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livingfree
Posts: 54
Registered: ‎04-23-2012
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Personal loans after BK

I filed chp 7 bankruptcy in March 2011 and it was discharged 8/2012.  I reaffirmed my car and furniture.  My furniture was paid off in Dec 2011 and my car will be paid off in July 2012.  I have a Cap 1 cc with $500 limit and I purchased a car in Dec 2011 for my husband with Cap 1 (14%int).  I have paid everything on time.  I will like to know what kind of personal loan will I qualify for?  Which banks/cu are bk friendly?  I will like to get the loan so I can build my credit so I am not looking for a lot of money.  Thanks in advance for all replies.

5/13/13 EQ 636 (Myfico), TU 660 lender pull , EX 640 lender pull
Barclay Rewards MC $2300, Cap One $750, Walmart $800, Macys $2000, Lane Bryant $600.
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MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009
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Re: Personal loans after BK


chaleria wrote:

I filed chp 7 bankruptcy in March 2011 and it was discharged 8/2012.  I reaffirmed my car and furniture.  My furniture was paid off in Dec 2011 and my car will be paid off in July 2012.  I have a Cap 1 cc with $500 limit and I purchased a car in Dec 2011 for my husband with Cap 1 (14%int).  I have paid everything on time.  I will like to know what kind of personal loan will I qualify for?  Which banks/cu are bk friendly?  I will like to get the loan so I can build my credit so I am not looking for a lot of money.  Thanks in advance for all replies.


Hi there and welcome to myFICO.

 

The final decision is yours of course but I wouldn't go into debt just to try and help a credit score. Only apply for credit that you need and IMO (In My Opinion) you don't need any more credit right now. You have a credit mix ( a car loan and a credit card) so my advice is just let everything age for a year or two and then look again at your situation.

 

Just my 2 cents.

Established Contributor
kjm79
Posts: 1,008
Registered: ‎01-22-2008
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Re: Personal loans after BK


MarineVietVet wrote:

chaleria wrote:

I filed chp 7 bankruptcy in March 2011 and it was discharged 8/2012.  I reaffirmed my car and furniture.  My furniture was paid off in Dec 2011 and my car will be paid off in July 2012.  I have a Cap 1 cc with $500 limit and I purchased a car in Dec 2011 for my husband with Cap 1 (14%int).  I have paid everything on time.  I will like to know what kind of personal loan will I qualify for?  Which banks/cu are bk friendly?  I will like to get the loan so I can build my credit so I am not looking for a lot of money.  Thanks in advance for all replies.


Hi there and welcome to myFICO.

 

The final decision is yours of course but I wouldn't go into debt just to try and help a credit score. Only apply for credit that you need and IMO (In My Opinion) you don't need any more credit right now. You have a credit mix ( a car loan and a credit card) so my advice is just let everything age for a year or two and then look again at your situation.

 

Just my 2 cents.


+1  A personal loan will be considered an installment loan, and you have that with your auto loan already.  I'd make sure everything was included in the BK is marked as such with no balances reporting and let those accounts age.  If you want to add anything, a store card would be the next move.  But as MVV said, you don't really need it.  If there's a store you shop at frequently you could consider getting one.  Otherwise. you're sitting pretty good right now. 


Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
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New Contributor
livingfree
Posts: 54
Registered: ‎04-23-2012
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Re: Personal loans after BK

Thanks alot for replying.  I think I will follow the advice given here and stick with what I have.  I am new here and desperately want to improve my credit after filing bk.  I have read so many posts where people have 2-3 cc, 2-3 store cc, personal loan and/or whatever to improve their credit.  Easily influenced, I guess. (lol)  Thanks again advice much appreciated.

 

Chaleria

5/13/13 EQ 636 (Myfico), TU 660 lender pull , EX 640 lender pull
Barclay Rewards MC $2300, Cap One $750, Walmart $800, Macys $2000, Lane Bryant $600.

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