Jump to content

Sign in to follow this  
Jamesshrugged

What Next?

Recommended Posts

Hello everyone!

 

Its been a few months since I last posted, but I haven't given up on the credit quest. Since I last posted I managed to have all the negative accounts removed from my credit reports using the 1-2 punch. The bad news is that my score has only gone up about 70 points (to 587). Currently, I only have one account, a secured capital one card that I secured with 200$ but now has a 500$ limit.

 

What do I need to do now that all the bad accounts are gone? I figured it would be apply for some credit, but the score is still so low that im sure it would get denied. Do i need to invest in some more secured cards? That;s really the only thing i can think of doing, besides letting my current card age and applying for an increase 4 months at the 1 year mark.

 

Thanks again for any advice you can give!

Share this post


Link to post
Share on other sites

First of all, congrats on getting rid of your negs and raising your score! :)

 

Remember that credit mix is an important part of your FICO scoring along with all the other factors. If you truly only have the one account reporting now, that alone is not going to get you very good scores. Any installment loans in your future (i.e. auto loan)?

 

I'll let others chime in on the advisability of more secured cards as I'm not too familiar with how those factor into scoring.

 

Sounds like you're in a good spot for building your credit up from scratch, though, so the best advice I can give is patience. Best of luck!

Share this post


Link to post
Share on other sites

Where are you getting that score? Your score should be higher. Are you sure your reports are totally clean?

Share this post


Link to post
Share on other sites

All you need are 3-5 open, positive revolving accounts reporting. As suggested above, that doesn't look like a FICO score for someone with a clean report. Where did you get that score?

Share this post


Link to post
Share on other sites

Cap One's secured card will only give you that one increase. You will need to apply for more cards to increase your total credit.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  




  • Today's Birthdays

    No users celebrating today.
  • Member Statistics

    • Total Members
      178,011
    • Most Online
      2,046

    Newest Member
    allthingzu
    Joined

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines