Running rebuild thread from BK7 in 07/2012

[Scupra]

I have my goals set and am working towards them. I wanted to share my thoughts and see if I am doing the correct thing to rebuild. Thanks in advance for taking the time to read and the help I'm sure I'll get.

I filed chap7 bk in 7/2012 and it was discharged in 10/2012 My long term goal is to get an FHA loan in two years. Everything is reporting correctly on my reports and I have done a little work to clean up. I got 5 medical collection accounts off of my TU and EQ, they still remain on EX. The rest of my baddies are set to fall off 2014 and 2015, which is when I plan to app for an FHA loan.

On 7/2012 I opened a checking and savings with NFCU after reading how good they are to have a realtionship. 10/2012 I opened a $500 secured card with NFCU hoping it will graduate in a year, fingers crossed. The other card I had was a Cap1 $500 unsecured card I obtained in 2005 that I was trying to keep through the bk, unfortunatley they closed it and had me open a new card. That card is a Cap1 $500 unsecured card in the credit steps program. The old card was only 30 day late two times in the 7yr history. Other then that I have two satisfactory car loans, never late and the 7 accounts that are iibk. 

I was planning to garden until 10/2013 at which point I will app for Barclays. Hopefully at this point the NFCU card will graduate, if not I was thinking on apping for an unsecured card because I will be one year post bk. Somewhere in the mix I would like to add a Walmart card if possible, not sure on how they wil treat the bk (I did not include them in bk) Around my app spree I was also planning to add an auto loan for around $10k to help with mixture. Sooooo what do ya think? Sound good? Thanks again!

[Scupra]

Early friday bump day

[Shogun]

Personally I think it's an excellent plan.  

[Scupra]

Thanks for the reply Shogun! Do you think only having two cards for my first year of rebuilding will hurt my score?

[Shogun]

I think 2 secured is good for now.  Garden them well for about 6 months, then go for an unsecured line.  Maybe a GE backed card.

[Scupra]

Only my NFCU is secured Cap1 is unsecured though. Do you think a Walmart card would be in the realm of possibility after 6 months of good payment history with these cards? Thanks again!

[Shogun]

Yes, get your TU up to the 620-640 range and you should be good to go.

[Scupra]

Good to hear! I have looked at posts and got myself worried because of so many denial stories with a bk involved. Discover it is the long term goal Thank you again

[Justrebuilding]

All of that looks great- the only thing I would say is you may want to think twice on the car loan. A car loan will negatively impact your debt to income ratio. Depending on your income, the car's monthly payment, and the price range you want to buy in that might not be an issue. Good luck!

[Scupra]

Very true, that was my reason for keeping the balance lower around $10k My car now is paid off, it's a Honda thank god but it does have high mileage and it starting to need repairs. I'm trying to make it last but am feeling like another year is going to be time for something reliable. Thanks for the input!