How long to wait post BK7?

[x419]

I'm looking to make a purchase down the road a bit (maybe mid summer/early fall?) but likely something inexpensive that I can pay off rather quickly to build some more credit. The plan is to then buy something newer, maybe even an off lease certified vehicle after that, hopefully at a better rate.

 

I have the BK, 4 satisfied tax liens, 3 of which fall off by fall I think. The biggest headache is the child support lien, which has been getting paid for years. Balance is about 6K. The payments end 8/2015.

 

I also have 2 small student loans in forebearance til 2/2015, total of 5500.00

 

Gross yearly was 61K last year, no rent, no mtg, mostly cell phone bill and living expenses.

 

 

Whats the best way to approach this? I keep getting offers on a regular basis, to which I just recently opted out. Im not ready for or looking to spend 30-40K on a car..

 

j.

[MarvBear]

Just ignore the offers until you are ready to commit.

[x419]

Just ignore the offers until you are ready to commit.

 

Well, that is what I have been doing. As far as buying a used or off lease certified vehicle, what would be the better option to look at for financing in my situation?

[MarvBear]

As far as buying a used or off lease certified vehicle,

 

 

 

Those are both good ideas.

[x419]

And as far as financing for those options, is there a bk friendly non interest gouging institution that we can use? Or is any one place pretty much the same as the next?

 

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[MarvBear]

And as far as financing for those options, is there a bk friendly non interest gouging institution that we can use? Or is any one place pretty much the same as the next?

 

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I don't really believe the existence of a prior BK has a tremendous impact, as much as your overall credit profile. I don't believe consumers who have impaired credit profiles, can do as well for themselves, as someone similar to myself could in a dealership.

[RedHairedLady]

Are you eligible for an NFCU membership? The consensus on CB seems to be that they're very bankruptcy friendly.

[x419]

No, I tried to join previously and wasnt able. There are so many places advertising that they finance anyone..its almost scary!

 

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[RedHairedLady]

Yeah, pretty much anyone can get financed for a vehicle, but that doesn't mean they'll get a good deal.

 

How long ago was your bankruptcy? Some people on CB have done pretty well post bk with Capital One. Have you looked into any local CUs in your area?

[x419]

I just recently joined a couple of local CUs. Im really just starting my rebuild, but im trying to look ahead and see what I need to do this car finance thing by maybe Sept or October. My BK was only dc'd in 12/2013 so im still not too far out of the gate. I'm doing cleanup and trying to figure out how to get this child support judgement to report correctly.

 

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[MarvBear]

At this point, since you are not ready, just getting prepared, then do as much triage to your credit file(s) as possible. You need to start now.

 

The cleaner your credit file(s) when you apply the better.