What next!!!

[Anonymous]

Please give me a little advice. We went through a BK a little over 3 years ago. Before the BK we had an excellent credit history. We got ourselves into trouble with CC's. We did a chapter 13 and was told by our atty. we could not have any credit for 3 years. After the BK was over I was unable to get a score due to inactivity. I applied for a secure card with a CL of $300. We got our scores, TU-704 EX-690 EQ-688. My question is I don't know where to go from here? Should I apply for another CC, should I get another secure CC, should I increase the CL on the CC I have now? We are looking at buying an auto in the next 6 months, and possibly a new home in the next 3 years. I know as the BK gets older the effect will be less. Maybe just waiting for time passage would be best? I don't know any advice would be appreciated. Thanks

[Anonymous]

I would get a couple more credit cards...even if they are secured because of the recent BK.  Right now your credit file is awfully thin, with more bad than good.  Getting three or four revolving lines of credit, and keeping your balances very low, will help your score recover more quickly.

[Anonymous]

Thanks for taking the time to help!!!! So you believe I would be better served with perhaps 3 CC's. Keeping the UTL under 10%. With my credit scores ranging between 688-704 and my BK 3years old could you recommend a CC company that might approve me? I know I could get more secured cards but that involves tying up $300 to $500. Thanks again for your help.

[GFer]

www.whogavemecredit.com

[Anonymous]

Thank you GF er. The link is a great help.

[Anonymous]

You've probably figured this our yourself, but read the "BK Friendly Credit Cards" thread in the Credit Cards forum. Also, keep an eye out for threads on "black-listed" cards, since sometimes, if you've COed or IIBK a certain CCCs cards, they won't ever forgive (AFAIK, though, most do).