Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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My Cap1 story (so far....) Moral: Don't be discouraged!!

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  • My Cap1 story (so far....) Moral: Don't be discouraged!!

    Hi all -
    I filed for Chapter 13 in 2005, 3 year plan. Done in 2008. Since then have been really trying hard to keep finances in order, pay things on time, etc.

    My credit is still poor however, despite building credit with CareCredit and also with CreditOne, and after pulling my credit reports recently I saw why --- many of my pre-BK creditors are still reporting balances that were not only included but completely paid out through the BK - including a home mortgage! No wonder my credit is bad if it says I am $15,000 "behind" and have a balance of $120,000 on a home I haven't lived in for over 7 years! Another reason to keep on top of those credit reports. (Thanks to this forum for tips on cleaning up the reports, as well).

    Because of my low credit score (about 560) I have been apprehensive about trying for any type of car loan. My much loved Subaru has almost 180,000 miles on it and is starting to have major issues like transmission, etc. I am on the road more than I am at home, so a car that I can rely on and "live" in is really important to me.

    In case my car died on me much sooner than I planned, I thought, well why not apply for the blank check thing at Cap 1 (after reading the forum to see how others did with it). What can it hurt and then I would have that kind of "in my pocket" just in case the worst happens. I nervously asked for $18,000 and was approved for $21,000 (interest rates ranging from 7 to 10 percent depending on age of car, as is usual with them) and have already seen several vehicles I really like. Almost every major dealer in my area is on the list, as well so lots of choices.

    I plan to shop all of the dealers on the approved list and if they want to try to beat the Cap 1 rates, go right ahead and give it a try. Otherwise, I feel confident I am going to get a good deal and the stress of worrying "is the car going to stop running" will be over. Also the stress of going to the "finance manager" at the dealership and dealing with whatever "you have poor credit" guilt trip they try to pull.

    Sure wish I could keep my car going but I think at 180,000 miles, it probably needs to be "retired." I just can't justify putting another $2,000 in for the transmission and continuing the nickel and diming on all the things old cars tend to have go wrong (seems like something every month now).

    Thanks for reading. Even though I have been done for quite awhile with my BK, effects still linger, so folks, don't get discouraged, just keep on building that credit and paying those bills and things eventually do get better.

  • #2
    Nice post and good info. I'm sure it's in a sticky somewhere, but this is why we monitor our credit after a BK. Least is doing the free annual credit report thing at least once a year.. Heck, do it EVERY year since it's free. It's one of those things that we have to do and watch from time to time (just like having to do taxes annually).

    If you never need credit again, then who cares.. but I think the vast majority of people (excluding the rich and people who are super good with finances and pay everthing with cash) will need at least a small car loan or even buy a house (again?) at some point.

    Yes, I'm sure there's a term for it, but it's a money pit to feed dollars into a car that keeps needing "something" every month or so.
    Retained Lawyer: 04/2009 Filed: 09/2009 341 Meeting: 10/2009 Discharged: 12/2009 Asset: 05/2010 made asset Closed: 07/2013 after 47 long months


    • #3
      You got that with a 560 credit score? Mine is 601 and I'm just beginning my chapter 13 so that is encouraging. My car is a 1996 pontiac sunfire with 136,000 miles on it. I am hoping that it lasts 3 more years.
      Filed 11/17/11 Chapter 13, 341 meeting 12/21/11. Plan confirmed 1/19/12 - DISCHARGED 12/16/15


      • #4
        Mountanddo, yes, that be true. Now, it turns out my Subaru was easily fixed so it's still around, but it was nice to know that if I had to buy a new vehicle, I would be able to.
        Keep your chin up - I think Chapter 13s are terribly difficult and stressful!


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