Jim Found the book at Borders: worth its weight in gold. Here's the thing: they're very secretive about when/ where their seminars are. You have to be on their invite list, my old BK address is very purposefully not forwarded/ or my current address and they won't add me on the list or give me the list of where the seminars are: SO: I need your help!!! YOu said you just got an invite... WHERE and WHEN? I'll travel! THe book mentions where to go to find better creditors (or vaguely where to go) but I couldn't get a list of better lenders etc w/out going to the seminar... which I can't get an invite to. She actually said if I could get the info off your invite, I could sign up on the web... really odd way to get people to go. Maybe they're trying to prevent non BK people... I dunno So if you still have it... I'd truly appreciate when and where... Thanks so much.
Haven't been yet but Jim put up a post on Stephen Snyder a couple of days ago asking were his seminars worth it... and the posts back were incredible. So, I went out and found the 1 copy of the guy's book in Atlanta "credit after bankruptcy". And I thought I was good at working the system. He gives practical, here's where you go and what you do to get Prime rated credit while you're fresh out of BK. Today, I went to Ford to see about their Red Carpet Lease and I was amazed. (Ok, I know there are FOrd haters out there...) but... I spent 30 minutes talking to the finance guy about my situation (VERY bluntly), asked what they have, rates, buy, lease, new, used (I don't even really need a new car)... But I was amazed to find that Ford really does finance at competitive rates (NOT bend you over the barrel rates)... Actually, I could've gotten a great deal today but I don't want one until late this year. I've finally gotten over the "please, please, let me get into debt" thing. BUt I was pleasantly surprised to learn about leases (He even gave me a blank copy of a lease agreement to take w/me and read). For example, I didn't realize that if I buy a 25K car, lease it, I pay for say only 2 years and on 2/5ths of the value , or 10K... but the tradeline is technically for the whole 25K. I get a 25K tradeline and I'm paying on 10K (anyone feel free to add here as I've never leased a stick of gum). Anyway, I read Snyder's book and I loved his general concept that we take it for granted that, as we're rebuilding, are going to get screwed, we know it, we accept it, and we pay it gladly to "redeem" our credit. But if we're smart we'll only get screwed for a couple of years. He has arrangements/ recommendations of nonsubprime lenders for subprime debtors. Anyway, I called today (I read the book in 1 sitting) b/c some of it I knew, some I didn't need to know yet (mortgages not yet), but I wanted to know who his recommended lenders are. they're sending me 2 apps, but I really have a lot of credit cards already: What I want are the installment lenders, etc. The warning (although I don't see it as one) would be that they wouldn't give me a list per se of their arrangements/ preferred lenders. Bluntly told me I have to go to the seminar. Ok. But they were just in Atlanta... so I'll have to travel... but they won't say where their seminars are. VERy strange marketing concept. THere seminars are backed and funded by the lenders; however, I see that as an opportunity. If they want my business and are willing to give me good rates, then I'm all for it. So now I'm trying to find out WHERE are these seminars????????? and when. They're clearly on every SAt (on his www.afterbankruptcy.com site) but they purposefully don't put what cities. Odd.
I'll post the complete info he I don't have the flyer with me right now. I am sorry I don't have the date but I think it is in March. The location is at a hotel in the Los Angeles area. There is a 4 hour session in the morning and another in the afternoon. I may yet choose to attend but I want to share with you a few reservations I have about the event. Just like you, I am well along the road to credit health and I am not sure that the Snyders really have anything to teach me. Second, the Snyders are paid by the vendors. While this completely ethical as someone has to pay them, I don't want to be in a situation where vendors are calling me with credit offers or life insurance that I don't need or want after the seminar. Third, Shyguy spoke very positively of the seminar but mentioned that if you buy the book why attend the seminar?. The info you want will be addressed: To: Marie RE: Seminar. I am going to post a few questions to Shyguy on the board about his experience. P.S. Can you share any valuable tips you abtained from the book here on the board? Best regards - Jim
Hi Marie!! The probable reason that a Georgia resident is not invited to a California seminar is that the local vendors can't contact you to sell you anything. For example, there are bound to be one or more Ford dealers who will be selling cars on the same good deal that Shyguy and I got. However, those California dealers aren't going to sell to a Georgia resident very often. By the way, the Ford "Red Carpet Lease" is very undesirable compared to buying a Ford. If you decide to buy or lease with Ford, contact me here on the board and let's do the math together. I remain very happy with my Ford purchase. Shyguy said the same. As to installment loans, I am using the credit union(s) for that along with my Ford auto loan.. No finance companies. I really should buy the book. Your post here is giving me more interest in attending the seminar.
Thanks for the info Jim! Too much for a post or I would. The book is worth the 30. Got mine at Borders. I am very aware that the seminar is sponsored by the creditors. Cool! They WANT my business and supposedly at reasonable rates. Probably the biggest thing (concept) I took out of it was to stop considering myself subprime anymore. Even 2 years out of it I still attach somewhat of a stigma to myself and to the whole BK. When I went to Ford today and was told I could get their more normal rates, I felt better about my situation. Even though I won't buy another car for 6 mos or so. Lots of how to's / not to's. Don't go to Joe's car etc for car loans when Ford will do it for regular rates. Don't stay in subprime too long or you become only subprime for years. A lot of it seems to be WHERE to go to get better deals. Sources of credit builder programs withOUT paying exorbidant fees. Oh, I want the info for a bank that will do an instal. loan 200 dep for every 1000 (yes, I want to see the interest etc). Anyway, THe last post I read praised the seminar... and if I get just 1-2 good sources of future financing, it'd be worth it to me. When I talked with them today I didn't agree with the blanket "YOU didn't go w/PRov or Cap1 did you"? I know they're subprime slime sometimes... but for me they've been wonderful and I've worked the terms to better than my prime friend's rates... so big deal if I started expensive. I didn't have to do secured cards ever... and that meant a lot to me. So, while I may not use all the info I will learn at their seminars.. I think certainly, based on the book alone, these guys know what they're doing. I'll take what I want to use from the seminar and leave the rest... just like any advice we're given
Here's what I remember Marie, As you wrote, the auto finance company is Ford. (A local dealer represented Ford at the seminar I attended.) I can't remember the mortgage company, but I might have it somewhere. The top credit card companies were FCNB and Orchard Bank. The credit repair firm is Bradley Ross. I don't remember a specific installment loan company. The advice I remember about loans is to find a good banker. (I think this is also the advice in the book.) Talk to local bank branch managers and see if one will be willing to open a secured installment loan backed by a CD. Take copies of your credit reports and a pay stub with you and don't let anyone put a credit report until he or she agrees to work with you. The whole theory is that in two years your credit will be good enough that you can buy a house. (You said that's not in your immediate plans, but it's a good goal to work towards -- having your credit that good.) Getting a good credit mix and never making a late payment are keys to this. Also, don't repeat the mistakes that led to the BK to begin with. The After Bankruptcy web site used to list the seminar dates and sites, but this year it doesn't. I've been told that they have had some problems, but there was no further explanation. I'm sorry about this for both the people who want to attend and the people who run the foundation. I know I was able to attend by signing up on the web site last year. ShyGuy
Thanks for your wonderful resp I lucked onto Ford as I wanted a new Explorer. The Cap1 and Providian comment really has me interested about the prime vs. subprime cards. Maybe I will attend. Let's see what else Shyguy says.
Makes sense, I missed the Atl a few weeks ago. I planned the Bk so that it wouldn't attach to my next address... which means I'd never get their invite since it's taken from the bk records. I can't believe I just missed the Atl seminar. I had hoped, if I went to the LA seminar, I could ask for any other lenders in ATl (since they just did this one). Oh, if you have insight buying vs. leasing, please feel free to tell me I was going to research the daylights out of leasing. I am always the one in the family to negotiate new cars (I used to teach sales training..) so I love negotiating and I'm used to straight financing... so leasing is a totally new animal. He did tell me he could do a great deal on regular financing too He didn't push leasing over buying. I was actually surprised when he told me all about the people they'd financed (and what their credit/ employment had been like).. I'm PRIME grade A+++ in comparison to some of the stories I got told today I had just assumed I'd buy my cars w/cash since I didn't want to eat huge interest for a large loan. Fortunately, we can pay w/cash if it's not too expensive of a car.
you can use the website to reg it now only has dates.. but no locations. So unless you have an invitation in your hands with the date and location... you could sign up for the one this weekend but you wouldn't know what city it was in... I do think they're missing a lot of people who have heard about the seminar, don't have invitations, want to go, and then can't. Kindof like Prov Gold... you can't get one if you want it, you have to wait until invited ha.
Capital One and Providian I'm not sure what Snyder has against Capital One and Providian. (Of course, Providian's legal issues are always a consideration.) I wish I had reaffirmed my Cap1 card, but I had bad advice. But most of us with troubled credit have one or two creditors we wouldn't do business with again no matter what. For me, it's Amex. For others on the list, it's Ford. Let's face it -- all creditors are jerks to someone. And they probably don't think highly of people who have filed BK. That said, I've been really pleased so far with FCNB, one of Snyder's recommendations.
Is FCNB secured or not? Is this the one he did the fast one on by increasing his deposit to 5K right before the 1 year review period?
RE: you can use the website to Yes, if my Chapter 7 had been this year, I would have been SOL -- and I don't mean statue of limitations. I found the site last year just by typing in afterbankruptcy.com and seeing what came up. I was lucky in that last year you could register without an invitation and the web site had a list of seminar locations.
RE: Is FCNB secured or not? They will give you up to 300% of your deposit and unsecure after a year.Pretty good deal.
