My advice is to get a Merrick Bank secured card. They gave me one when I had baddies on my report. I think it was about 2 years after they hit my report. I put down $1000, which they still have to this day 5 1/2 years later.
I would then open another account as soon as you can with another bank or credit union which is good about doing secured cards. I think USAA would do it.
I would then also do another one as soon as possible also with another bank or credit union. You should avoid PNC, as they will probably say no! From what I have heard about their secured card is that it is good, but with too many baddies then you will be declined anyway.
The reason I say 3 accounts is because this is what FICO recommends in their booklet which you can download. (Yeah, I read it.) Managing one or two accounts is OK, but if you can manage three or four it shows you can budget better.
I suggest opening all on the same day or within the same month because of AAoA. This will build that the fastest! The trifecta of the three accounts in 12 months should be very good.
Also, you can't go over 20% for your score, but remember that is really only important in 3 situations. 1. If you are applying. 2. If you are being solicited. 3. If your bank is nervious about your util.
Certainly you know that you should pay them off in full each month and if you can add a little every few months to their limits through deposits. Some banks like this. Also some banks will release the funds after a set period of time, such as a year or two, others depending on your score, and some (Merrick) never! (After 5 1/2 years you would think they would understand that I am not going to default on their card. When I get an Amex, at the latest, I will close the Merrick. Don't get me wrong, I like them, but they have my money and I am paying an annual fee to them on a monthly basis. They are the only card I pay an annual fee on.)
You might also be aware that if you burned BofA they might come after you and file court papers. I think their collections agency waits for you to open a card to do so. That way they can guarantee payment. If the BofA ends up with Calvary Portfolio, all I can say is watch out. They served me at an old address and I never even knew it until they tried to drain my BofA checking account, I think they keep in touch with each other! (I say tried, because I had money wired to the account then transferred it to another account the same day, they only got me for the $100 legal fee from that account, but they did take money from the other account later.) They at one point had turned it over to an attorney who did collections too. They even went so far as impersonating me and called my credit card company and then offered me a payout for the exact amount of available credit I had. I called the bank and I asked them when was the last time that I had called and explained why I needed the info. They had actually called 3 times. I think they were waiting for my available to be higher, when it wasn't it was a matter of get what they could. I called Calvary and explained what I knew to be a fact and we then settled for the amount I named to them. (I would have taken it to court, oh yeah!, but I was not in the country and wasn't returning any time soon!) So if Calvary has your collections for BofA, then be careful. They themselves might not do anything illegal, but I am pretty sure they look the other way with who they send off some of their debts to and I am certain they retain ownership of the account. That is what the attorney/collection company told me anyway. When I contacted Calvary, they said they could deal with me directly! Since I knew what had happened, they were certainly willing to avoid an intanglement of a lawsuit, probably because they did retain ownership.
So, you might want to check the statute of limitations and wait for that BofA to be out of their touch! (Funny thing is, I had 2 accounts at BofA accounts and they only sued for one, but I suspect there was a reason behind that. I suspect that it was so they could apply payments to one and hold the other as a bargaining chip.)
I hope this is helpful
It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
