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If you have a car loan or student loan, that can count as your installment loan for your "mixture". Otherwise, I wouldn't do the secured loan. I haven't and all 3 of my scores are either very close or over 700 and I've only been discharged a little over a year. Revolving is definately the way to go!
@mrsjr wrote:If you have a car loan or student loan, that can count as your installment loan for your "mixture". Otherwise, I wouldn't do the secured loan. I haven't and all 3 of my scores are either very close or over 700 and I've only been discharged a little over a year. Revolving is definitely the way to go!
Agreed, if you already have an installment account adding a small secured loan wouldn't do anything.
Plus, if you do a secured loan for any period of time, you WILL be paying interest. So, unless you need the loan, it's just not necessary to pay interest on something that isn't going to do much good.
So, apparently my signing up for the accidental second account was a problem, as I have been locked out of my profile But to answer your question from my husband's newly created profile, we have NO other installment loans. That's why I was considering the secured loan through the credit union, but if we need a car before that gets paid out, I'm not sure if it would make us look desperate for credit. We aren't, it took me a long time to file, we have been living credit free for about 6 years. I could get the installment loan and then pay it off early before a car loan?!? We had student loans and mortgages that were in good standing before. Our last mortgage was IIB and the student loans are paid in full.
Also, does anyone know about the authorized user being as good as having my own cards? I'm not sure if I need my own, or if piggybacking hers is enough?
So far for me... Chapter 7 discharged April 2013 (6 months ago)
Cap One $1000 - approved 1 week after discharge, auto CLI to $2500 at 6 month mark (and they were included in my Ch 7!)
Credit One $400 - approved 1 month after discharge, auto CLI to $600 after 2 months (I will close this card at 1 year mark)
HSN $750 - approved via online offer while placing an order
Barclay Card $2500 - approved via mail offer 6 months after discharge
I think I'm good for a while, but any suggestions on where to go next?
@baglady215 wrote:So far for me... Chapter 7 discharged April 2013 (6 months ago)
Cap One $1000 - approved 1 week after discharge, auto CLI to $2500 at 6 month mark (and they were included in my Ch 7!)
Credit One $400 - approved 1 month after discharge, auto CLI to $600 after 2 months (I will close this card at 1 year mark)
HSN $750 - approved via online offer while placing an order
Barclay Card $2500 - approved via mail offer 6 months after discharge
I think I'm good for a while, but any suggestions on where to go next?
Wow, that's so good for just 6 months out of BK. My first 6 months would have sucked if it wasn't for the secured cards I got. About the only unsecured credit I got within the first 6 months were Capital One and HSBC.. they were for $500 and $300 respectively. Things really started to change after 1 year, though.
Now, 2 years and 2 months post BK7 I'm happily sitting with all 3 scores in the mid 700s (Tier 1) and roughly $150k~ of unsecured, revolving credit.
@WHITEHAT2 - What cards to you have?