topic Credit Cards After Bankruptcy in Bankruptcy

Credit Cards After Bankruptcy

Anonymous — Wed, 14 Apr 2021 23:24:54 GMT

First of all, I want to say how glad I am to have found this community. I need guidance badly. I am currently six months after DC. At about two months, I was sent a preapproval for a First Premier Mastercard for $300 (remember it was before I found myFico). I've been paying it off every month and they raised the limit to $400. I resisted answering any other preapprovals for another until I got preapproved for a Capital One Quicksilver One ($500) a couple months later. I've been paying it in full every month too. I looked at my credit report and there is another card from Bank of America that says I'm an authorized user with a credit limit of $1400 that has a zero balance and was opened in 2014. I have no clue who this card belongs to, but I thought that it may help with AAoA and UTL, so I haven't disputed it. I am in the process of opening an account with Navy Federal and would like to be in a position to purchase a vehicle in 6 - 9 months. Any suggestions on where I should go from here?

Re: Credit Cards After Bankruptcy

kr43002 — Wed, 14 Apr 2021 23:40:47 GMT

The best scores have 5 tradelines, atleast 1 loan for diversity. Since you have 2 cards I would recommend getting the NFCU secured card, as it will grow with you. My personal favorite is Self. I would get a 6 month loan with them and after 3 ontime payments you can get a secured card if your equity is atleast $100. This will give you the optimal scores for your autoloan with 4 revolvers and 1 loan. after your loan is complete, keep the secured card with self and get the autoloan. No further loans are needed for optimal scoring

Re: Credit Cards After Bankruptcy

Anonymous — Wed, 14 Apr 2021 23:48:25 GMT

Thanks, I forgot to mention that I have over $250k in student loans that are showing on time. So would I need additional installment accounts? I am going to try the Navy Federal secured card. Thanks

Re: Credit Cards After Bankruptcy

kr43002 — Thu, 15 Apr 2021 00:35:48 GMT

so your meeting the diversity requirement. I would maybe try for SDFCU secured card instead of self. let these accounts grow, once your nfcu graduates and reflects on your report, I would go after a car loan