Bankruptcy

[KT22]

Just some advice if I could get it.  Sorry for all the questions.  I discharged my BK 7 in Aug 2012 and already have the Capital One Secured Card.

But as I race to repair my credit, is it better to have 1 secured care or 2?  If it's 2, can someone recommend a good 2nd secured card to have?

And then should I just sit on the 2 cards and see what it does to my scores?  I'm also going to need an auto loan pretty soon so I guess that will help my scores in the long run as well?

[MovingForward_2012]

You should have 2-3 cards for rebuilding. You can check and see if your bank or credit union offers a secured card.

I would garden your secured card for 6 months and then try for another secured card. BofA and Wells Fargo both have secured cards.

[MovingForward_2012]

I would try to garden your two cards for at least a year before going unsecured subprime. I think you could get an auto loan when you need it...just realize your interest will be in the double digits.

[mebtba]

For me, I obtained one secured credit card for $1000.  Within about 4-6 months, I received a pre-approved offer from Capital One.  Inital credit was around $500 with auto increase to $750 after about 2 months.  Eventually the $750 increased to $1750 where it now sits.  Good luck.  You'll get through it.

[Countingpennies]

If you've had your secured Cap1 for awhile, you may be able to get an unsecured with them now. I was approved 2 mos. after discharge for a Platinum MC, and 3 mos. later a Rewards card, both unsecured. Just make sure you apply for a card for average credit, the MCs. The Visas are for excellent credit. Also be aware that Cap 1 pulls reports from all 3 CRAs, so that's 3 hard inqs. Cap1 is also a good resource for after BK auto financing, but the rates may better at a local CU, so building a relationshp there with a secured might be the best option for you.