Is it hard to buy a get a loan for a car right now with no down?
I had a bankruptcy in 2005. I just mean a used car like a 2000-2003
Zero down car loans disappeared with the credit crunch.
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How badly is your credit affected after bankruptcy? *Serious answers only*?
My husband and I are about to start bankruptcy, but I would like to know how badly it will really affect our credit. I know we cannot do much for owning our own home for approximately two years, but what about other debts, like car loans? Also, once someone has completed bankruptcy, what are some pointers you can offer to begin rebuilding credit (other than paying everything on time)? Thanks!
You can go to google.com and type in legalhelpers and it will give you a ton of insight to lots of your questions. I don’t think its the end of the world to file for bankrutcy. We are getting ready to do the same thing. We think its a great law of the land. Giving US citizens a fresh new start in life. Lots of people can’t help it because of job losses, medical reasons or the fact credit card companies charge such high interest rates that no one can get out of it. they are robbers in my opinion. You will probably get credit card offers after you finish chptr 7 bankruptcy. Creditors will know you can’t file again for 8 years and your limits will be around $250.00 and thats about it.. We plan on getting one credit card after bankruptcy so we can have it for emergencies to rent a car and to have something to rebuild credit and show we can pay on time. However, that is it!! No more credit cards for us, ever.. We are going to use cash only and never live on credit again. Just think, when you and your husband come out of bankruptcy you will have a clean slate and all your debts (except your house) will be gone. The money you used before to pay monthly payments will be yours and you can take that money and bank it. Save it and store it for future problems with your house or car repairs. You can throw your car in on the bankruptcy and next time we buy a car it will be a used on(cheap) and we will pay cash for it. Bankruptcy is not shameful because its the law of the land. Gives you and I a fresh clean start at life. I am so glad we are in the US and we are able to have this law… All the airlines filed bankruptcy and that was our demise. Losing our airline jobs over and over. So we are sticking it back to them!!!
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Why is my credit SO bad?
I have never had a credit card, mortgage or car loan. I have never filed bankruptcy. I have looked at my credit report and the majority of problems are medical bills. I also have some unpaid utility bills on there. I cannot even get a cell phone without a $300 deposit. Why do these things make my credit score terrible? I though CC’s and bankruptcies were the major problems. Can anyone explain?
You might want to visit for many articles on the credit score:
http://www.freewebs.com/infosource100/credit.html
“Top Credit Score Factors and Disputing Bad Credit
By R A Smith
Do you often have too much month left at the end of your money? While you strive to pay your monthly bills on time, computers are keeping a close watch on your performance.
Automated programs keep score on your payment punctuality, and other financial information, which have a direct impact on your ability to qualify for a loan, and the interest rate you will be offered. A score of 700 or better can provide the lowest rates, while a score of 620 or less can mean the highest rates, or possibly no loan at all.
3 Primary Factors That Influence Credit Scores:
Late Payments – Not considered late until 30 days past the due date. 60 or 90 day late payments are more negative than a 30 day late. The age of late payments can influence credit scores. Recent late payments are considered worse than older ones. More serious issues include: Consumer Credit Counseling, collections, bankruptcy, and foreclosure.
Outstanding Debt – Having a large number of open accounts can reduce your credit scores. Another issue is the ratio of your credit limit compared to the current balance. Using 75% of your credit limit is a greater risk than using 25%.
Account History – Older credit accounts can have a positive effect on credit scores, as long they are not delinquent. Having recently opened accounts could reduce your scores. Also, multiple inquiries indicate a possible new account, which may cost a few points.
Incorrect information can sometimes appear on a credit report. If you believe there is a potential error on your credit report, you are entitled to dispute the accuracy of the information. The federal Fair Credit Reporting Act gives you the right to challenge inaccurate information by contacting the reporting agencies, and the company who reported the information. Under the FCRA, they are responsible to correct any errors on your credit report free of charge, and within a specific time limit.
The credit bureaus, Experian, Equifax, and Transunion, are required to investigate your dispute within 30 days of reporting the potential error. They will contact the source of the derogatory information and try to confirm the record. Providing documentation to support your claim, if you have any, can also expedite the process. If the credit bureaus are unable to confirm the derogatory information from the source, the item must be removed from your credit report, which can improve your score. “
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