Next steps?

[Justin93]

Hello all!

I was wondering what you guys feel should be my next step? I currently have 5 CCs now open post BK. I also have an auto loan (which will be paid off in March) and a mortgage reporting. I was wondering if I should just go into the garden or should I attempt to add one more line? I was thinking I should go with an overdraft protection on my NFCU checking account, or a small personal loan (don't need the money, just wanted a different type of trade line). Any thoughts would be great!

Thanks,

Justin Koehl

[Scupra]

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@Justin93 wrote:

Hello all!

I was wondering what you guys feel should be my next step? I currently have 5 CCs now open post BK. I also have an auto loan (which will be paid off in March) and a mortgage reporting. I was wondering if I should just go into the garden or should I attempt to add one more line? I was thinking I should go with an overdraft protection on my NFCU checking account, or a small personal loan (don't need the money, just wanted a different type of trade line). Any thoughts would be great!

Thanks,

Justin Koehl

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NavChek, or LOC that you mentioon, reports as a revolving trade line like a credit card. With an auto loan and a mortgage reporting it sounds like you have installment accounts and don't need the personal loan. I would suggest going to the garden for a good amount of time to build the limits you have now. As long as your report stays clean and you use your NFCU cards right, your secured card should graduate on the 12/13th statement and the limit will double. Nurture the navy cards, let them grow and build your AAoA up. Welcome to the boards!!!!!

[Justin93]

Okay thats great to know! Thanks for the insight. Just got a fico alert and my score went down 5 points? Is that typical? I am just assuming it will bounce back because I just burned two inquries with the Barclays card and NFCU card. But you know what they say about assuming.

[Scupra]

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@Justin93 wrote:

Okay thats great to know! Thanks for the insight. Just got a fico alert and my score went down 5 points? Is that typical? I am just assuming it will bounce back because I just burned two inquries with the Barclays card and NFCU card. But you know what they say about assuming.

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Yeah, should bounce back as those accounts age and the inquires get older. They stop hurting your score at the 1yr mark