topic Re: Bankruptcy rebuild - how good are student loans? in Bankruptcy

Bankruptcy rebuild - how good are student loans?

Anonymous — Sat, 16 Mar 2019 17:19:08 GMT

Long time lurker, first time poster here.

I am working out the best way to bounce back from my bankruptcy (Ch. 7) which will be discharged in April. My question is with about 60k in student loans, will I need to get any other credit products outside of a credit card? For example, should I consider a rebuild loan from my credit union? I am attracted to that as it seems an easy way to save money. How good is a paid on time student loan for a recovering credit score? How many other credit products should I consider and when?

Thanks 😊

Re: Bankruptcy rebuild - how good are student loans?

Shooting-For-800 — Sat, 16 Mar 2019 19:09:35 GMT

I would look at Cap One, Merrick, and Discover for unsecured credit card prequalifications.

Three credit cards is a great start just don't rack up to many inquiries to get them.

Re: Bankruptcy rebuild - how good are student loans?

Bobby1081 — Sat, 16 Mar 2019 23:09:05 GMT

Your student loan is considered an installment loan. You do not need a credit builder loan. If you follow the previous post and get three credit cards along with the student loans; you will be fine. Once you get the cards, let them age for about a year before seeking new credit products.

Re: Bankruptcy rebuild - how good are student loans?

pizza1 — Sat, 16 Mar 2019 23:30:24 GMT

I will agree with the above posts. School loans are installment loan, and you only need one installment reporting. You've got that.