Updates on my "buying frenzy"... thanks everyone!

[cali girl]

Ok,

So as many of you know... for the last couple days I felt the urge to rebuild my credit, get a car and also considering purchasing a home.

Through this forum, and my own hard-headed-ness, I have come to some crucial decisions.

First, I am waiting on the home purchase - many of you stressed that I should wait and to trust that the market will continue to go down in pricing. So, we will wait until maybe next summer, when we are a good 2 years out of BK.

As for my car... we're going to wait on that as well. Although I do need a car, I also know some other ways of continuing to drive my current totaled car until we can rebuild our credit to a decent enough score. We both just started our jobs, and we decided to just wait it out and keep the bills on steady payments before we take on another challenge. And we are going to save for a nice down payment so that we make smart decisions when we do buy.

Lastly, as for building our credit... I'm under the impression that I was approved for both an Orchard Bank Gold (unsecured) card, as well as a Capital One Card (the one with the $39 annual fee and 8% interest). I say I'm under the impression because Capital One responded with "thank you. You will receive your package and materials in 7-10 days." I didn't really get the "Woo hoo!!! you're approved!" notice within 60 seconds... but when I applied for my husband, they simply declined him. So I'm hopeful.

Orchard Bank said I'm approved for the Gold card, but they didn't specify for how much or any other details. They just said to expect my card in 10 days. Who knows. Bottom line is.. I didn't get these cards to go spending crazy, I truly got them to rebuild my credit, and I'm excited about doing so!

Oh! One last thing. I went online last night and disputed all 3 of my husband's credit reports. None of them were reporting the Chap 7, our mortgages were all saying "derogatory" and it just looked terrible! So we'll see how his scores look in another month. Hopefully all will fall into place if we do things the right way, the patient way. Forgive me, I'm an Aries, we aren't known for our patience.

Anyway, I just want to say thanks to everyone for all of your advice. It is really appreciated. This forum is a great resource to us all.

[HHM]

Glad to hear it. I hope you don't think I was being harsh, none of my comments were intended as mean spirited.

The real challenge for someone coming out of BK is that lenders (knowing that they have you for 8 years), make it SO EASY to make bad financial decisions (especially on cars).

Glad to hear you got the cards. The trick with the cards is to charge a small balance each month that you KNOW you can pay off (no more than $50-$100).

I bet in 6 months that you will receive a Cap One preapproved check for a car without even trying.

[cali girl]

Glad to hear it. I hope you don't think I was being harsh, none of my comments were intended as mean spirited.

The real challenge for someone coming out of BK is that lenders (knowing that they have you for 8 years), make it SO EASY to make bad financial decisions (especially on cars).

Glad to hear you got the cards. The trick with the cards is to charge a small balance each month that you KNOW you can pay off (no more than $50-$100).

I bet in 6 months that you will receive a Cap One preapproved check for a car without even trying.

Wow, thanks for the words of encouragement! In no way did I feel like any of you were harsh, you were just bringing me back to reality! It's tough to see so many people who are saying "Wooo! We were approved only one month out of BK for 6%!!".. but I'm realizing that everyone's situations are different and I need to be patient and do what I have to do to make things happen for me, even if that means it comes later.

Thanks for the tip about the credit card. I will definitely try that approach, because the last thing I need is more debt. We've never used Visas (except Check cards), so I don't want to start that now! I may just use it to pay bills monthly, like I've seen a lot of people say they do on here. That way I'll be sure to pay them off each month.

I certainly hope we do receive the blank check for the car eventually! We'll definitely need it by then.

[PaKettle]

WHEN you buy a car, do a LOT of research. It really pays off.
In a nutshell, don't buy new unless you really do need a new car (like if you have had bad luck with cars, need super reliablilty, live in a big city, etc.; those are some reasons for maybe buying a NEW car). But most people shoulld buy a 2-5 year old car, which saves a lot of money.

Do research on web sites to determine what you should pay for the car you want, and which cars have the best records of not needing repairs and so on. Don't get a gas guzzler, of course. But mostly the key is to get a car with a well-deserved reputation for reliablility (most Hondas for example) and one that has mostly freeway or highway miles and not too high mileage at that. There are some books at the bookstore (or library) that have great info on "how to buy a car".

[Cali]

Cali girl you will do fine. Good luck!!

[cali girl]

WHEN you buy a car, do a LOT of research. It really pays off.
In a nutshell, don't buy new unless you really do need a new car (like if you have had bad luck with cars, need super reliablilty, live in a big city, etc.; those are some reasons for maybe buying a NEW car). But most people shoulld buy a 2-5 year old car, which saves a lot of money.

Do research on web sites to determine what you should pay for the car you want, and which cars have the best records of not needing repairs and so on. Don't get a gas guzzler, of course. But mostly the key is to get a car with a well-deserved reputation for reliablility (most Hondas for example) and one that has mostly freeway or highway miles and not too high mileage at that. There are some books at the bookstore (or library) that have great info on "how to buy a car".

Thanks! I'm definitely particular about the car I want.. It has to *at least* as new as the year 2000 and up, it has to be a Honda or Toyota and I'm definitely checking mileage. My husband can handle the checking of the engine and whether or not the car is worthy.

I never wanted a brand new car. I just haven't been able to get out of the 90's for some reason! I've had a 98 Civic, 97 Accord, a 99 Dodge Caravan, a 99 Tahoe... LOL..

[cali girl]

Cali girl you will do fine. Good luck!!

OH, thank you! (my message board twin)