1st day of rebuilding

[Anonymous]

Hello all,

Just started in this site today and already have more info about rebuilding credit then ever before. So thank you for this site.

I have a very bad credit at the moment. My score is TU: 545 and EQ: 511 In the past couple of days I tried to settle about 7 BASSIES and still working on last 3

Now at the same time I’m trying to rebuild my credit by getting a Secure CC.

There is a DCU bank locally that offers low APR and no fees for SCC, however in their website they recommend Credit Builder Loan. My question is, any benefit one over other and dose anyone of them effect the score more or faster?

[gdale6]

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@Anonymous wrote:

Hello all,

Just started in this site today and already have more info about rebuilding credit then ever before. So thank you for this site.

I have a very bad credit at the moment. My score is TU: 545 and EQ: 511 In the past couple of days I tried to settle about 7 BASSIES and still working on last 3

Now at the same time I’m trying to rebuild my credit by getting a Secure CC.

There is a DCU bank locally that offers low APR and no fees for SCC, however in their website they recommend Credit Builder Loan. My question is, any benefit one over other and dose anyone of them effect the score more or faster?

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Forget those credit builder installment loans, the "installment loan" has very little effect on your Fico score unless you default on one, it is not worth getting one just to have installment info on your report. The action is primarily with revolving credit cards, what you want at minimum is 3 bankcards and 1 store card to maximize your Fico score. The only one making out on the credit builder loan would be DCU in the interest it charges you for it.

Welcome to the board

[Anonymous]

Thank you for the welcome and advice.

Per your suggestion, I did not apply for the Credit Builder Load and hold off on the Secure CC.

However I did open a new account with DCU as they are much better then TD bank with all the fees and service they have.

They gave my EQ Fico score 580 as of Aug 08. One of main reason I looked for them in the first place!

I have a mortgage already as I’m paying monthly, but I’m not sure if it acts as revolving account for establishing good history or I must get CC to show that?

DCU’s Secure CC would show up as “Secure CC” on CR! So not really sure if that would be a good thing or I should wait till my baddies update with paid or closed!

I was hoping to wait for 3 months as disputes and updates are going on and just apply for a normal CC with them!