Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Bankruptcy
Profile Image

Question By
rye421

0 Contributions
0 People Helped
Trying to repair a ton of credit issues to get car loan, plz help!
Ok so I am trying to get a loan for a car here in the next few months. I will have some money to put down, but will need to finance the rest. So here is what I am working with. I have like 8 things in collections, one being from a foreclosure from about 7 years ago. One thing me & the wife have been contemplating is just going through bankruptcy, and trying to start over. Problem is we don't have the funds to go through it. I heard of some 7 year rule, but don't know what all it applies to. We also thought about just trying to eliminate some of the other smaller debt in hope to gain credit back, but wonder if it is pointless having a huge mortgage in collections still. Like why pay 2 or 3 thousand dollars if there will still be 30k left? Would it make a huge difference if it was only the one thing on there. Would creditors see that I took care of the rest. Im totally lost and don't know where to begin.. Please any advice would be appreciated. Thanks

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
7347 Contributions
3806 People Helped

Don't be foolish!!!

Helpful to 0 out of 1 people

While people are told that a bankruptcy is a "new beginning" no one explains that it means starting totally all over, being charged higher interest and having to work very hard to rebuild credit.  And a bankruptcy remains on your credit for TEN years.  But you're going to have negative remarks on your credit report for 7 years due to the collections.  With the collections and forclosures, you're showing a poor repayment record and who can say you won't repeat the process after the bankruptcy is completed?  You may wish to talk to a bankruptcy attorney, though.  They usually offer a free initial consultation and will offer some alternatives to bankruptcy which should seriously be considered.  I don't see a loan for a car being possible without you having to pay high interest IF you are able to get it financed.  I strongly suggest reading the articles on this site and using the tools so you can see how to improve your credit.  That's what this site was designed for. 

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.