Honda Financial Approved Me!!!!

[carolina23]

Chap 7 discharged 2-06-08
Creditor: Honda Financial
CL: $22,400 7.36 % interest rate
Approved: YES!!
Applied: 3/7/08
Pulled: EQ - TU -EX
Score: 646(FICO) 658(FAKO) 593 (FAKO)
State: VA
IIB: No

I was also approved through Capitol One (11.45%) AND NAVY FEDERAL (9.25%).The Honda F & I rep stated that if you have new TRADELINES, Honda will usually approve you.

Cards that I've been approved for:

NAVY FED. PLATINUM $10,000
NAVY FED. NAVCHECK $8,000
JARED $800.00
JB ROBINSON $800.00
KAY $800.00
HOOTERS $500.00
TARGET $200
HONDA $22,500

[sharksfan]

The Honda F & I rep stated that if you have new TL, Honda will usually approve you.

I'm sure that has something to do with how well TLs maintain their value. Nice car, btw.

[DebtHeadache]

Chap 7 discharged 2-06-08
Creditor: Honda Financial
CL: $22,400 7.36 % interest rate
Approved: YES!!
Applied: 3/7/08
Pulled: EQ - TU -EX
Score: 646(FICO) 658(FAKO) 593 (FAKO)
State: VA
IIB: No

I was also approved through Capitol One (11.45%) AND NAVY FEDERAL (9.25%).The Honda F & I rep stated that if you have new TRADELINES, Honda will usually approve you.

Cards that I've been approved for:

NAVY FED. PLATINUM $10,000
NAVY FED. NAVCHECK $8,000
JARED $800.00
JB ROBINSON $800.00
KAY $800.00
HOOTERS $500.00
TARGET $200
HONDA $22,500

Congratulations of the vehicle, BUT, I'm going to get crucified here....But wasn't the point of filing to avoid credit card abuse, I'm sorry to say but it looks like your heading for the same rut.

DH

[carolina23]

The cards are for rebuilding only. I use cash only.. if I can't pay cash I can't afford it.

[DebtHeadache]

That is good to know but be careful.
I would pick one card and one card only and use it for everything (Gas, utilities, groceries, etc) every month and pay it off at the end of the month.

Having several cards with open lines of credit and not being used does nothing for your credit score.

DH

[skyblue]

Having several cards with open lines of credit and not being used does nothing for your credit score.

DH

I've read that having several credit card without balance, in other words, having large overall credit limit does help your credit.

[sandhall]

it can actually hurt you to have all those CC's with high limits. Because creditors look at it that after they give you a loan then you could rack up alot of debt and not meet their obligation

[skyblue]

it can actually hurt you to have all those CC's with high limits. Because creditors look at it that after they give you a loan then you could rack up alot of debt and not meet their obligation

That's not true.

"Most important aspect of your credit scores is the debt-to-limit ratio. This is a ratio indicating how much debt you have in relation to your credit limit. As a result, you will have a higher score if you have lots of available credit and pay your bills on time."

Quoting from an article about why you need multiple credit cards.

http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/WhyYouNeedMultipleCreditCards.aspx?page=1

[Flamingo]

The cards are for rebuilding only. I use cash only.. if I can't pay cash I can't afford it.

I agree with the previous poster who saw what I saw - you were just discharged but have already a large credit lineup. While I see your statement it's to rebuild credit only, you were just discharged and will have that Chapter 7 floating on your credit reports for the next 10 years. Once that appears, it could be a deterant to future credit and other opportunities because of what you already have on there. The cards you have lined up and available credit is not the norm after a discharge so be careful since it can put you right back to where you were before, especially so soon after discharge and unloading a lot of debt.

[PaKettle]

Chap 7 discharged 2-06-08
Creditor: Honda Financial
CL: $22,400 7.36 % interest rate
Approved: YES!!
Applied: 3/7/08
Pulled: EQ - TU -EX
Score: 646(FICO) 658(FAKO) 593 (FAKO)
State: VA
IIB: No

I was also approved through Capitol One (11.45%) AND NAVY FEDERAL (9.25%).The Honda F & I rep stated that if you have new TRADELINES, Honda will usually approve you.

Cards that I've been approved for:

NAVY FED. PLATINUM $10,000
NAVY FED. NAVCHECK $8,000
JARED $800.00
JB ROBINSON $800.00
KAY $800.00
HOOTERS $500.00
TARGET $200
HONDA $22,500

I can't believe you were able to get all that credit right after discharge! What is "Navy Fed."? I've never heard of that creditor...

I'm amazed that you got such a good interest rate on the Honda, too! Did you have like hardly any time in between not making payments and filing bankruptcy? I heard that will sometimes keep your credit rating good. Unfortunately I had to wait out some cash advances so had to let my credit cards go unpaid for several months. Otherwise, I could have filed with hardly any missed payments...

[Flamingo]

It appears the OP was able to get the loan and other credit before the BK hit the credit reports ("State: VA, IIB: No") since it was done so soon after discharge. This is not the norm as many folks who attempt it will find out and required very quick planning and chance taking. Some of the credit cards are jewelry store cards so I am questiong the purpose so soon after discharge. Since the OP is apparently from VA, the Navy Federal offers/credit indicates the OP is a member of the military or a member of a military family. Many Navy personnel in the Norfolk area.

[PaKettle]

It appears the OP was able to get the loan and other credit before the BK hit the credit reports ("State: VA, IIB: No") since it was done so soon after discharge. This is not the norm as many folks who attempt it will find out and required very quick planning and chance taking. ...

Thanks for the clarification. And what risk is there in doing this? Simply that the creditor might cancel the credit when they find out the filer filed bk?

[carolina23]

It appears the OP was able to get the loan and other credit before the BK hit the credit reports ("State: VA, IIB: No") since it was done so soon after discharge. This is not the norm as many folks who attempt it will find out and required very quick planning and chance taking. Some of the credit cards are jewelry store cards so I am questiong the purpose so soon after discharge. Since the OP is apparently from VA, the Navy Federal offers/credit indicates the OP is a member of the military or a member of a military family. Many Navy personnel in the Norfolk area.

FYI - I filed in October 07 and was dicharged on 2/06, during that time frame I disputed accounts that needed to show IIB on my credit report, my bankruptcy shows on all 3 credit burueas. I also had 8 chargeoffs, ONCE I WAS DICHARGED, I APPLIED AND I WAS APPROVED WITH NAVY FEDERAL CREDIT UNION( THEY PULL EQ ONLY) If you get a chance, check out these credit websites, http://www.creditinfocenter.com and http://creditboards.com/forums/index.php, read the forums, there a wealth of information, in a nutshell, it helps to add positive tradelines to improve your credit after bankruptcy..i.e credit cards and jewelry cards. Also, Navy Federal Credit UNION is the largest Credit Union in the WORLD, and my employer

Let me know if you have anymore OBSERVATIONS that you need clarified!

[Flamingo]

FYI - I filed in October 07 and was dicharged on 2/06, during that time frame I disputed accounts that needed to show IIB on my credit report, my bankruptcy shows on all 3 credit burueas. I also had 8 chargeoffs, ONCE I WAS DICHARGED, I APPLIED AND I WAS APPROVED WITH NAVY FEDERAL CREDIT UNION( THEY PULL EQ ONLY) If you get a chance, check out these credit websites, http://www.creditinfocenter.com and http://creditboards.com/forums/index.php, read the forums, there a wealth of information, in a nutshell, it helps to add positive tradelines to improve your credit after bankruptcy..i.e credit cards and jewelry cards. Also, Navy Federal Credit UNION is the largest Credit Union in the WORLD, and my employer

Let me know if you have anymore OBSERVATIONS that you need clarified!

I and others on here had several observations as to your posting and we responded to each others observations/questions with what was posted by you. You did not originally post the information you state directly above so all we had were observations. That's all. We just made observations as to your number of credit accounts so soon after discharge which is not the norm and just raised some flags to those that read your posting. That's all. I have military in my family so that is how I knew about Navy Federal and someone questioned that they never heard of Navy Federal. If you don't want posters to assume anything about a posting, just include some more detailed information, not just that there was no IIB at the time you got the loan. That right there raised some questions and, therefore, assumptions. Glad you are doing well after discharge and best of luck to you.