topic Re: How many cc do you need to rebuild? in Bankruptcy

How many cc do you need to rebuild?

Honeykissez — Sat, 03 Oct 2020 22:14:44 GMT

It's been just about 2 months that I've been discharged and I have a discover secured card & a nfcu secured card. Do I need to get more cc or am I fine with what I have for rebuild? Tia

Re: How many cc do you need to rebuild?

Anonymous — Sat, 03 Oct 2020 22:21:12 GMT

You're well off already, in a short time

Usual recommendation is 3 or more cards and at least 1 installment loan (SSLT with Navy would work if you don't have any other loans)

https://ficoforums.myfico.com/t5/Credit-Card-Applications/Navy-Federal-Thread-for-CLI-and-Additional-Cards/td-p/3419729

I suggest sticking with Navy for graduating their secured card, and getting 2 more cards with them

Re: How many cc do you need to rebuild?

Honeykissez — Sat, 03 Oct 2020 22:31:31 GMT

@Anonymous Thank you. I have student loans and the pledge loan with navy.

Re: How many cc do you need to rebuild?

tehdrizzle — Mon, 05 Oct 2020 15:39:29 GMT

My score has increased by 50 points in the last 5 months without a single credit card. We were given a 6 month installment loan from the local CU to help us rebuild credit. Bankruptcy has taught me credit cards are evil and quite frankly they are nothing more than a trap. If you can't pay for it with cash, you can'ta afford it!

Re: How many cc do you need to rebuild?

raisemysc0re — Mon, 05 Oct 2020 23:25:49 GMT

I would have agreed with you shortly after filing but I've since learned to use them to make money rather then as a trap to lose money.

I agree with the part that if you cannot afford to pay the card in full every month then do not buy it.

But why buy stuff without a card that gives you cash back just for using it?

As well as the benefits of extended warranty, price protection, protection against fraudulent purchases etc...

If credit cards are something you feel you can't handle and too much of a temptation then definitely STAY AWAY from them. But even though Darth Vader tried to turn Luke to the Dark Side, it was Luke who turned Vader back to the light.

You can be Luke and the Credit Card is Vader!!!

In the 3 years since my DC I have about a dozen cards with a little over 100k available credit and I charge every penny I can to them and PIF every month. I can honestly say that I have not paid 1 dime in interest on any of them and I have in fact made money (probably between 3-4K) in cash back and sign up bonuses...

In the end, do what you feel comfortable with but Credit Cards are just a tool. Evil or good is dependant on how the tool is used.

Re: How many cc do you need to rebuild?

Remedios — Mon, 05 Oct 2020 23:39:49 GMT

@raisemysc0re no one marked your post as spam.

You have relatively low post count, and you've made a number of edits to it, causing filter to remove it.

Re: How many cc do you need to rebuild?

raisemysc0re — Tue, 06 Oct 2020 00:09:39 GMT

Ahh. My keyboard is acting funny causing many keys to duplicate.

Here is my original repy:

I would have agreed with you shortly after filing but I've since learned to use them to make money rather then as a trap to lose money.
I agree with the part that if you cannot afford to pay the card in full every month then do not buy it.
But why buy stuff without a card that gives you cash back just for using it?
As well as the benefits of extended warranty, price protection, protection against fraudulent purchases etc...
If credit cards are something you feel you can't handle and too much of a temptation then definitely STAY AWAY from them. But even though Darth Vader tried to turn Luke to the Dark Side, it was Luke who turned Vader back to the light.
You can be Luke and the Credit Card is Vader!!!

In the end, do what you feel comfortable with but Credit Cards are just a tool. Evil or good is dependant on how the tool is used.