I just became bk discharged on 10/30.
I was approved for 4 cards, two of which are secured. All have high interest rates except my bank issued. I don't want to over extend myself or do more than necessary, but I thought this would help give me a thicker file and credit mix.
4 installment loans, all secured credit builder loans that equal $100 monthly total.
Is this overkill? Will it help my score more, say a year from now, as opposed to starting with one card and one loan?
You actually need 3 revolvers to drive your Fico so you are fine there with 4. 1 installment is all that is necessary I would close out 3 of them over the next few months as you really are wasting money on interest with the excess ones. Welcome to myfico 
Thanks everyone so far for replying. Im considering canceling the $2,500 Credit Strong loan because its a 10 year term and over that time accumulates over 1,100 in interest. I don't anticipate needing the installment that long anyway.
Wouldnt it be useful though for business lines later as personal guarantee? Also it gives free FICO score so maybe thats worth 30 a month when bundled?
Im keeping the 2year 22/mo $500 installment from my bank as the interest is super low and at least it'll help build my credit with them. I also have their credit card.
I have a self lender account connected to my secured card with them so I can't cancel it.
Last one is Kikoff, which costs me nothing.
Opinions on this move?
Ditto what others have said.
With regards to helping your chances as a personal guarantor for a business loan in the future: IMO, yes it likely would help when it comes to a manual underwrite seeing the larger loan amounts, but the underwriter will likely also know they are secured. As far as your scores go, the initial loan amount has no impact on your scores...what does impact them is length of account history and balance in relation to initial loan amount.
Best of luck going foward! You have a great foundation and just need to build on it!
