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How soon after BK discharge?

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My BK was discharged in February, 2019. That same month I opened up a share secured loan and secured credit card from my credit union. In addition, I was also approved for a 1k loan through my credit union. 


I included my old vehicle in my BK as a drive through (drive and pay) and it is showing as a derogatory account with a zero balance. The car was subsequently bought back as a lemon law buyback and the loan was paid off (was financed through Chase).


My fico scores (provided free to me through my various financial institutions are:


Equifax 611 (DCU - Unsure which Fico scoring model)

Equifax 671 (Penfed - Fico 9)

Transunion 702 (SDFCU - Maybe be FAKO as this is same as Credit Karma)


I attempted to get a pre-approval through Carvana and they use Experian soft pull and they gave me an interest rate of 14.02%.


I attempted to use the Capital One pre-qualifier and they did not approve me (I included Cap 1 CC's during BK).


I have the 3 paid and closed auto loans reporting -

Ford Motor Credit (2 year lease - perfect payment history)

Chrysler Captial (1 month - refinanced)

Penfed CU ( 16 months - perfect payment history - sold to a family member for their child to take to college)


There is also the Chase Auto account that is showing as closed/derogatory with a zero balance from the BK.


I guess my question is how soon will I be able to be approved for a decent interest rate (under 5%)? Does Cap1 Auto normally blacklist if they took a loss on credit cards? Do you think I have any chance with Chase since they were paid off in full? What about with AHF or Toyota Motors Finance? 


I am interested in either a 2020 Outback Touring (Chase) purchase, CRV (American Honda Finance) lease or RAV4 (Toyota Motors Finance) lease.


Thank you in advance for all of your of your help and advice. 



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stOP applying with online finance options and talk to a good finance manager at a dealership that has the vehicle you want.


note that leasing is harder to qualify for, generally speaking, than a loan.


<5% APR is going to be tough for the next couple of years.

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Agree with both of the above posters.


As far as your FICOs, what you are seeing is generic FICO scores, you need to be looking at auto-enhanced scores.  If you really are over 600 leasing may be a possibility, but you are probably not going to like the terms.


Your best bet is to do a traditional finance with a substantial down payment.  This will probably give you the most likely chance of approval.  Pick the car you want and have the finance manager work on your behalf.  At this point, staying under 10% would be a win.  From there you can always re-fi once you have re-established your credit a bit.  For reference, when I was 30 months post BK I was approved with Cap1 and then able to re-fi less than a year later with PenFed.

Edited by CTSoxFan

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