Successful Post Bankruptcy Auto Refi!!!

[Amy26]

YAY! I'm super happy... I just became a member of Apple Federal Credit Union. I didn't think I qualified for membership cause I don't have any children and I'm not a teacher and my employer wasn't listed on their "special people" list. But.... low and behold... since I'm an alumni of Fairfax High School, that qualified me...

Anyhoo... I applied for a Visa and a car loan today. They denied my visa saying it was too soon and that if I let my credit chill for 6-9 months then they might approve one.

However...they are approving my car loan! I'm so excited... I'm going from a 25,000 dollar loan at 17.9% with a 600.00 a month payment to a 8.9% 72 month loan at 450 dollars a month! I am so thrilled...

And I encourage people to use credit unions... they are cool. I actually went through a few unions before I found one that actually was nice and helpful. NIH Federal credit union sucks and has horrible customer service, Fairfax Federal Credit Union is also very non customer service oriented and both are not bankruptcy friendly.

However, Apple certainly has made me quite happy. And I just did all this signing up for them on the same day as applying for the loan.

[AngelinaCatHub]

Greetings Amy26. Long time...

Grats to you. I have been a member of a CU for 45 years. They have been good to me.

Now my personal feeling is you are borrowing a lot of money for just a car. But this is your business but I have purchased many used cars that where real cherries. But that is me.

Good to see you. 'Hub

[Amy26]

Hihi! Good to see you too! I just got back from signing the loan papers so I'm most thrilled... and I personally think 25k for a car is cheap... so, to each his own. ;)

How are things?

[goingcrzy]

Congrats Amy. I am about to go over and try to get a loan. I was worried I haven't been a member long enough. Thanks for paving the way!

[Amy26]

Good luck to you! Are you going to Apple as well?

[goingcrzy]

I signed up last month. I going to wait another month or two before applying just to age the account. But I guess I don't need to!

[SPalin]

I'm just curious, did you put $1,000 or more to open your account and then apply for the refi, or just the minimum? I belong to one of two CU that are for State employees in my area and they have a minimum 1 year post discharge before they will even consider you for a loan (even with $3,500+ in the savings account), and the other CU is even worst.... your so lucky to have an understanding CU in your area... go Apple!

[Amy26]

No, I put 15 dollars in my account which was the minimum to open.

I had my share of bad credit unions as well... I went through 3 before I realized I actually qualified for an Apple membership.

They also told me give it like 6 months or so and I could try for a home loan if I wanted. Which I won't be doing .... lol.

[aces67]

Congrats to you!!

We opened an account with a CU last year. They said 1 year post discharge they would give us a loan and see about refinancing my mini van. So this August we're going to see if they will or not. I only owe 13K at 12% so it may not save us much but anything is better than nothing!

[goingcrzy]

Hey Amy-

I am curious about the home loan from Apple. Did they mention any requirements after bk and/or foreclosure? I am thinking about letting my place go to downsize a bit. I don't mind renting for awhile, but I would like to know what options I may have.

Thank you!!!

[LynchByrd09]

Hi Amy,
Can you tell me what your FICO's were when you applied for the refi? My wife has a 20k loan at 16% and we are looking to re-fi with our local credit union. Her scores are around 605.

[mikemike]

i cant find a cu that i qualify with...i dont work for the state or anything i work in a hotel and i am not in the union...i hear good things about cu and i been looking for one that i can join...i live in ny..can someone help me please

[nerves]

I really like my credit union as well. I joined them right after discharge to finance a vehicle we had as collateral for our business loan. I should check into refinancing our mortgage. I didn't think to ask as I thought I had to wait two years. I guess it doesn't hurt to ask. The rates are lower now so it would pay to refinance. Thanks for bringing this up Amy

[99ramon]

for CU's try this site: http://www.chexvictims.net/ there are good lists of CU's anyone can get membership in.

[mikemike]

99ramon im going to check the site out but before i had went to a site that shows cu but they were for specific professions and stuff.......