help me pleaseeee!(credit question)

[sportyloc107]

hello i finally checked my credit report for the first time ever using anuual credit report. i have a credit score of 592. all i have open in collections on my report is a at&t account with a balance of $131. and a closed/paid account from the dfs gov of $1500. the dfs gov account was paid in full in 2008. two are the only two things in the negatives section. i have 3 accounts in the good standing section. 2 loans payed off and a car loan from ally that i have never missed a payment on. i recently applied for 4 or 5 different credit cards in one day not know that it shows up on my credit report. i was denied all five cards. i need help on helping fix my situation. i need all the help i can get. thanks!

[dodfire]

Hello and welcome to the forums.

1. Do not apply for anything else.

2. You need to work on getting the negative items removed.

3. If you have any funds available you should open a secured credit card.

[sportyloc107]

yes i plan on going to my bank tomorr and opening up a secured card. how much will i have to put on a secured card to start off? or is there a recommended secured card i should look into getting online? and thanks for the reply

[dodfire]

Good Plan....

How much is not important but how you use it is...

After you get the card only carry a small balance on the card.. between 1%-9% no more than this.

Who are you banking with?

Bank of America offers a good secured card but you have to be approved for it so it is not a guarantee. 

[sportyloc107]

i bank with simmions first

[dodfire]

Oh ok...I do not know much about them or the secured program that they offer.

But, ask them if their secured card will report to all 3 CRA's and also ask if the card can convert to "unsecured" status after a certain time frame.

[sportyloc107]

does all secured cards have a annual fee?

[dodfire]

Most of them do..I think Bank of America is $39

[sportyloc107]

i see...

[sportyloc107]

i want to apply for this secured card http://www.capitalone.com/credit-cards/secured-mastercard/?Log=1&EventType=Link&ComponentType=T&LOB=... but not sure if i should since i just applied for all those cards recently. what should i do?