BK Discharged, now what? Please help.

[cciabal]

@FireMedic1 Thank you so much! I got approved for Cap1 Plat.  This is great.  Small victory! 

I was planning to do a credit builder loan but i decided to purchase a vehicle over the weekend as my installment loan.  Car has been giving me problems and my original plan was to just try and fix it but it would cost me a lot of time and money.   Anyways, i was solely approved but the interest was crazy high, luckily, my brother was nice enough to cosign with me and we got way better rates.  I also asked him to add me as an authorized user to one of his credit cards.  I want to get your personal opinion on this approach.  Thank you! 

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@FireMedic1 wrote:

@cciabal Sorry it took so long to get back to you, Been a tad busy. Yes you can go for Cap1. Stay away from the QS1 and the $39 AF. Plat will be fine and in 3 months you can upgrade to the Quicksilver then get 1.5% cash back as you would for the QS1 with no fee.

Then give it 6 months and try for a Disco card. Secured is just as good. It will graduate to a regular card. Let is know how it went.

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[FireMedic1]

In three months or after 3 statements. Upgrade your Plat to the QS so you can get some cash back for using the card. AU cards are ok. But they aren't quick fixes for major score gains. In 3 months also try Disco's pre-qual site. Spread apps out. No rush it will all come in time. Congrats on your unsecured approval. Bookmark this page for the upgrade:

https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade  

The car loan is great for the credit mix. Give that at least 6 months and then try to re-finance. Cap1 also does prety good with APR's. If in any way you can get in with NFCU. Theres your lower interest rate. But for now. 2 new accounts can hold you over for a while. Slowly and steady wins the race. Took me just over 4 yrs to get what I got. Play it right and you can win the FICO game.

[cciabal]

@FireMedic1 I'll set a reminder, i'll make sure to do that.  Thank you so much for all the information.  Getting approved felt so good. lol. 

Unfortunately, i burned NFCU.  Do you think a local credit union would be as helpful? 

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@FireMedic1 wrote:

In three months or after 3 statements. Upgrade your Plat to the QS so you can get some cash back for using the card. AU cards are ok. But they aren't quick fixes for major score gains. In 3 months also try Disco's pre-qual site. Spread apps out. No rush it will all come in time. Congrats on your unsecured approval. Bookmark this page for the upgrade:

https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade  

The car loan is great for the credit mix. Give that at least 6 months and then try to re-finance. Cap1 also does prety good with APR's. If in any way you can get in with NFCU. Theres your lower interest rate. But for now. 2 new accounts can hold you over for a while. Slowly and steady wins the race. Took me just over 4 yrs to get what I got. Play it right and you can win the FICO game.

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[FireMedic1]

Hmmm. I think CU's look out for each other. They all belong to some kind of CU Association I believe. If you can pay back NFCU they will let you back in. And start all over again. Cant beat the NFCU CU!

[cciabal]

@FireMedic1 I totally agree with you about NFCU.  The rates and chances of approval is phenomenal.  Plus, i would have to find a way to become a member with NFCU again.   

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@FireMedic1 wrote:

Hmmm. I think CU's look out for each other. They all belong to some kind of CU Association I believe. If you can pay back NFCU they will let you back in. And start all over again. Cant beat the NFCU CU!

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[Anonymous]

Hi, 

My bankruptcy was just discharged on 5/18/20 and I got an open sky secured card and I went through Self.com for a credit Rebuilder loan. I pay $48/mo for 12 months and they report to all 3 and at the end of the 12 months I receive the money back. They have already reported to all 3 and it increased my credit score by 50 points with all 3. 

I hadn't heard anyone talk about self on here as of yet. What is everyone's thoughts on Self and this credit Rebuilder loan? They do not do a hard pull and seem to report very fast. Maybe this could be beneficial for you in opening up an installment loan. Thanks! 

[FireMedic1]

Self is talked about a lot. You'll see the biggest gains as the loan is paid down. Once below 8.9% that will be the biggest gain. But once it closes. You lose the piints. So hopefully you'll have a car or home loan down the road.