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discharged 4/28/2014 just received a Capital One card with $1000.00 limit. next step?

Member

discharged 4/28/2014 just received a Capital One card with $1000.00 limit. next step?

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.

Message 1 of 4
3 REPLIES
Senior Contributor

Re: discharged 4/28/2014 just received a Capital One card with $1000.00 limit. next step?

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.

 

Message 2 of 4
Member

Re: discharged 4/28/2014 just received a Capital One card with $1000.00 limit. next step?

Get another cap 1 card if the first one is reporting already.

I applied on the day of the discharge (also in may btw) and was approved for $2k. Applied again cap 1 a month later and got another card for $3k.
Message 3 of 4
Senior Contributor

Re: discharged 4/28/2014 just received a Capital One card with $1000.00 limit. next step?

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.



2015 Dodge Challenger RT @ 4.49% opened: 1/15 $5k in student loans opened: 3/01 AAoA: 5.5 years
myFICO 5-5-16 EQ: 730 EX: 738 TU: 733 / CC UTI: 32% / Gardening since: 3-25-15
Message 4 of 4