Never Late

[Sammie]

Up until the day we filed for Ch. 13 Bk. we were never late with any payments, had Credit Scores in the high 700's & 800. Our Bk. is for our unsecured debts only, Mtge's paid outside our plan. My question is after our discharge will it be hard for us to get credit to buy a car, etc. We are 6 mos. into a 3 yr. Plan. My husband pulled his Credit Report a couple of wks. ago, although there are things on it that are wrong (Chase) & we have the proof they made an error, his Credit Score on 2 of the reports was in the high 500's & the other middle 600's. Thank you. sammie

[angel7821]

Sorry I dont have an answer for you but I am waiting for a reply to your question as my situation credit wise was the same as yours before I filed. So I am curious about getting a car loan also. We can probably get a loan but the interest rates will be high is what I am thinking.

[kornellred]

I am three months past my Chapter 13 discharge. When I checked my credit scores a month or two prior to discharge, all 3 were in the 680-690 range.

I applied for a personal loan from the bank which I do ordinary business with and got turned down within 10 seconds of submitting the on-line application. Reason: bankruptcy on record.
I also applied (very recently) for an auto loan from the same bank. I have no need for the loan - I just wanted to see if I would get immediately rejected. I received preliminary approval for an auto loan, pending submission of vital statistics.

The situation seems clear to me: getting unsecured loans after Chapter 13 discharge is quite unlikely, for obvious reasons. Secured loans for vehicles - that's a horse of a different color. In many cases a vehicle is not as essential as oxygen or water, but it comes close. As a discharged Chapter 13 debtor, your interest rate will inevitably be higher than average - that's a given.

[Sammie]

Angel I hope you are able to get your car loan.

kornellred thank you for your answers.

I have to share something funny with you. In yesterdays mail I received a pre-approved cc offer from Credit One for $1,500, int. rate 23 1/2%. Nice to know they will send it to me/us and it goes right into the shredder. sammie

[dmc-2008]

Keep shredding them!! :-)

[ksgirl38]

Up until the day we filed for Ch. 13 Bk. we were never late with any payments, had Credit Scores in the high 700's & 800. Our Bk. is for our unsecured debts only, Mtge's paid outside our plan. My question is after our discharge will it be hard for us to get credit to buy a car, etc. We are 6 mos. into a 3 yr. Plan. My husband pulled his Credit Report a couple of wks. ago, although there are things on it that are wrong (Chase) & we have the proof they made an error, his Credit Score on 2 of the reports was in the high 500's & the other middle 600's. Thank you. sammie

I had a Chapter 7, but I was able to get a credit card with a $2000 limit and no fees 2 weeks after discharge. The interest rate sucks, but I'm not carrying a balance anyway so it's a non-issue. I can't speak on car loans. I can't imagine you'd have much problems getting something descent. My credit score was in the 700s and I think it's around 634 the last time I looked. I stopped paying my credit cards about 2 months prior to filing so it really didn't have enough time to do much damage. It sounds like you are in a similar situation. If you time it right then you can actually see minimal effects to your credit score. It'll only improve.

[LadyInTheRed]

Angel I hope you are able to get your car loan.

kornellred thank you for your answers.

I have to share something funny with you. In yesterdays mail I received a pre-approved cc offer from Credit One for $1,500, int. rate 23 1/2%. Nice to know they will send it to me/us and it goes right into the shredder. sammie

I get pre-approved offers from Barclays all the time. Twice a week sometimes. I haven't even opened them to see what the terms are.

[BNKRPTinNC]

I get pre-approved offers from Barclays all the time. Twice a week sometimes. I haven't even opened them to see what the terms are.

They usually come with a business reply envelope so I use that to politely decline their kind offer and feel good about generating revenue for the money strapped USPS as the mailers have to pay extra in order to receive each letter.

[ksgirl38]

They usually come with a business reply envelope so I use that to politely decline their kind offer and feel good about generating revenue for the money strapped USPS as the mailers have to pay extra in order to receive each letter.

I realize this is off topic, but I knew a guy once that used all those reply envelopes. He'd send the credit card envelope with something in it back to the cable company and then send the cable company's envelope back to the bank, etc. You get the idea. He actually kept track of it too. I thought it was pretty funny. I guess that's one way to deal with junk mail.