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I was discharged from chapter 7 bankruptcy a year ago, and I am working on getting my FICO score back up. I am in the process of getting my student loans out of default, and I just financed a vehicle yesterday (I won't tell you the APR, but let's say most credit cards have a better APR).
My next step is to get a secured credit card, make small purchases with it, and pay it off right away. My concern is that I just bought the vehicle, so i know my score took a hit. Should I wait to apply, make some payments, and bring my score back up, or would it be safe for me to do it now?
NO! Listen to the video below. My wife and I are in the middle of Dave Ramsey's Financial Peace University class. Its very interesting. We plan on taking it all the way. A new way (or really an OLD way) of living.
I was discharged from chapter 7 bankruptcy a year ago, and I am working on getting my FICO score back up. I am in the process of getting my student loans out of default, and I just financed a vehicle yesterday (I won't tell you the APR, but let's say most credit cards have a better APR).
My next step is to get a secured credit card, make small purchases with it, and pay it off right away. My concern is that I just bought the vehicle, so i know my score took a hit. Should I wait to apply, make some payments, and bring my score back up, or would it be safe for me to do it now?
I would have gotten the secured credit cards first before the car. This way the apr will be much more desirable . I went through bankruptcy about 8 years ago. I didn't touch my credit, no cc, no loans, no nothing! For like 4-5 years after discharge of bk. Needless to say, credit is a huge thing, and one day I will need to buy another car, as my current vehicle was running on 11 years. So, I decided to apply to a few credit card companies and got declined time after time due for not having established credit and for the BK. So then a credit advisor told me to get secured cards. I applied for the capital one secured cc. I opened two accounts. I would put my cost of living expenses on them and then turn around and pay em off right after. I never carried a balance. Never. About one and a half years later, when my credit was established, I applied for a car loan and got a pretty decent APR. So, to answer your question, get a couple secure cc now! Don't wait. If you are truly interested in repairing your credit, this is the way. Good luck on whatever you decide on.
I financed a car with a horrible interest rate (VERY HIGH). I was told after a year I could refinance it for a lower interest rate. But then my credit took a bigger hit when some old utilitiy bills hit my credit from my last apartment I lived in. Right now my plan is to make double car payments so I can have the car paid off December. Pay off everthing on credit report then get a secured credit card to help rebuild my credit.
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