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Hello All, My wife and I are currently rebuilding credit after bankruptcy. We didn't clam bankruptcy from credit card dept just hospital bills from the nicu after our twins were born. Alls fine and well with them now but have some questions about where to go from here.
We both filled out an app to cap 1 and both of us received a credit card for 1k. Our thoughts were to put both of us as AU's on the accounts for more credit accounts. Is this a good idea?
Also we have always kept our utilization higher on our last cards. I know you can't just swipe the card then quickly go pay it off online. This is our first card with high interest at 24%. To avoid that horrid interest I just pay when the invoice comes right?
Our end goal is to buy a new house in 2 years, wanted to make sure I'm on the right path.
Hi. First, let me say that I am very happy for you that your kids are ok... By far, that is more important than anything else.
I am about 18 months post bk7, and while it has taken time, things are so much better for me. I also started with a Cap. One card, and have used the card fairly regularly, paying it down to a zero balance or as low as possible. Cap. One has the credit steps program, which will give you a CLI after the 6th statement. After having my card for a year, I contacted the EO of Cap. One and they raised me another $1000. Then, a week ago, they upgraded my card to a Quicksilver Rewards card. They have been very good at allowing me to regrow my credit.
My advice is to add each other as an AU... it will increase your utilization. Then, use your card, and pay it off. Sometimes I make multiple payments in the same month. Your card will grow with you.
Also, from what I have read, it is also good to get an auto loan, as this will help you increase your FICO. I have used DCU, and they have given me great customer service and terrific rates... AND they offered me a CC (small balance, but low APR and it will grow).
Best of luck to your family in your rebuilding journey. You will find lots of terrific people on this forum who have wonderful pearls of wisdom to share!
@serving wrote:
Hello All, My wife and I are currently rebuilding credit after bankruptcy. We didn't clam bankruptcy from credit card dept just hospital bills from the nicu after our twins were born. Alls fine and well with them now but have some questions about where to go from here.
We both filled out an app to cap 1 and both of us received a credit card for 1k. Our thoughts were to put both of us as AU's on the accounts for more credit accounts. Is this a good idea?
Also we have always kept our utilization higher on our last cards. I know you can't just swipe the card then quickly go pay it off online. This is our first card with high interest at 24%. To avoid that horrid interest I just pay when the invoice comes right?
Our end goal is to buy a new house in 2 years, wanted to make sure I'm on the right path.
First thing I would do is get a copy of all 3 reports from annualcreditreport.com. You get a free report from each CRA once every 12 months.
Go over it with a fine tooth comb and make sure all accounts that were included in the BK are reported that way. They should say IIB and 0 balances.
For the CC you have, let it report 9% or below to the CRAs. Once it reports, pay in full before the due date to avoid interest. They normally report on the statement date or a few days after.
we reaffirmed our auto loan for the reminder of the year before its paid off. I heard its the best thing todo if you know your going to afford the car and will make ontime payments. They havent reported to the credit places yet wondering if they decied not to. If they were not on there this month i was going to complain.