Lawyers timeline for rebuilding credit

[whatamess]

My attorney has a side business of rebuilding credit. These are his guidelines:
3 mos past discharge: open secured credit line
6 mos: have spouse do same, seperate bank
one year: open a store line like fingerhut, etc
two years: apply for regular line of credit
Only apply for credit no more than every six months or once a year is better.
NEVER respond to pre approved offers.

So what do you think? It seems extreme and very cautious, but Im becoming very cautious.
However, DH wants to get some sort of internationally known Visa to rent a car in the coming spring when our inlaws send us tickets to visit them overseas. They have a compact car and we need to rent a car for the two of us plus our children. Last time they sat on our laps in a Hyundai Elantra. The kids are much bigger now. Imagine fitting four adults and three children into a Elantra? We did it. It was HORRIBLE!!!!!
WAM

[Granny]

I'm curious to know his reasoning for not responding to pre-approved offers, especially if the offers are not predatory.

Also, if both spouses don't file, what is his opinion of adding the filing spouse to the card of the non-filing spouse.

[whatamess]

I dont get the whole pre approved bit either Granny. My guess, and it is only a guess is to avoid high interest rates in the first year OR maybe a bank you BK'd on tacking on your old balance. I have read here about that whole fiasco, but have yet to hear anyone confirm it actually happened.
As for a spouse who BK's w/o the other, I would guess you could add the other on to the non-bk's accounts anyhow as a user. Im not sure because hubby and I filed together. The papers he sent did not address that! Interesting...
Im starting to shop for a secured card to start building up towards.
WAM

[Runnin on empty]

I dont get the whole pre approved bit either Granny. My guess, and it is only a guess is to avoid high interest rates in the first year OR maybe a bank you BK'd on tacking on your old balance. I have read here about that whole fiasco, but have yet to hear anyone confirm it actually happened.

AFAIK, they can't do that legally. The "old" debt was absolved when it was "IIB". The creditors had their chance to object and either they didn't or the trustee felt that they didn't have enough merit.

Either way, we've both decided that the only credit we're going to have from here on out will be the secured type. Other than a house (and maybe a car), if we can't pay cash for it, we don't need it. Life isn't about want anymore, it has become solely about need.

[whatamess]

I agree Runnin', but we need to re establish so we can buy a house somehow. I hope we can rent a car on a secured w/o problem overseas. I hate credit cards, I really do. I have "The borrower is servent to the lender" now written on my lifestyle choices.
I complain if we go over grocery budget by two dollars now. Dh laughs so hard at my miserly ways. He is worse than me though now, he just loves good food.
WAM

[HHM]

The deal with the pre-approveds is that once you respond to one, that generates many more (your name gets put on a different mailing list). I do not think there is inherently anything negative about that since "soft pulls" for marketing in no way effect your credit score and when a creditor does a "hard pull" they do not see the number of soft-pulls.

I suppose one issue might be is that you need to read the fine print in the offer...and see exactly what you are authorizing the offerer to do...you might inadvertently be authorizing that bank and all its subsidiaries and parents to do hard pulls, which would be a bad thing.

That is a pretty good plan, because it combines good credit habits with good financial decision making. (note, how he doesn't have you go out and finance a car...why make a lousy financial deal now, when you can make a regular deal in a few years AFTER you rebuild your credit). That rebuilding plan does not really cost you anything.

[chpxiii]

I'm waiting for my discharge. My boyfriend "reminded" me I need a credit card now so I could rebuild my credit, especially since I would like to buy a house in a year or so.

I'm moving slower than molasses in winter to get that credit card.

WAM, ask your lawyer about the pre-approved offer thing. I'm interested in his reasoning too. I probably won't respond to pre-approved offers myself soley because I don't like, nor do I appreciate, someone "cold calling" me for business. If I want or need something, I will do the research as to who I will work with or buy from.