07-15-2014 07:01 AM
My husband and I were discharged from CH 7 4/28/2014 so we are pretty fresh still. We have/had been receiving pre approvals from Capital One almost immediately after discharge. So we decided to give it a shot. We were approved for $1000.00! What in your opinion should be out next step? We make 90,000+ a year which is why I think we were able to get such a high limit right out of BK.
I have been to a credit union that has a credit builder type loan I believe they called it a shared secure loan. We would deposit $1200. into an account and they "lend us back $1200. at 2% interest for 12 months. So monthly payment would be $102.00
Should we do the credit builder loan and get one more credit card like the customer service rep suggested at the CU if so which card would you suggest since we have the capital one already.
07-15-2014 05:15 PM
The secured installmant loan from the CU is a good addition to your tradeline mix. I did it.
Try CreditOne ... I got a $700 credit limit. Since it is unsecured, I'll keep it.
07-22-2014 03:43 PM
07-22-2014 11:27 PM - edited 07-22-2014 11:30 PM
An auto loan or a student loan is just as good as a credit builder loan.
If you have either you are fine.
Me personally I have an auto loan at 3.99% and 5 small student loans (total debt is about $4800) and at discharge they reset to "new" status with Sallie Mae... 120 months @ $58 a month for all. The interest rate is like 1.9%... definitely easy on the wallet and helps the credit profile.
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