So is 1 enough?

[Maquitagirl]

Is one credit card enough to build up credit. I have a $1000 hooters card. If I charge gas on that every month and pay it off each month will that bring up my credit score. Do you have to have two credit cards?

I have my student loan that I pay on time every month so that should help too.

If you should have two credit cards, what are other credit cards that are bankruptcy friendly? I don't want to try capital one or anything HSBC as they were included in my bankruptcy.

My fico credit score for experian is 592.

My only goal to increase my credit score is to buy a home in about 3 years. I'm turning 32 and have never owned a home and I really want to have a home to call my own and not rent anymore.

[tobee43]

i don't know how good hooters is with there reporting...i only know hooters for their wings...LOL!! we got a capital one because we know they are good about reporting and we also would like to buy this house in a few years...so we too, are attempting to build our credit back up....slowly...

[pathfinders]

Begs the Question, Anyone have first hand knowledge of how Hooters reports on a credit report? Do they report to the 3 majors every month? I would think so.......

I recently applied for the card and am awaiting a decision.

[tobee43]

Begs the Question, Anyone have first hand knowledge of how Hooters reports on a credit report? Do they report to the 3 majors every month? I would think so.......

I recently applied for the card and am awaiting a decision.

yeah....that's my question also...i do not know how good they are...actually and to be totally honest i never even heard of them until i came to this site.

[backtoschool]

Here are some answers to the questions in this thread:

1. I do not have a Hooter's card, but have read a lot of thread on them, and they appear to report to all three bureaus.
2. The optimal number of new trade lines that you should have is 3-5 with 3 credit card lines, your student loans, and perhaps a car loan being a good mix of installment and revolving debt. 3 positive trade lines not including student loans are what you need to maximize your fico score. Fico also likes to see a mixture of installment and revolving debt so that is why I suggested the auto loan. Of course if you do not need a new car, then getting an auto loan just for credit repair is not advisable. Many credit unions will allow you to take a secured loan if you open a CD as collateral. This reports as installment debt and would be a good way for the credit weary to get the extra fico points for having installment lines and revolving trade lines.

[Maquitagirl]

I know that hooters only did an inquiry on my transunion credit score. I hope they report to all three though.

I'm going to try to wait till after winter to look into a used car. Right now I have my van and just want to use that for the winter.

I think I will wait 6 months to a year before I apply for another credit card though. I'm scared that I will be denied if I apply now. I will use my hooters card and pay it off each month and hopefully I would get approved for another credit card down the line.

[pathfinders]

I Am pretty sure they would only pull your credit for one source to review the Applicant. But would not see why they would not report to all three. can allways call to see if they will report to all three. 800-850-HOOT (4668) is the number. If you have a card they may tell you more openinly than just a blind call

Cheers.....

[carlsbadmike]

You could try [removed by moderator] It is a BK friendly credit card company. They charge $25 application fee, $75 yearly fee and charge 60% interest on unpaid balances after a 25 day grace period following billing date. I was able to get a card from them 6 weeks after discharge letter so that I can start rebuilding my credit. They do report to all 3 credit bureaus every month.

[backtoschool]

First Premier is a predatory lender and an awful card. Your link was removed yesterday carlsbadmike. Linking to credit card sites is against the rules of the forum.

[carlsbadmike]

backtoschool, would you private message me a better bk friendly credit card company? the one i mentioned was the only one i could get approved. thank you.

[TheExpert]

Merrick Bank reports monthly to all three CRA's like clockwork. If you are comfortable with just one new tradeline whilst you get your financial sealegs back, that is okay. Be cautious of the other member's advice to build as fast as you can with other tradelines. Remember that slow and steady wins the race.

TheExpert

[tobee43]

backtoschool, would you private message me a better bk friendly credit card company? the one i mentioned was the only one i could get approved. thank you.

b2school is most definitely the go to person on this....the suggestion made for me really helped me out so much with choosing which to apply for.

[backtoschool]

backtoschool, would you private message me a better bk friendly credit card company? the one i mentioned was the only one i could get approved. thank you.

Hi carlsbadmike. Capital One is very bk friendly. They have even approved people on this board who bk'ed them. Sometimes you have to apply several times, but people have had a lot of success with them. They are not predatory either and their fees are low.

Orchard Bank is another bk friendly rebuilder card. Their credit limits are low, but they approve a lot of people soon after discharge.

[backtoschool]

Merrick Bank reports monthly to all three CRA's like clockwork. If you are comfortable with just one new tradeline whilst you get your financial sealegs back, that is okay. Be cautious of the other member's advice to build as fast as you can with other tradelines. Remember that slow and steady wins the race.

TheExpert

I agree that building credit slowly and steadily is not destructive per se, but there is nothing wrong with taking the hit early after discharge and starting with several trade lines and letting them age. Fico scores are optimized by having three positive trade lines reporting so getting them early on and letting them mature is a sound way of rebuilding credit.

[carlsbadmike]

Capital One and Orchard Bank have both declined me. I applied at a couple of other "pre approved" card companies and was declined. I was afraid to keep applying at different companies since a lot of inquiries could bring down my credit rating even further.