at least 2 credit card accounts to help with the rebuilding process. He was denied by Orchard, Capital One, Credit One, and Hooters. I was like hold up a minute, stop applying for all these cards and let me check some things out.
I get his credit reports again and low and behold, Equifax and Transunion had changed some of our accounts that had been listed as IIB with a $0 balance, back to open accounts with past due balances. And were not talking about a few collection accounts. They had our second mortgage and car loan with Wells Fargo so it amounted to almost $100k. So I filed online disputes and it took Transunion 2 days to fix the problem and it took Equifax 2 weeks.
Once everything was fixed, we reapplied with Cap. One Blank Check and we were approved for $30,000 at 9% with $1500 down. Yesterday we bought a 2009 Certified Used Camry (the recall repairs have already been made) from Carmax. The car was $15,899 with 17000 miles and was used by the service center as a loaner car and has a 7 yr/100,000 mile warranty. We put $4000 down so our payments are set at $237.75 for 72 months but we will be paying a lot more than that to pay it off early.
In 2006 when we bought our 2003 Ford Expedition at 18% for a payment of $599/month, I left the dealer with a nagging feeling that we were doing something wrong. But last night I left happy and stress (but not debt) free. Good luck to everyone!
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