If someone has a very postive 3-year history for a car loan which is still being paid, never late, is it still recommended that she they get a secured CC as well to begin rebuilding after a BK7? Thank you kindly!
Depending on their scores at this time, they may want to try for a Cap 1 unsecured or other. But I think it makes good sense to have at least 1 cc, if not 2 or 3 to go with the car loan. Maybe also a retail card and even a small personal loan (secured if necessary). They claim the proper mix of credit is important in building.
Great! Thanks for the input, LKH. I thought it would be wise though Cap1 won't work because they are included in the BK but will still advise they get one secured from another CC. Appreciate the good advice, as always!
I was looking at a publication on the FTC web site, composed by Fair Isaac. I *think* I remember them saying that it was ideal to have about 6 bank credit cards and 6 retail credit cards. This was in a link someone posted on this board Friday.
Hey Nana Si, I was just looking around for cc's and found that Wells Fargo Financial has secured cards with no app fee and no other fees accept the deposit. It also says they may even loan the deposit money. In other words, charge the card for the deposit. Be advised, this is not Wells Fargo Bank. This is wells fargo financial. They bought out Dial Bank a couple of years ago. www.wellsfargofinancial.com
"Nana Si" LOL LOL (You can tell who has been around through all the transformations, signatures, etc..heheheh) Thanks a million!!!! That is SUPER helpful!!
Ok, when I said 6 credit cards was ideal for your score. Based on this Fair Isaac slide, it seems to be 2, although any # between 1 and 4 seems to be OK. http://www.ftc.gov/bcp/creditscoring/present/sld032.htm
Get 6 cards or loans. After a year they look freat on your credit report. You didn't say if this is your situation or a friends but it is too bad the person didn't do this 3 years ago when they got the car loan. I'll bet the FICO score would be higher.
Kerry: They just went bankrupt in June (finalized) and they affirmed the car so the situation is a bit different. Thanks
