Just Discharged... To Build or to Garden?

[Anonymous]

Just received my discharge papers yesterday - discharge was September 30, 2016. I've read the "700" post about what to do to restart, however, I was put in a position where I had to apply for a PLUS oan for my son and was actually approved last Friday- keep in mind I was denied January of this year- prior to me filing Chapter 7. Should I just wait and pay on the loan for a few months to build credit and then start the "700" plan? Does the Plus Loan report as an installment or line of credit?  Thanks for any advice!  

[nykos5000]

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@Anonymous wrote:

Just received my discharge papers yesterday - discharge was September 30, 2016. I've read the "700" post about what to do to restart, however, I was put in a position where I had to apply for a PLUS oan for my son and was actually approved last Friday- keep in mind I was denied January of this year- prior to me filing Chapter 7. Should I just wait and pay on the loan for a few months to build credit and then start the "700" plan? Does the Plus Loan report as an installment or line of credit?  Thanks for any advice!  

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Being that you would want a good mix of credit to start rebuilding I would still continue the "700" in addition to the Plus Loan. This would only be even more beneficial to your credit.

[Scupra]

The loan would just eliminate the need for an installment TL. Congrats on the approval and good luck on your rebuild