Should I try for more new credit?

[Anonymous]

Hello,

Our Chapter 7 Bankruptcy was just discharged on July 15.

2 nights ago, I applied for and received a Visa CC from Lands End, (I'll get free shipping!!) with a credit line of $500.00. 

Last night I figured I would try for a Capital One Platinum card. I was approved for a $3,000.00 unsecured limit.

(We had a Capital One card with a $20,000 limit until bankruptcy. Even though it was all paid off, they still closed it)

My son and wife added us as Authorized users last month on their credit line of $15,000. (They pay it off each month)(Thanks to the community for recommending this!)

We also have a Nelnet student loan that we have been paying on for years with a balance of $6,400.

My question is: should I just keep the 2 cards for now to rebuild our credit, or try for another?

We would like to purchase a new car at the end of this year, but don't want to pay the high intrest rates with bad credit.

FICO 8 Equifax 631   Trans 561   Experian 652

FICO 9 Equifax 695   Trans 673   Experian 685

USAA, Langley Credit Union, Citi, and Chase were included in BK.

Thanks for any advice you all may have.

[Anonymous]

That's a fantastic SL with Capital One that close to bk! Congrats on that one. 3 cards and an installment loan is optimal for rebuilding scores. With the new recent approvals you may want to wait a bit to go for another. Do you have any family military affiliation? Navy Federal has a secured card (nRewards) that will graduate, generally to at least 2k CL and they switch it to the Cash Rewards card,

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  and also offer a really great secured loan program. You could also try for Discovers secured card, which also graduates, if they were not iib. I'd get the third card and look for a secured loan option if you do not currently have any installment loans. If you can get a secured card that will upgrade to a non secured card with a few of the places that are recommended on here that would be ideal over one of the sub prime card lenders like Credit One, etc. 

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[Anonymous]

Where your actual FICO 8&9 scores are right now, who was burned in your bk and if you have any installment loans will probably help with recommendations.

[Anonymous]

FICO 8: Equifax 631  Trans 561  Ex 652

FICO 9:               695              673       685

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@Anonymous wrote:

Where your actual FICO 8&9 scores are right now, who was burned in your bk and if you have any installment loans will probably help with recommendations.

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[Anonymous]

We would like to purchase a new car toward the end of the year, but don't want to pay the high rates they charge for bad credit.

[Anonymous]

We had a USAA cc and a Credit Union card that were included in BK, as well as Chase and Citi cards.

We have a Nelnet school loan that we have had for years, that has a $6,500 balance that we will begin repaying. Never had a late on it.

The new Capital One card is unsecured...

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@Anonymous wrote:

That's a fantastic SL with Capital One that close to bk! Congrats on that one. 3 cards and an installment loan is optimal for rebuilding scores. With the new recent approvals you may want to wait a bit to go for another. Do you have any family military affiliation? Navy Federal has a secured card (nRewards) that will graduate, generally to at least 2k CL and they switch it to the Cash Rewards card,

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  and also offer a really great secured loan program. You could also try for Discovers secured card, which also graduates, if they were not iib. I'd get the third card and look for a secured loan option if you do not currently have any installment loans. If you can get a secured card that will upgrade to a non secured card with a few of the places that are recommended on here that would be ideal over one of the sub prime card lenders like Credit One, etc. 

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[Anonymous]

If you have any family military affiliation, even deceased grandparents, i would join NFCU and get a card from them if not I'd check the pre qual with discover. Even if it's their secured card for either it will graduate to a nice card and relationship as long as you take care of them.

[Anonymous]

Thanks for your help! 

1 more question...does being an AU count as my 3rd card? 

[Anonymous]

New update today on Equifax and Transunion:

FICO 8 Equifax  667  Transunion 627  Experian 652

[angelofmusic86]

From my understanding, it does not. 

EDIT:  Replying to the below.  I apparently haven't used forums in a long time and forgot about quoting.  lol

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@Anonymous wrote:

Thanks for your help! 

1 more question...does being an AU count as my 3rd card? 

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