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How many new accounts needed to rebuild?

Valued Contributor

Re: How many new accounts needed to rebuild?


youngandbroke wrote:

@Lasardo: What bank did you sign up for this credit building CD program? Sounds like a good idea... I wonder if any local banks offer this program as well. 



+1 sounds like a great idea too i wonder if nfcu offers something similar to this

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Message 11 of 17
Established Contributor

Re: How many new accounts needed to rebuild?

I went through BMO/m&I (marshal and Isley) I forgot to mention I got 2 secured cards through cap 1 and 1 unsecured through first premier ..good luck!!
CS 728- 01/13 from 554-12/11
Goal: 800
Message 12 of 17
Established Contributor

Re: How many new accounts needed to rebuild?

Also I believe M&i ( marshal and Isley ) / BMO is a local bank..
CS 728- 01/13 from 554-12/11
Goal: 800
Message 13 of 17
Highlighted
Established Contributor

Re: How many new accounts needed to rebuild?

I would start with a secured credit card and a secured installment loan...  followed by another credit card.  Good luck.


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Message 14 of 17
Established Contributor

Re: How many new accounts needed to rebuild?

I know the CD program is listed as an installment loan, that is what the bank told me. ..do you think it would be listed as a secured I stall ment loan then?
CS 728- 01/13 from 554-12/11
Goal: 800
Message 15 of 17
Valued Contributor

Re: How many new accounts needed to rebuild?


pakman92 wrote:

I would start with a secured credit card and a secured installment loan...  followed by another credit card.  Good luck.


+1 this is usually the best way to go if your cu offers a secured card. get the secured loan started then take the loan and open a secured card. good way to get started and a good mix too

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Message 16 of 17
Frequent Contributor

Re: How many new accounts needed to rebuild?

I read the ideal mix is 3-5 credit cards with 10% utilized, and one installment.

Message 17 of 17