2 months after discharge I got a new car loan from GTE FCU for 12.9%....Ouch!!! But my wife needed a car and I needed to reestablish some credit, so I was stoked to get a loan at any rate. My score was 570 at the time. After making 12 payments (and getting my score up to 684), I called them and got it refinanced at 4.75%! They charged me a $50 application fee, but my payment went from around $350 to $276. Now I can use that extra money to pay it down quicker. Hopefully my score will increase significantly, by the time I pay it off.
-
Filed Ch. 13 w/lien strip- 2/5/09
Converted to Ch. 7- 2/26/09
341- 4/8/09
Trustee's Report of No Distribution filed-4/14/09 ; DISCHARGED and CLOSED!!!-6/10/09 -
Nice!!! $276 is a very reasonable payment and like you said you can now if you wanted to keep sending the $350 and pay it off at least a year early I would think. Well done!!!
New Orleans: Home to the World Champion Saints, the biggest enviromental disaster and the biggest natural disaster in the history of this nation. Proud to call it home! -
GTE is great! We got our accounts with them as well (what a small world we're living in..). 12.9% is not that bad right after BK - and 4.75% is great!Originally posted by UpsideDown View PostFiled CH7 9/24/2010, 341 on 10/28/2010, Disch.&Closed: 1/6/2011. FICO EX: 9/2: 672.
FICO EQ: pre-filing: 573, After BK Public Record: 568, 10/3: 673.
FICO TU: pre-filing: 589, After BK Public Record: 563, 9/2: 706.Comment
-
I am going to see about refinancing at a lower rate on my car as well after 12 months. I knew I'd have a higher than normal finance rate, due to the chapter 7. I am fine with it. I am just happy to be in a brand new car.Chapter 7 filed 2/26/2010
341 meeting 4/18/2010
Discharged 6/14/2010-On our way back up the ladder from a rough patch.
FICO score goal by June 2011:720+
Comment
-
@ Upsidedown and IBroke. Were either of you members of GTE prior to being approved for the car loan? I know GTE used to write for the dealership I work for and would sign up members when approved for car loans. I was wondering if being a member prior to apply for a loan would help with the process. Thanks for replies.Comment
Comment