Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!


Posted in Credit Scores
Profile Image

Question By

0 Contributions
0 People Helped
Bankruptcy from 6 years ago, CK score of 693, better to get credit card or loan?
I have a CK score of 693. I only have one credit card and the balance is $220 and I pay $50 a month to show me paying it off and establishing a credit with it. I had a Chapter 7 bankruptcy in September of 2007 (my ex was filing so I didn't really have any choice since my name was attached to all of his accounts, even though my own debts were perfectly paid on time and had no issues). I know it won't completely fall off until 2017 so there is nothing I can do about that part. I have 5 hard inquiries (one will fall off in November and the rest will fall off by May of 2014.) CK shows my score as Fair but also says it is Poor because of the bankruptcy from 6 years ago because of having one derogatory mark. I have my mortgage and a car loan (the car accounts for 2 of those hard inquiries.) I have 100% of payments paid on time since my bankruptcy. My percentage of credit card debt is extremely low, mostly because I only have the one card. My credit time frame is 8 years and 2 months. What I need to know is if it is better for me to get another credit card (I know I should have one for emergency purposes and the one I DO have is the CareCredit card which is only good for medical stuff and is only approved up to $700.), or if it would be better to get a personal loan to boost my score. I keep seeing on here where people have been rejected for credit cards and I don't want even more hard inquiries against my credit score. My credit union lady has already told me it won't be a problem to get a loan with them. Are there unsecured credit cards where I can pretty much be guaranteed an acceptance? I don't care about rewards or any of that crap, but obviously the lower the interest, the better. I always pay my bills on time and will have no issues paying either a loan or credit card, but I want whichever one will help my credit score the most and won't hurt my hard inquiries too badly. Or should I wait until next year when those hard inquiries drop off? Sorry so long! Thanks!!!

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.


Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.