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Rebuilding Credit - A question

Date: Thu, 07/01/2010 - 20:17

Submitted by mvezza
on Thu, 07/01/2010 - 20:17

Posts: 67 Credits: [Donate]

Total Replies: 10


So, as some of you may know, I filed Chapter 7 bankruptcy pro se this past January and had my debts discharged. (Yay!)

Anyways, I ran afoul of all of my credit cards three years ago when I was put into a situation of paying the entire rent on an apartment that was basically my entire month's salary (I make around $1.8k a month and my rent was $1.5k). Short story: both roommates moved out with no notice.

Couldn't pay my bills for 4 months so when I was ready to they were so past due, etc. etc.

Anyways, I recognize that in order to improve my credit, I need to have credit. While applying for a secured credit card I was given an offer for a regular $500 credit card, 0% interest for the first year, 18.7% thereafter, and I already knew going in that this was solely my "coffee card," i.e. the card I use to buy coffee at Starbucks. I don't my bill of entirely because I know I need to show that I can carry and maintain a balance, so I pay off between 75-90% of the usually devastating $45-$60 monthly balance.

My question is: How long should I wait until I open second credit card? Six months? A year?

I truly no longer have a "taste" for credit, since I've spent the last years using debit, but I need to improve my credit rating for when the day comes I need to get a new car or home.

So should I wait six months - a year - before I get my second card (probably to be my underwear card)?


I will be trying to reestablish credit soon also. Well, why don't you wait and see who offers in the next 6 mos....i would hold off just a little bit...to just stay steady....I understand your wanting to reestablish quickly, but take time to acclamate....what about a store card eventually? I heard Macy's was fairly easy???


lrhall41

Submitted by debtor in CA on Sun, 07/04/2010 - 15:51

( Posts: 27 | Credits: )


Can you or do you belong to a credit union? they seem to care about their members and offer credit to members a little easier. Another option is to do what you already did again at a small local bank.....try to open a secure credit card and see what happens....


lrhall41

Submitted by on Sat, 07/10/2010 - 07:36

( Posts: | Credits: )


Quote:

Originally Posted by mvezza
Well, I am on the DNC list for marketing, so I won't be getting mailers or "pre-certified" mailings any time soon.


I like receiving the pre-approved CC offers. I think they're a joke and it gives me a good laugh. For example, about two weeks ago I received an offer from Discover with a 0% balance transfer option to boot. I just settled those guys six months earlier... I'm keeping that one on my desk, just for fun.


lrhall41

Submitted by ball_mich on Tue, 07/13/2010 - 10:26

( Posts: 360 | Credits: )