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Super Contributor
Posts: 7,915
Registered: ‎07-03-2007
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Re: I have a 505 credit score and would like to purchase a home within a year.

caedy12 wrote:

Unfortunately I do have collections from a couple of credit cards, and a cell phone company. Many of them are very old now (but not quite old enough to just drop off) and since I have no new credit, my credit score is very low. I did just also get a secured credit card and my plan is to do the same as you and use some of the balance and then pay down every month before it reports. I am hoping that doing that and paying off the collections will improve my score. I am going to look into some of the collections to see if the company will remove them from my report if I promise to pay the full balance we call this pay for delete. I have heard of some people also doing that. I would rather pay the full balances if I can rather than settling. I know that will look better to the banks not necessarily. I know that I am asking for a lot to have my credit score go up so quickly, but any progress will make me feel better at least. I do actually check my credit report often, but I am now finally beginning to formulate a plan to pay off everything. Hopefully it will work out as I hope. Thanks again.


look into the rebuilding credit section.


i am no expert.... and i would double check what i say(LOL).... but i would get 2 secured visas. as well as a secured installment loan(use a cosigner or title to a paid off car as collateral for a 12 month loan).


there is a jewelry co that used to issue a card with no credit check? i think?

look into that. having the 'store card' type credit card will help a wee bit.



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Regular Contributor
Posts: 154
Registered: ‎08-02-2012
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Re: I have a 505 credit score and would like to purchase a home within a year.


When I was starting this I was told, others can confirm, that I needed at least 3 positive trade lines, so I would do what Dallas said and at the very least open another secured card. I did not get the biggest hit when the new cards started to report it took like 2 months to see the real boost in my score.

I can't remember how long, but I do know after a certain amount of time collections do not have as much of an impact as new collections.

Again the rebuilding board can answer all these types of questions.

Good luck! It definitely is possible!!

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Registered: ‎02-27-2013
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Re: I have a 505 credit score and would like to purchase a home within a year.

Thank you everyone!

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