01-28-2013 01:20 PM
Hey Speeding Wheels,
I see you have a cap 1 card as well. Was that your first card on the road back? Was the Cap 1 cash rewards hard to qualify for?
Cap1 secured was my first acct.
I started with a $200 CL and did 2 very small deposits to increase the CL a few months apart.
At the 1 year mark they offered a verrrrry small unsecured CLI ($100).
All that being said, keeping that card in good standing did wonders for my scores.
You just have to be patient.. it takes time. And you can boost your score by increasing your limit with an additional deposit (I sound like a broken record here, but it's true)
01-28-2013 02:05 PM
01-28-2013 06:31 PM
What you really need to do is visit the "Rebuilding Credit" forum on this website.
You need to learn how to get the baddies REMOVED from your report. You do this by arranging PFDs (Pay for Delete) with the lenders. You can also do GW (Good Will) letters to plead your case with lenders.
If you don't get the bad stuff removed it will take years for your scores to recover. The bad stuff will stay on your report for 7 years and your scores will take that long to recover. You probably won't qualify for a mortgage this year unless you are successful in having most of the bad stuff removed.
You need scores of around 650 to start qualifying for some of the easier credit cards. Even some of the better secured cards won't touch you right now with your low scores and history.
It is not really too difficult to have the baddies removed. Like anything else, the first one is the hardest.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.