cancel
Showing results for 
Search instead for 
Did you mean: 

Building Credit..

tag
Anonymous
Not applicable

Building Credit..

The only open credit card is have is Capital One with a "High Balance/Credit Limit" of $240. This and my student loan are the only factors being reported on my credit reports. Everything else i have on there...are bad items that i paid off in settlements and i guess its just a matter of time before they play a lesser role in my credit score.
 
My credit scores are:
EX 572
TU 572
EQ 609
 
I have a very short history (5 yrs or so) I screwed up (7 accounts in total) in college years and ended up settlling bad debt in 2006..im almost 25 and im trying to buy a house before im 28.
 
I have been getting offers from Washington Mutual for credit cards...I need to start building my credit again..Should i try to sign one of these offers and see what credit line they can give me even if i have to pay annual fee?
 
My total "available credit" on the TrueCredit is $240.00...I wanna get that up so that my "debt/available credit" ratio can be low as long as i keep my balanced very small. CapOne wont give me a CLI...
 
 
I would consider a secured credit card from BOA but i dont have immediate funds to put away like that until another few months.
 
 
 
Message 1 of 4
3 REPLIES 3
Tuscani
Moderator Emeritus

Re: Building Credit..



Irvin wrote:
The only open credit card is have is Capital One with a "High Balance/Credit Limit" of $240. This and my student loan are the only factors being reported on my credit reports. Everything else i have on there...are bad items that i paid off in settlements and i guess its just a matter of time before they play a lesser role in my credit score.
 
My credit scores are:
EX 572
TU 572
EQ 609
 
I have a very short history (5 yrs or so) I screwed up (7 accounts in total) in college years and ended up settlling bad debt in 2006..im almost 25 and im trying to buy a house before im 28.
 
I have been getting offers from Washington Mutual for credit cards...I need to start building my credit again..Should i try to sign one of these offers and see what credit line they can give me even if i have to pay annual fee?
 
My total "available credit" on the TrueCredit is $240.00...I wanna get that up so that my "debt/available credit" ratio can be low as long as i keep my balanced very small. CapOne wont give me a CLI...
 
 
I would consider a secured credit card from BOA but i dont have immediate funds to put away like that until another few months.
 
 
 



You should start by disputing any inaccurate info on old accounts. Then, use a GW letter for any late payments. You will have more card options if you can get your scores up 30-50 pts.
 
PS.. do not carry a balance on the CAP1 card. Doing can hurt your scores.
Message 2 of 4
Anonymous
Not applicable

Re: Building Credit..

The thing is that all the negative information on the credit report..I have paid them off. They were accurate as i admit to missing payments due to my situation back then.
 
As we speak, i am writing GW letter that you posted in a different forum to one of the creditors to see if they can remove a 90 day late payment.
 
 
 
Message 3 of 4
Tuscani
Moderator Emeritus

Re: Building Credit..

You can certainly use the GW letter for paid collections as well. Smiley Happy
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.