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I am in rebuilding mode too. My Ch 7 discharge was in April of this year. Using 4 credit cards [3 secured and 1 unsecured] and one secured installment loan. I'm paying close attention to payment times and amounts. Seems to be working fine.
In my opinion, I would not do the secured loan. I understand that having a good installment record is important, but if you do that, you WILL pay interest. Rebuidling your credit takes time. I would wait until you need a car to do an installment loan. I'm just not a fan of paying interest if you don't have to. Also, I would consider dropping both FP and Credit One. Since you have another credit card, I'm confident that you can get a better credit card, like barclays, if you keep your utilization low.
@mrsjr wrote:In my opinion, I would not do the secured loan. I understand that having a good installment record is important, but if you do that, you WILL pay interest. Rebuidling your credit takes time. I would wait until you need a car to do an installment loan. I'm just not a fan of paying interest if you don't have to. Also, I would consider dropping both FP and Credit One. Since you have another credit card, I'm confident that you can get a better credit card, like barclays, if you keep your utilization low.
Depends on your priority. I could not care less about the tiny amount of interest that the credit union will make on my 12-month, $1,000 loan. I've got bigger fish to fry. It is worth much more to me to have a good tradeline mix than the interest. It all depends on what objective one is trying to achieve and the best path to getting there.