No, getting more credit builder loans won't help. It'll probably actually hurt because you'll keep lowering your AAoA. FICO only requires 3 revolvers and 1 installment loan for optimal scoring. However, that is only for when you have a clean file. If you have a BK (or other derogatories), that optimal mix isn't as effective. I would instead try to open up 2 more secured cards such as Open Sky (no hard pull), green dot, or possibly capital one secured.
It might start sounding like an echo chamber in here, but 1 loan mostly paid off and 3 credit cards with only 1 reporting a small balance is best for scoring purposes.
@Anonymous wrote:Hello! I would like to buy a car (20k-30k range) in about six months to a year, depending on how fast I can get my score up and I'm trying to utilize all methods and would like to know if it's a good idea to get two self starter loans. I currently have the Discover It Secured Card $200 limit and a Self loan.
My credit score is an average 550 according to myFICO and I discharged from bankruptcy December 2020.
Keep checking Capital Ones pre-qualify sight. Pull the trigger and apply ones you qualify even for Thier basic Plainum card. preferable at zero Annual fee.
I would add more to your Discover IT card you can cal them to add more money to it. (I wish I would have done it last week, I kept going back and forth on it becaue I knew it would go to review to unsecure after the 7th satement, but then I thought what if it doesn't unsecure then so I didn't). And sure enough my Distover It graduated today. with an increase of $300. (I only had $700 in it). You can add up to $2500 total secured. And if and when the day comes it will graduate to an unsecured card and your Credit limit will at least be $2500 AND you will get your deposited secure funds back. Discover has been great I never had a statement post for more than $60, except the last one when an automatic charge posted a day earlier than I expect, right on the same day statement period ended.
You don't need another loan reporting.
I was in worse shape than you credit score wise back in April of last year EX Fico 8 was only at 502.
First thing I did was get the Self loan June 2020. September Discover qualified for the secure.
Then I kept checking Cap One. Didn't even qualify for the secured at first. OCT Finally qualified for the Platinum UNSECURED with a low limit of $300. I kept getting mission lane offers 1st at $59 annual fee. I didn't want that. Then 2 pre-quals came in the mail for Mission Lane one at $49 AF and the other $39 AF. I went ahead and apped for it in Dec. because it seems through tthe forums it is one that after 6-8 on time payments you get a CL increase.
Now I'm getting offers from OLLO no AF (Ollo is invite only).
But my credit scores were all in very low 500 range back in April.
Less than a year later my TU FICO 617, EX FICO 8 601 and EQ Fico 8 599.
I also took care of 3 things that were in collections.
So it helped raised my scoress 94-115 points.
I didn't have a bankrupcy. But I have seen a lot of post from bankruptcy where Missio Lane seemed to be one of the most friendly post discharge.
Starting Score: 502
@Anonymous wrote:
@KangiCosmos wrote:
@Anonymous wrote:Hello! I would like to buy a car (20k-30k range) in about six months to a year, depending on how fast I can get my score up and I'm trying to utilize all methods and would like to know if it's a good idea to get two self starter loans. I currently have the Discover It Secured Card $200 limit and a Self loan.
My credit score is an average 550 according to myFICO and I discharged from bankruptcy December 2020.
Keep checking Capital Ones pre-qualify sight. Pull the trigger and apply ones you qualify even for Thier basic Plainum card. preferable at zero Annual fee.
I would add more to your Discover IT card you can cal them to add more money to it. (I wish I would have done it last week, I kept going back and forth on it becaue I knew it would go to review to unsecure after the 7th satement, but then I thought what if it doesn't unsecure then so I didn't). And sure enough my Distover It graduated today. with an increase of $300. (I only had $700 in it). You can add up to $2500 total secured. And if and when the day comes it will graduate to an unsecured card and your Credit limit will at least be $2500 AND you will get your deposited secure funds back. Discover has been great I never had a statement post for more than $60, except the last one when an automatic charge posted a day earlier than I expect, right on the same day statement period ended.
You don't need another loan reporting.
I was in worse shape than you credit score wise back in April of last year EX Fico 8 was only at 502.
First thing I did was get the Self loan June 2020. September Discover qualified for the secure.
Then I kept checking Cap One. Didn't even qualify for the secured at first. OCT Finally qualified for the Platinum UNSECURED with a low limit of $300. I kept getting mission lane offers 1st at $59 annual fee. I didn't want that. Then 2 pre-quals came in the mail for Mission Lane one at $49 AF and the other $39 AF. I went ahead and apped for it in Dec. because it seems through tthe forums it is one that after 6-8 on time payments you get a CL increase.
Now I'm getting offers from OLLO no AF (Ollo is invite only).
But my credit scores were all in very low 500 range back in April.
Less than a year later my TU FICO 617, EX FICO 8 601 and EQ Fico 8 599.
I also took care of 3 things that were in collections.
So it helped raised my scoress 94-115 points.
I didn't have a bankrupcy. But I have seen a lot of post from bankruptcy where Missio Lane seemed to be one of the most friendly post discharge.
Thank you for this. It included a lot of perspective on the journey ahead.
Just to let you know this month I now have the Ollo card $1000 CL no annual fee and automatic CL increase after on time payments. I went back to the Capital one site and checked the pre-qual. I kept waiting to qualify for the Qiuck Silver (Not the Quicksilver One). I checked every 7 days. Well, finally this month it showed I qualified for it so I applied. I was approved for a QuickSilver, no AF and $3000 CL 1.5% Rewards. I will now primarily use this card because Cap One likes to show a lot of usage. I will continue to use my Discover on the 5% catagory though for purchases until September when my year is up fpr matching my rewards. I have never paid interest on my Discover, but I have already made $134 in rewards. So basically I'm actually earning money with Discover. What ever rewards I've earned they will double in September statement. In hindsite, I wish I would have added more to my DiscoverIt secured before the 7th statement before it graduated. Something you should consider.
I will now concentrate on betting back into the good graces of Navy Federal. Waiting for the next settlement offer. Then I will accept tthe settlement. Just so it stops reporting. But I will continue to pay them. Once the full amount is paid Navy Fed let's you back in for credit lines.
