Congrats on the approval! That is a great card to begin to rebuild with. I would definitely check with your CU, like you stated. While you don't necessarily need multiple cards to start moving things in the right direction, to really optimize your scoring you should have 3 revolvers and an installment. I would be patient and explore your options and see what kind of non-predatory terms you are able to come up with, even if the other two end up being secured cards. Sometimes cards like Credit One are a necessary step in the process, but if you are able to dig in a and find some better options that would be awesome. Opening 3 around the same time as each other also gives you the advantage of the accounts aging together. As far as the installment goes, I would look into the SSL technique, which someone with more experience than me with those would have to chime in on. Congrats on your progress so far and good luck as you rebuild!
@Anonymous wrote:Thank you for your advice! After going through bankruptcy, I'm now scared to do anything that has to do with credit. But I know it's necessary so I can build my credit profile. My attorney did mention that having a car loan would help me rebuild but I have a car that's paid off and still in pretty good condition so won't be getting a car loan anytime soon. I'm hoping that I'll be able to keep my current car for atleast another 2 years. I think I'll sit on having 1 card for now and might check with my CU later on.
As a suggestion, you might want to part with $5.00 and join PenFed; once your account is open, build the savings account up to say, $500 and open a Secured Share Loan against it; that will add a loan to your credit mix and help your scores. PenFed is also an option for unsecured credit cards, but they are hit and miss for at least the first year after discharge. Another recommend stop on your journey would be to apply for a Discover secured card.
Keep us posted.
