My plan on rebuilding my credit after discharged in bankruptcy. Need your opinions.?
I just got discharged on December 2008 and I’m planning to apply for 2 credit cards and a car loan ( revolving and installment) to rebuild my credit starting now ( January ). My target time frame is 2 years for rebuilding.
First, my mom owns a car free of liens and it is fully paid. The car’s worth is around 10k. I’m planning to make a loan out of it as a collateral. My mother agreed to co-sign me if needed. I’m only going to take a $ 3000.00 dollar loan for 2-year term.
Second, on the same bank, I will also try to obtain 1 credit card from them for $ 1000.00 ( wish me luck! ). Use it for gas, food and other necessities which won’t exceed $ 300.00 or 30% and pay it off every month before the due date.
I would like to apply for loans stated above from my bank which I have direct deposit. I think it will also help if I sign up for a savings account and automatic payment.
Third, If I can get the $ 3000 loan from the vehicle, I would like to take $ 500 and have a secured credit card from other institution, and use its 30% and pay it off on time as well.
So in a nutshell, I hope I can get a car loan, 1 unsecured credit card and 1 secured credit card.
Here are my questions:
Will the bank able to finance me for 2 years only since my target is 2 years also for rebuilding? or do they need at least 3 to 4 year terms?
When is the safest time to apply for loans after the bankruptcy discharge?
I’m also thinking of going to school and will apply for student loan. Will a student loan still in defferment will help me gain credit score? I don’t think so right?
What other types of loans would you suggest, other than a mortgage to boost up my score within 2 years?