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Hi all, I have been trying to repair my credit for a year now. In January 2013, I was barely at 500 credit score, and a year later Im hovering around 620-630 (according to credit karma, credit seasame and freecreditreport.com sites). So I have made progress.
I currently have only
mortgage loan (has a few lates in 2013 while going through a divorce)
auto loan (has 2-3 recent lates because of an insurance screwup where they added their own insurance to my loan and i was unaware and made my regular payment. GW letter sent to have these lates removed)
Capital One secured credit card (was hovering around 51% utilization, just realized i need that below 10% so i paid it down)
So im HOPING that my next update in January my scores will go up now that my auto loan is current (and hopefully the GW letters will have lates removed) and now that my credit card is paid down.
So before I apply for a 2nd credit card, I will wait a month or two and see what happens with the GW letter and my score with the auto loan and credit card stuff. But lets say, it does go up slightly and my new score is 630+... could I qualify for any real credit cards (non secured) and if so, specifically an airline mile reward type credit card? Id really like to start saving some airline miles from everyday purchases if possible.
@ScottL wrote:Hi all, I have been trying to repair my credit for a year now. In January 2013, I was barely at 500 credit score, and a year later Im hovering around 620-630 (according to credit karma, credit seasame and freecreditreport.com sites). So I have made progress.
I currently have only
mortgage loan (has a few lates in 2013 while going through a divorce)
auto loan (has 2-3 recent lates because of an insurance screwup where they added their own insurance to my loan and i was unaware and made my regular payment. GW letter sent to have these lates removed)
Capital One secured credit card (was hovering around 51% utilization, just realized i need that below 10% so i paid it down)
So im HOPING that my next update in January my scores will go up now that my auto loan is current (and hopefully the GW letters will have lates removed) and now that my credit card is paid down.
So before I apply for a 2nd credit card, I will wait a month or two and see what happens with the GW letter and my score with the auto loan and credit card stuff. But lets say, it does go up slightly and my new score is 630+... could I qualify for any real credit cards (non secured) and if so, specifically an airline mile reward type credit card? Id really like to start saving some airline miles from everyday purchases if possible.
I got the US Bank AeroMexico Visa secured which gives a companion ticket, 10% off AM purchases, and miles if you fly with them. Had to recon & give a higher annual income, but I think that's because of the huge amounts I have in deferred student loans.
How much did you have to "deposit" for this?
100%. $300-$3k, I believe. I put the minimum down because I don't have enough extra money to have a lot tied up in secured cards.
Hi there! Thanks for this post (answers and question). Very useful.
@ptilda wrote:100%. $300-$3k, I believe. I put the minimum down because I don't have enough extra money to have a lot tied up in secured cards.