Need some advice! And, this is always the best place to find sound advice.
I had a bankruptcy that discharged 7/2010. Have 3cc's and a shared secured loan (which I just finished paying off). Was told that by CU that the shared loan would help my CS but I don't see a difference. I would like to purchase a vehicle next summer. But, my credit score is horrible because of the BK but also because I helped out my fiance who is now my husband. At the time, I had decent credit and was able to get a $25,000 car loan. I financed a SUV for him; he was making the payments on time up until this summer. My husband lost his job and the payments started to get behind. Since it's my credit it affected me. I have called the auto loan co. since the car note was 2 mos behind. I have since made payment arrangements to catch up to date. And, then beginning Jan 2012 I will have the payments taken from my checking acct. There are 22 payment left to this vehicle (which is about August 2013). My husband has since acquired another job. But, because I need to build up my credit that is the reason for the direct payment from check acct#. By Aug 2013 will my cc increase decently in order to get a another vehicle once this one is paid off.
I would love to get another vehicle now using my husband's credit but I think the best thing is to just share the vehicle; instead of making bill on top of bill.
We honestly need another vehicle. But, since my husband has never had credit just one cc recently acquired. His CS is only 617.
You need to evaluate what got you in this position in the first place...You went through a bankruptcy and fell behind on payments (even if it was your husbands' car). Maybe the best thing to do is to follow Dave Ramsey's advice - don't borrow more then you can afford, maybe buy a much cheaper used car (or heck be a 1 car family) so that you don't have to take out a massive loan or any loan at all, freeing up cash flow to take care of your other issues and building up a cushion in the event that one or both of you have job related issues. Figuring out the best way to get a better credit score to just get more credit does not get you out of the cycle IMHO.
This is why I come to this board for honesty. Right now we are doing ok as a (1) car family. We work just (2) blocks from each other so we go to and from work together. I just have to wait a little longer because I get off work earlier than my husband. But, these are the sacrifices you make until you can do better.
I thought it might be a good idea to pay off the car loan more aggressively by adding extra payments to the principal. And, just save more money.
Hopefully, by the time I'm ready to purchase another vehicle my CS is decent.