cancel
Showing results for 
Search instead for 
Did you mean: 

Bankruptcy rebuild - how good are student loans?

Mtnseeker
New Member

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  -  $400k unsecured credit in 2021.

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

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything - Flagship, Synchrony, Evergreen, & Venture



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.

My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.