A while ago, someone on the board posted that he/she had a detailed plan to build credit. I remember being impressed with this idea. Recently, PSUgirl listed some creative plans for the year. I am 27 months post BK discharge. Therefore my credit plans are different than someone with excellent credit. This year, 2001, I will make 114 on-time credit account payments. I could have made 120 payment but I am deliberately letting my Cap One, Macy's and Robinsons accounts rest for respectively 2 months each during the year. In 2002, there is no foreseeable incentive to let any of my existing 11 accounts rest during the year. Therefore, 132 (12x11) on-time payments will be made. In 2003, I will be house hunting. So I may trim my credit accounts a little to fit the FICO score model that maximizes points. I plan to make relatively less credit purchases and my auto loan will be paid off. In January I joined 2 additional credit unions. I now belong to 5. I will start my mortgage shopping in 2003 with the C/U's. I hope this did not bore anyone to death. I just think it is worthwhile to have a plan.
I was thinking about joining the second credit union I am eligible for but that would give me a total of three bank accounts, and I didn't think I could keep enough money in each account and show enough positive activity to make the third account worthwhile. What are your plans in that regard?
Hi Dave! I have a checking account and savings account and visa at 1 credit union. At a second C/U, I have a savings account and visa. I did a secured 12 month loan a while back to build credit. It has been discussed on the board. I have a savings account at each of the other 3 credit unions. No other activity. I pay no fees at any of the 5 credit unions. The 2 visa cards are unsecured and have a fixed 13.9% apr. I use them every month. I have the ability to apply for additional visa cards and loans at all 5 C/U's. All 5 C/U's have mortgage money with very few fees. The year 2003 is not really that far away.
