I found this forum in 2007 when I went through a divorce and Chapter 7. It's advice and information kept me sane and hopeful. Next year I'd like to buy a house through FHA (if they still exist then :-) and want to build up my credit as much as possible. I didn't reaffirm my car but have kept up on time payments (haven't had a problem with the bank). To maximize the credit mix part of the formula for FICO should I get a new car (or used) so that I have that type of trade line or should I not worry about it. I have several credit cards, a gas card, and a store card with decent CLs (post bk) and <10% utilization. Any takers?
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From my understanding credit cards build your credit more than secured debt. Since you are planning on buying a house soon, you have to ask yourself if buying a new car now will help or hurt your credit score. Debt to Income ratio is just as important as payment history. If it was me, I'd try to have 10-20% D&I ratio and not worry about adding a new autoloan. Most loans req a FICO of 620 so if you're there I wouldn't worry
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