Do I need an installment account?

[brad10281]

I have an American Express card that survived my bankruptcy. I charge a small amount on it each month and pay it in full every month. I called my local Credit Union to see if I could get some kind of installment loan but they said what I was looking for was a shared secured line of credit...which is basically a secured credit card (revolving account). Since I have the AmEx card I don't see any point in obtaining this line of credit. Is it a good or bad idea?

How do I get an installment loan? Do I need one?

[ForumReader]

I have an American Express card that survived my bankruptcy. I charge a small amount on it each month and pay it in full every month. I called my local Credit Union to see if I could get some kind of installment loan but they said what I was looking for was a shared secured line of credit...which is basically a secured credit card (revolving account). Since I have the AmEx card I don't see any point in obtaining this line of credit. Is it a good or bad idea?

How do I get an installment loan? Do I need one?

You need to ask yourself, do you need an installment loan? I have heard 2 or 3 tradelines of credit cards and a healthy installment loan (such as a car loan) is a good "portfolio" of rebuilding one's credit--slowly and wisely.

[brad10281]

You need to ask yourself, do you need an installment loan?

Well, I definately DON'T need nor want one. I went from a credit rating of 750+ to bankrupt in a matter of a few months. I just want to get back up there. After my truck was repo'd a few weeks ago I went out and paid cash for a new car so I don't need an auto loan. I just want to rebuild my credit. Is it to early to check my score? I don't know exactly what it is at the moment.

[StartingOver08]

You were just discharged last week, March 23, 2010. It is too early to check your cr report. Give it at least a month then check for errors.