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Share Loan pre-discharge help

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rchvmz
Frequent Contributor

Share Loan pre-discharge help

I am scheduled to be discharged from Chpt 13--11/21. I have been allowe to have a few (5) CC that are unsecured, oldest is 8 months, newest is 3 months----all been paid as agreed, and also using the AZEO formula. I am a PenFed member and want to know if opening a share loan NOW will benefit/maximize my situation or would it be better to wait till I am discharged?...........I think going ahead now is a good course of action so by the time I am discharged, I will have some history with revolvers and a installment. Ps, I am considering the 500.00 share loan for the longest term, then using the <8% protocal to maximize my FICO score. What you guys say?

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Horseshoez
Senior Contributor

Re: Share Loan pre-discharge help


@rchvmz wrote:

I am scheduled to be discharged from Chpt 13--11/21. I have been allowe to have a few (5) CC that are unsecured, oldest is 8 months, newest is 3 months----all been paid as agreed, and also using the AZEO formula. I am a PenFed member and want to know if opening a share loan NOW will benefit/maximize my situation or would it be better to wait till I am discharged?...........I think going ahead now is a good course of action so by the time I am discharged, I will have some history with revolvers and a installment. Ps, I am considering the 500.00 share loan for the longest term, then using the <8% protocal to maximize my FICO score. What you guys say?


I think opening now is a good plan; I didn't even know about SSLs until a year after my Chapter 13 discharge in March 2020, I firmly believe had I opened it during my bankruptcy instead of a year later, my scores would be at least somewhat better than they are now.

I categorically refuse to do AZEO!

In the proverbial sock drawer:
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