aaron13208 wrote:I have only had 1 CC up til now and I recently paid it off as it was charged off as bad debt/collection with over a year of me not paying it up until recently I paid it off. It was a First Premier Card.
Long story short I only have 1 active account now on my credit report. My Homecomings Mortgage, which was in Foreclosure twice in the past 4 years, with obviously many late payments. Everything else I had for credit is now at a zero balance, except for the mortgage as I said and it has been up to date since May, my low point, credit score was low 400's on all reports.
NOW
TU: 538
EQ: 530
EX: 568
That being said, I have $1000 for unsecured credit. What should I do with it? I by the way, am looking to the future and understand my credit can drop for applying for new credit, but I would like very much to recieve at least 2 if not 3 secured cards, even if it drops me now, I want to better off in a year. you understand.
I bank with Navy Federal Credit Union and will definatly get 1 secured account with them, would it be rediculous to get 2 or more?
as for the others I am totally open to recieving good secured CC's that will report. what do you guys think? and thanks
Aaron, I'm not sure having more than one cc right now will make much difference to your score (I'll let others who know more about the fine points of scoring chip in on that part of it), but my 2 cents', based on my own experience, would be to suggest putting all of that $1K into one secured card with NFCU.
Use that card faithfully but minimally, keeping the reported balance either below 9% or at 0, which means either just charging a sandwich on it each month or using it more than that and paying in full before the statement date/reporting date for your account (usually one and the same, but you'll have to check on this).
Hope this helps. 
