I go check the mail and what do I have??? A stack of car loan offers. I guess that would be a good way of rebuilding credit. I'd really like a 7-9k loan over 48 months on a used car to be honest with you. I just need a new car that isn't about to fall apart.
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Filed 07/14/2006
341 Meeting 08/11/2006
Deadline to Object 10/10/2006
Discharged 10/17/2006
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Rebuilding credit is only part of the post bk battle.
In my opinion, it's far more important to fix the issues that created the bk and plunging right back into debt is not the solution.
Me, I started living well below my means and made sure some cash went into saving every month. I also started maxxing out my 401K and IRA.
You also need to be adequately insured. Not only health and auto but, both long and shortterm disability policies.
I'm 10 months post bk filing and I'm gonna buy a $7K used car as well in a few months. My intention is to pay cash. -
I got in my situation over health issues. Since then I changed to a better insurance policy through work with lower deductibles. I also added STD and LTD insurance. Went from an 1800 house payment to an 800 one. My 401K is maxed out and always has been I have 40K in there but I wouldn't consider taking that out to save me from bankruptcy because of the penalties and that only puts a bandaid over the immediate problem but screws me in the long run. I made myself a new budget and hopefully if I can stay in that for about six months I want to get a used car but finance it simply for credit purposes.Filed 07/14/2006
341 Meeting 08/11/2006
Deadline to Object 10/10/2006
Discharged 10/17/2006Comment
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No, I wouldn't touch the 401K either since it is exempt from creditor seizure.
My point is, there is no rush to plunge back into debt. Life is good when the only bills I get are for cable and phone service. Personally, I'd not finance anything if I could pay cash for it. Paying interest at likely subprime rates is a money losing proposition.Comment
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The only reason I want it is because I'd like to get back into a house....Although I don't know how well that will go over because I got foreclosed on when I got sick in the hospital. That's how I lost everything in the house and why I was pretty much on cardboard boxes. I have to re-establish it somehow. I'm not taking more than I can pay every month. But I think an installment like a car and my student loans will show I can pay every month.Filed 07/14/2006
341 Meeting 08/11/2006
Deadline to Object 10/10/2006
Discharged 10/17/2006Comment
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I'm just so happy I signed up for the "opt out"--I can actually go to my mailbox and find it empty. Maybe 6 months post-BK, I'll opt back in, but for now, it's nice not getting all of the junk mail.*** THIS IS NOT LEGAL ADVICE--ONLY A LAWYER CAN PROVIDE THAT. ***
My posts represent hours of research on and off the web, these forums, my experience, and my opinions.Comment
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Just my personal opinion...
buying an overpriced used car ( it will be ) at a high % rate ( it will be ), is not the best way to rebuild your credit. Sure, you can do it that way. But I think its best to rebuild in ways that cost you very little, like low fee cards for example...Comment
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Yeah I have an Orchard $300 card.....from my other post I think they will cancel me even though the balance is paid off in full every month.
About the high interest rate let me put the bag on over my head first....but the car I just had was a used car at a 21% interest rate....I don't think it can get much worse than that. And I got that with good credit....their excuse was that I had good credit but not car credit.Filed 07/14/2006
341 Meeting 08/11/2006
Deadline to Object 10/10/2006
Discharged 10/17/2006Comment
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Yeah its such a ripoff... I don't take 'excuses' from lenders. If I don't like the terms, I don't sign up.Comment
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