Hello,
Thank you for reading this. I am trying to determine if I should apply to open a secured credit card with the credit union I just established a relationship with. A little info: 1) My chapter 7 bankruptcy was discharged on July 8th 2014. (A month, almost 2, out of BK) 2) I applied for a Credit One secured card, got approved for $300 limit. I paid my first bill the day after I got my card. (PIF) 3) BCU (Baxter Credit Union) offers a secured card to help rebuild credit. $150 to start, you can put $100 increments towards it after. They say that it will lead to unsecured credit.
Here's the thing. My credit score isn't so hot right now. (because of bankruptcy) and I think that there may be some errors on it. Sallie Mae loans are showing as negative, even though I've had them on income based repayment since before BK, now they show as closed on a couple of the CRB reports. (I think it's TU that shows that it's in deferment.)
If I manage to get Sallie Mae to report those loans correctly, "paid as agreed" I am assuming they will move to the positive category, and my score will go up as well because of it. (Hoping.)
Anyhow, should I apply for a secured line of credit just to establish another line or will it just hurt my credit? I have 11 inquiries right now, mostly because of bill collectors and/or banks doing pulls due to reviewing my credit periodically I guess. They should fall off in the next year though.. most of them are from 2012/2013.
Thanks!
