@Anonymous wrote:
Long story short when I was 16-19 I've made some bad credit decisions, maxed out all my cards, and couldn't pay, they all went to collections and finally dropped off my report 2-3 years ago.
Currently I'm using about 81% of my credit (I made some large purchases to fix my car late last year which i'm paying off slowly).
Any ideas on where to look for credit cards with bad to fair fico scores but 27 or so months of no late payment history? Thanks.
I wouldn't apply for more cards at this point. You are maxed out again.Your credit history seems to be repeating itself. If you pay down your debt, your credit scores will increase substantially.
@Anonymous wrote:
* Currently I have 2 bank cards with my bank
and one line of credit.
* I'm looking to get one or two new cards
which will sit in my draw nicely
and help slowly drag up my score.
* My credit limits aren't high currently.
You have three lines of credit with 81% utility.
How can you be sure that "one or two new cards" will actually sit unused in your drawer for very long? Have you considered the probability that your interest rates will get raised on your existing debt if you apply for more credit?
One or two new cards will certainly lower your credit scores since you won't be able to get any substantially higher credit limits. Do you realize that one or more of your existing tradelines could have the credit limits lowered and interest rates raised, as you "slowly" pay them down, if you obtain more new credit?
Is there a reason that you can't pay down your existing debt faster in order to raise your FICO scores? Pyramiding debt is almost impossible to do these days without receiving painful adverse action by existing creditors.
