07-31-2007 08:57 AM
My wife and I filed for Chapter 13 Bankruptcy in March of 2001. We were successfully discharged in April of 2006. We used ZERO credit following our bankruptcy until just a few months ago. We've had a hard time getting credit cards, but did get approved for a $300 limit (for each of us) on Orchard Bank, and I got a $800 limit on Credit One, and My wife got a $600 limit on Credit One as well. I was also recently approved by Wal-Mart for their credit card with a $600 limit?
We do not NEED credit to live on. I got the cards simply to build a recent credit history and improve both of our credit scores. We have been running them up to their limit each month buying food, gas, etc., then paying them off in full each month. We have done this about 2 times so far on all the cards.
What I want to know is this - since we DON'T need the credit to live on, what is the best way for us to USE these cards to IMPROVE our credit scores? My current financial situation will allow me to use them anyway I want to, so I'm looking for advice from you pro's (OK, I'm an admitted rookie on these forums) on how best to USE my cards to improve my score.
Do we need MORE cards or installment loans than we currently have? Like I said, we are using these credit cards simply to improve and rebuild our credit. Currently, we can pay cash for all our purchases, but we want good credit for when we need it.
Any and all info and advice is welcome.
Thanks in advance for your help.