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Hello,
I'm planning on rebuilding and I do not have any open or active accounts at the moment. My question is: If I was planning to purchase an auto loan within the next 6-12 months, how many credit building installment accounts should I open and is there a difference between opening up one or three at the same time. Same question would go for an auto purchase within 12-24 months. Any difference in approach in strategy?
Many thanks in advance!
Hello,
I'm planning on rebuilding and I do not have any open or active accounts at the moment. My question is: If I was planning to purchase an auto loan within the next 6-12 months, how many credit building installment accounts should I open and is there a difference between opening up one or three at the same time. Same question would go for an auto purchase within 12-24 months. Any difference in approach in strategy?
Many thanks in advance!
I came out of a chapter 7 back in 04 and I am not saying you have filed BK just sharing what I done to repair my credit....I first addressed any inaccuracies on my bureaus and I also applied for several store CCs..In my experience they are usually easy to get...I do believe Wal-Mart and JC Penny were my first 2.. Then I joined several CUs that were easy to join like Alliant, Patelco, JFCU, Addison Ave (now First Tech) within 6mos I had a CC with most of them.......I had my credit on a great rebound within 18mos and most CUs are more forgiving with blemishes of course YMMV....I even found a local CU that I could join and took out a couple of small personal loans with them to re-establish...
Is it 6-12 months or 12-24? You only need 1 loan and 3 cards to start off with. Need some more info like how did you get to no credit at all. Everyone has a past. Then we can chip in.
@Focker69 your identical threads have been merged, please avoid cross-posting
Who were the CO's with? If you can get into NFCU or PENFED and grab an SSL that will take care of the loan dept. If Cap1 wasnt in the mix. Try their prequal to get started.
I had C/O's with Discover, Chase and Fifth Third bank.
I'm wondering if there is an ideal combo to restart. I.e. 3 new cc's and 2 ssl's etc...
You only need 1. More isnt better for now. Give Cap1's pre qual. They're pretty forgiving to get a revolver in the wallet.