Need to rebuild.. any CC advice?

[jdp1]

Alright well heres my situation....

TU - 568

     - 3 TL's.  1 perfect, 2 serious derog (late) all 3 paid/closed.  1 acct "paid after chargeoff/collection"

     - 2 collections, no PR

EQ - 602

     - 3 TL's.  1 perfect, 2 serious derog (late) all 3 paid/closed.  status on 1 says xferred/sold & paid/zero balance

     - 2 collections, no PR

     - Recently opened a $200 secured orchard cc - got an alert on eq showing new acct. but it's not reporting yet

EX - 623

     -  3 TL's.  1 perfect, 2 serious derog (late).  2 showing paid.  1 showing xfered/sold to another office, not showing paid.

     - 0 collections, no PR

So i'm sittin at 0% available, and still waiting for that new card to report.  When it does will it increase my avail. credit?  I'm hoping to open another one to have a better mix.  What do you wise credit guru's reccomend I do?  I'm hoping to buy a house in the next 2 years so I desperately need to rebuild!!  I need help.  Thanks in advance for the wonderful advice!

[jdp1]

Oh and i've only been on the bureau since 2005.

[jdp1]

bumping.. please help!!!

[Anonymous]

It will increase your available credit and may give a small boost in your scores (or may ding you at first and then give you small bump in a few months), but you will have to very carefully watch your limit with this card. Letting it report a balance might really hurt you since the limit is small and it's your only card. Do you have the option of getting another secured card with whichever bank you do your banking with? 

Message Edited by UpUpUp on 08-27-2008 09:55 PM

[TerrenceATL]

I would apply for hooter's and capital one if i were you. You should be accepted to both with no problem. Use those to build a history till you get your scores high enough to get some prime cards. You can also go with a Bank of America secured card that will grow with you and eventually convert to unsecured.

[jdp1]

I was planning on letting it show like a $40 balance the first month.. then just keep a balance.. I don't know if that's smart, but it makes sense to me.  I've been TD for cap1 already, and am kind of sick of being shot down every time.  It's depressing.  I like the idea of opening a BoA secured CC.