Credit Rebuilder Loan or Card?

[Delia]

Good evening. 

I am awaiting a Ch 7 discharge,  and have been researching credit unions.  I've read some info here that says to get both a Rebuilder Loan and a credit card.

Has this been successful for you?  I am hoping I can find a CU willing to let us join, as I am eligible to join a few, but they have strict credit requirements.

Is using the credit card to pay off the loan beneficial?

What about gas cards?

Also, where are these backdoor numbers to CC companies located?

Thanks 

[0REDSOX7]

I think it depends on what your long term goals are.

Revolving credit cards would be your best friend and offer your biggest impact on your score.

Installment loans will help but not as much.

Search for Soulmaster's thread on how to get from discharge to 700 in 24 months or less. It is a good one.

[Delia]

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@0REDSOX7 wrote:
I think it depends on what your long term goals are.

Revolving credit cards would be your best friend and offer your biggest impact on your score.

Installment loans will help but not as much.

Search for Soulmaster's thread on how to get from discharge to 700 in 24 months or less. It is a good one.

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Thanks for replying. 

Our goal is to get one car loan, and to hopefully buy a house in 2 years.

[TRC_WA]

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@Delia wrote:

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Thanks for replying. 

Our goal is to get one car loan, and to hopefully buy a house in 2 years.

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Getting in good with your credit union is the way to go.  I've done that with BECU.  I started with a high interest car loan as well as small cards from Cap One.  After 6 months BECU gave me a credit card, then refinanced my car loan... and have already told me I won't have a problem getting a home loan through them as well once I am 2 years post discharge... (5/2015)

Can't speak about Ch 7 but coming out of Ch 13 hasn't been all that difficult.  

[loriac]

I don't think credit unions generally have more requirements and once a member it is much easier to obtain credit there than a traditional bank. Some are easier than others. Find one  that  does a credit builder or small loan. The CU I belong to pulls credit when you join then unless its a larger loan doesnt even pull credit again and makes loans. One huge benefit to the CU is there credit card programs,  much easier to get and have larger credit limits than traditional cards. There is no disadvantage to getting in with a credit union and staying there it will help you tremendously to rebuild your credit.

[0REDSOX7]

Credit Unions are definately the way to go.

They may be hesitant at first, but once you get any type of lending product with them, and treat them well, you will be good to go.

[whydoineedaname]

The first thing I applied for was a secured loan from my local credit union (I have had it with banks and the fee this and fee that).

It is nice because as I pay the loan a portion is released so...  I am basicly using the secured loan to pay for itself :-)  Make a $100 payment.  $98something is released into the saving account.  Next month rinse and reuse!  The next thing I got was a secured card from them.  Used the crap out of that for a few months paying in full! :-)   The secured card reports the same and its limit is whatever I decide to put in the bank...

The reason I am paying the interest on the secured loan:

The guy I worked with at the credit union and talked to about my BK said...   Having loan on your report is not really going to help your score much and most of the help will go away quickly BUT it looks good to the human aspect.  They are going to see that you had a year long loan that you were able to pay on.  Now I am no expert but... It sounds like good advise AND what the heck its only a few bucks over the year.

[Delia72]

Should I wait until the discharge to pull my CRs?

Thanks

[ezdriver]

Are you posting under two similar names?

[Delia72]

Yes. The system didn't recognize me when I tried a password reset.  So, I had to create another username.