I have just been fixing my credit for the last 4 months and has improved almost 100 points. It is still very low. Currently all of my debt are closed accounts (only 1 credit card), everything else is unpaid medical, cell phone bills etc... If I get a secured credit card will that help me get my score higher? If so, what kind should I get?
Secured cards help. I have/had 2 secured cards, one through BofA which graduated and one through Orchard. They are treated the same as all other CCs.
Choose a CC that has the potential to graduate after 1 yr. I'm partial to BofA.
My lowest is 533 as of yesterday (experian) but just 4 months ago it was 440. and the other two were 533 and 565 4 motnhs ago but I haven't pulled those two yet.
i know they are horrible but I never cared about my credit before and never bothered to try. Now I'm desperate the fix them.
BOA will approve you for secured as long as you do not have a BK.
It also depends on your credit situation. I had apped Aug. 07 and was denied for having no BKs or PRs, but I had a 2 yo CO, 3-4 CAs, 2-3 other COs, and an EX FICO of 550-580 or so. However, I did app 3 months later after I cleaned everything and was approved for the 99/500 counter offer and that ungraduated in September. And yes, great card to grow with.
Will a bank allow me to get a secured credit card with them if I owe them money? Such as a prior bank acct which accrued bounced check fees and now I owe them money?