Planning to Finance - Should I be doing anything else?

[freedomnow7]

Okay, so I'm taking Logan's advice from a previous thread which was to finance a car, put down a small amount, and then use a chunk of money to make the first payment (and be sure there is no prepay penalty). That way, I will be several months ahead of my payment, actually, I think I'll be a year ahead). I would have had 10k saved by December, but had a medical expense that will reduce that amount by a couple thousand. I am getting a used 08-10 Toyota Prius, depending on the deal because I need something with a warranty and good gas mileage.

I should be getting notification of my discharge in a few days. Here is what I have done in the past two weeks:

1. Disputed any dischargeable debt on all three credit reports. Most were reporting IIB, but the ones that weren't, I put in the disputes for.

2. Sent a letter to ChexSystems with my Bankruptcy notification. Even though I'm not discharged yet, I figured sending them a letter was worth a try to get two overdrawn accounts removed, since they were included in my petition.

3. Set my monthly budget so I know how much I can afford to pay each month.

I have not applied for ANY credit. However, I did try to open a credit union bank account but was declined. My target month for purchase is December, since I think I'll get a better deal then. I have been without a car since I filed in July.

Is there anything else I should be doing in the pre-finance stage to get ready to start applying? Are there any BK friendly credit unions or online banks (besides Capital One and Americredit, which I already have on my list) that I should be looking into?

I want to be ready and am trying to be as informed as possible beforehand. Thank you, in advance, for your responses!

[carlsbadmike]

Freedomnow7...I was able to get a low credit line credit card at (URL removed by moderator) and I felt very fortunate to be able to start rebuilding my credit 6 weeks after I got my CH 7 discharge letter. They do charge a $25 application fee and a $75 annual fee up front and their interest rate is 60% if you don't pay it off every month. Just thought I'd pass this on in case you are interested. Best wishes for you.

[LSUTiger32]

Well, I am sorry that you decided to go that route. You could have a paid for car with the title in your hand, but to each their own. I am sure it's in the name of "rebuilding credit." Regardless, make sure when you send the first payment that you have it applied the way you want. There are two ways they may apply it if you do not tell them. One would be that they move the next due date, which is what you want. Second, they may put the balance towards principal (great idea, but the payments would still be due). They are likely to do it the way you want in order to gouge you on interest, but just make sure you get done what you want.