My credit dropped from 557 because of 6 delinquent accounts that showed up on my credit. Im disputing them because I don't know what they are from but If I caused them Ill pay them off. They all total less then $1700.
One thing Im unclear about is how long secure cards hold your cash. I read how some people get $300 secure limits then later get them upped but I never hear how long it took for a company to refund the cash. I know usaa does it after two years. But these other ones I don't see time limits on
Starting Score: 492 TU 437EQ ( November 29, 2012)
@randonie wrote:My credit dropped from 557 because of 6 delinquent accounts that showed up on my credit. Im disputing them because I don't know what they are from but If I caused them Ill pay them off. They all total less then $1700.
One thing Im unclear about is how long secure cards hold your cash. I read how some people get $300 secure limits then later get them upped but I never hear how long it took for a company to refund the cash. I know usaa does it after two years. But these other ones I don't see time limits on
Clean your credit report and remember pay off a debt doesnt mean your score going to increase. Only offer PAY FOR DELETE with collection.
They ussually refund the money after 1 year. Depend on each CC company.
Starting Score: 560Pay for delete is when they delete it from your credit after u pay right?
@Mustangfrank wrote:
@randonie wrote:I'll be opening two secure credit cards very soon. One with USAA for $500 and one at capital 1 for $1500. If I understand correctly having a higher limit but using less then 10% on the card is the best way to build credit. Im just wondering if it would be better to have $1500 on the USAA secure card and $500 on the Capital secure card. Any Suggestions? I mostly wanted to put the $1500 on a secure card that would become unsecured over due course and not require me to close the account and open a new one, but it seems as though that's how most card places work.
Ten (10) months ago I had Zero credit and applied for a CAP1 secured card with a credit line of $300 to start.
The cards reported to all three Credit Reporting Agencies and within two months I started to get fico scores.
It took a full six months for all the Credit Reporting Agencies to post scores.
After six months with no prior credit I recieved scores in the low 700's.
Here is how I did it:
With just the one CapitalOne card I charged no more than 10% every month.
I paid in full every month.
(Note: I had no Bankruptcies or Charge offs in my past)
After the first two months I increased my secured credit limit to $1,000
After four months I increased my secured credit limit to $2,000
Continued to Keep usage down and PIF andmy FICO scores continued to rise.
After just Eight (8) months of paying in full and on time I applied for an Amex Zync card and BCE and was approved.
(NOTE: 25 years prior I had an Amex card but had no credit cards till I applied for the CAP1)
MustangFrank, I think you were in a much different situation than OP.
Honestly, for the OP, a secured card is probably the only option at the moment. You should try go for a secured card with NO fees first. While not all secured cards will unsecure, all secured cards will give you your deposit back when you decide to close your card. So, what many members have tried doing is opening a secured card to build positive history and closing it at a later date (1 or 2 years), the card will continue reporting positive history for 10 years and will give you a chance to get your credit back to normal.
Good Luck! Patience and responsible use of credit are the most important things for you now.
