i'm getting lots of mail to get approved for a new auto loan.i'm paying my existing car loan i don't know if i should trade in my car and open a new loan to start building my credit? do you have any advise........
2007-05-06 07:59:39 · 10 answers · asked by Anonymous in Business & Finance ➔ Credit
Don't worry...you will start getting tons of offers in the mail for credit, just sit back a choose the best one for you...all companies know you can't file for bankrupty again until 7 years from now so they are more than willing to offer you credit...relax...you will have ample opportunity to rebuild...for now take a break you just got out of debt...don't get into it again.
2007-05-06 08:04:10 · answer #1 · answered by Mick R 2 · 0⤊ 0⤋
Here's something to think about. If your current car loan is included in the BK and the creditor has marked it on your credit report as Included in BK then every month you make a payment you keep a current negative mark on your record that affects your FICO score in a negative way. I kept my car through BK several years ago and paid it off a year later. My FICO score was negatively affected because I kept that loan open. If you have any equity and can trade the car in and open a new loan you will start building a new track record now instead of later. Good Luck!
2007-05-06 08:32:38 · answer #2 · answered by GUS 4 · 0⤊ 0⤋
No way don't go in det for a new car.Keep up on the payments on the car you have and what ever you do, don't be late with a payment. It's going to take some time to rebuild your credit again. You do still have credit if your making car payments, you must not of filed on the car. You also might want to apply for a small credit card at one of the dept. store's. That is a start. But what ever you do don't be late with any payments of any kind. Hope it works out for you.
2007-05-06 08:11:59 · answer #3 · answered by Bud 1 · 0⤊ 0⤋
Don't do anything. Especially with a car loan. That BK is gonna be on your record for 10 years. You've got time to wait for a good offer for a loan or credit card. For the time being, just practice living within your means.
2007-05-06 08:04:25 · answer #4 · answered by Always Right 7 · 0⤊ 0⤋
Huh? You just filed for BK and want to get back into debt? Sorry I am just amazed how many people say the same thing. To answer your question, there is not some series of actions that will result in your "rebuilding" credit. You can do some things such as....limit inquiries, if you get an account do not max it out, do not get any collection accounts for utilities, cell phones, medical bills, etc.
2007-05-06 08:11:26 · answer #5 · answered by Gatsby216 7 · 0⤊ 0⤋
After you declare bankruptcy, certain things occur. The most important thing that happens is that you get a tremendous sense of relief from having to clear off your unsecured debts. But the other side of the coin is that your creditors and lenders will start considering you risky. This will make it difficult for you to get extended credit when needed. Those lenders who agree to give you credit will charge higher rate of interest. But this gives you a chance to improve your credit after bankruptcy.
2007-05-07 00:37:35 · answer #6 · answered by See Saw 3 · 0⤊ 0⤋
"How can I start building my credit again?"
Not by borrowing more money. Isn't that what got you into trouble in the first place?
The best thing you can do is live within your means and pay ALL your bills on time for a few years. Nothing works better than that.
2007-05-06 08:07:26 · answer #7 · answered by Glennroid 5 · 0⤊ 0⤋
A very good place to start is http://www.lifeafterbankrutpcy.com
This site has lots of newsletters, tons of info and other educational reading.
2007-05-06 11:06:07 · answer #8 · answered by Anonymous · 1⤊ 0⤋
You dont care what you eat??? how disgusting. You should care even if it dont make you sick. You could be eating rat **** for all you know, doesnt mean you will get sick!!!
2007-05-06 15:10:58 · answer #9 · answered by Crack myself up bitch 1 · 0⤊ 2⤋
why don't u pay all that debt to build credit.why bankruptcy WHY? BECAUSE.................
2007-05-06 08:26:46 · answer #10 · answered by helpme 2 · 0⤊ 0⤋