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Valued Contributor
rootpooty
Posts: 1,772
Registered: ‎10-28-2011
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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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Lasardo
Posts: 746
Registered: ‎04-26-2012
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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!!
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Established Contributor
Lasardo
Posts: 746
Registered: ‎04-26-2012
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Re: How many new accounts needed to rebuild?

Also I believe M&i ( marshal and Isley ) / BMO is a local bank..
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pakman92
Posts: 650
Registered: ‎03-01-2012
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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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Lasardo
Posts: 746
Registered: ‎04-26-2012
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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?
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Valued Contributor
rootpooty
Posts: 1,772
Registered: ‎10-28-2011
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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

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ando35
Posts: 277
Registered: ‎10-05-2010
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Re: How many new accounts needed to rebuild?

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


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