Hi guys, some questions about how to keep improving my credit after a bk a few months back. I followed the advice here on the forum and my credit went from 580 (right after ch7 in June 2014) to 660 now. Basically, got a very small secured loan from my credit union, opened a Creditone non secured credit card and pay the small balance every month. I am also an authorized user on a credit card (from a family member) that has very good payment history and has been opened for a relatively long time. So I think I am making progress fairly quick to a better credit score. I have 3 accounts total (including the one I am only an authorized user but shows up and helps my credit score). Question is: What else could I do to keep improving my credit scores? Open another credit card or get another small loan or would this hurt my credit?
Also, in the near future I will need a car for my daughter. Would getting a car loan help a lot? Some? None? Don’t want/need (or can afford) a large monthly car payment, so was thinking getting a very small car loan and pay the rest cash (talking about an old used car here about $5000). I know several large dealerships and online companies will offer loans after a BK, but these loans are usually for newer cars with low miles and about $15K and higher, which equals to a high monthly payment with the sort of interest rates I can get after a bk. So I am looking more for a $3000 or so car loan (in addition to some cash). I know my credit union would do it if I didn’t have the bk so recent (they said 2 years after bk for a car or house loan). Does anyone know of a company that would loan a small amount, even if only for 36 months, for an older car after a bk? I thought this would help build credit without having to take on a large loan with high interest rates. Or, any other ideas are welcome! Thank you much,
