12-13-2011 04:34 PM
Hoping I can get some good information from you guys. I am rebuilding my credit. My scores range from 550-589. I consolidated my bills about 3 years ago with MMI. Things are going well and I have 9k left to pay off by 10/12. The only other thing on my report is a student loan for 150k. Its in forbearance and haven't started to pay yet. My question is...what are your thought on secured cc's? Can one help build my credit and if so...which one? I heard some report negatively on your CR. Please advise. Many thanks.
12-13-2011 04:49 PM
12-13-2011 05:19 PM - edited 12-13-2011 05:23 PM
12-13-2011 07:53 PM - edited 12-13-2011 07:56 PM
Awesome job on your CS!!! Forgive me 'm a newby... what is AAOA and AF? Thanks for the information
AAoA = Average Age of Accounts; AF = Annual Fee
The following link will take you to a list of commonly used abbreviations: Common abbreviations
12-13-2011 08:48 PM
Thanks! I appreciate that! I made a mistake when I was cleaning my credit report and took off accounts that were old in good standing.
It's a common mistake. You have lots of company.
12-13-2011 09:10 PM
I have the Cap One secured card and they say they report to the 3 beaurus, one month and they still haven't reported. I paid $49 for a $200 limit and plan to add more. My husband was approved for an Orchard platinum card with $300 limit no security deposit and the moment he activated the card it reported and his score jumped up 30 points with TU. That is all the input I have, I'm sure others who are a lot more informed will jump in.
It's common for them to take 2 statements (60+ days) before it shows up on your reports. It'll be monthly after that, but it usually doesn't start showing up immediately once you get the card - you have to wait a few months.
On the topic of Cap One secured cards, it's not a bad choice since it does report to all 3, the AF isn't absurd and it doesn't report as secured. However, you'll never see the card secure - so that's something to keep in mind.
12-13-2011 09:21 PM
A Secured card is a good way to go. I suggest you consider more than the minimum. A decent CL helps in many ways.
Credit Union is usually best choice. Cap1 is a good choice among major banks. Orchard is being bought by Cap1 so I would avoid them.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.