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Posted in Auto Loans
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Question By
Marybethi

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First Credit card or car loan?
I declared bankruptcy in Feb'2013, have no credit cards (5 closed accounts). and a 1998Saturn junker of a car. I have $1200 as a down payment. I'm wondering should I put the $1200 into fixing car and open a credit card to establish new creditor go for a car loan and open a secured credit card?

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I would first open a credit card to establish new credit, even a secured card does this. With your score at 691 you have done very well at rebuilding post BK. I went through the same thing a few years ago and the first step was rebuilding with the secured cards and have since purchased two vehicles at regular interest rates.  I would think you would see a good impact on your score after doing this.

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After a bankruptcy, the only credit card you will be able to get would be a secured one and the interest rate you would pay on a car may be high.  If you have read the articles here, you would know the best ways to rebuild your credit. 

Reply by
Marybethi

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jwsister.  Thank you for the reply and sound advice however I have read the articles, and have been getting back on my feet financially.  I'm just trying to get a few opinions on sinking the$1200 into a clunker or could I get something reliable with the $1200 down and a car loan.  My credit score is 691

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