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Bankruptcy rebuild - how good are student loans?

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Anonymous
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Bankruptcy rebuild - how good are student loans?

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 😊
Message 1 of 4
3 REPLIES 3
Shooting-For-800
Senior Contributor

Re: Bankruptcy rebuild - how good are student loans?

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.

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $500k unsecured credit in 2024.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!



Message 2 of 4
Bobby1081
Member

Re: Bankruptcy rebuild - how good are student loans?

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. 

Message 3 of 4
pizza1
Community Leader
Super Contributor

Re: Bankruptcy rebuild - how good are student loans?

I will agree with the above posts. School loans are installment loan, and you only need one installment reporting. You've got that.
Message 4 of 4
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