Best way to rebuild my credit?

[Anonymous]

Just looking for advice on best ways to rebuild my cedit. Im currently paying off $600 of old debit. Dont have any credit cards as of right now. Im sure my scores are to low for me to be picky on whats available. thanks.

Fico:

EQ:540

TRNS:489

EXPR:550

[Anonymous]

Do you have any active student loans, a car loan or other installment type loan?

[tufa4311]

Have you reviewed your credit report recently? If not I would begin there. Do you know why your scores are where they are? Do you have derogitories in your file (late payments, missed payments, etc).

To have a game plan you need to list all the issues out and then begin tackeling them.

[Anonymous]

Yes. I have an account with Wells Fargo dealer services. I was late 2 times last year. Since then I have been paying on time. I'm paying down on old 4 old accounts. 1 is currently thru s collection company. I'm taking their off to pay half. Then I'm working with the others paying down. I opened 3 credit card accounts. Of which I don't plan on using since the percent is ridiculous. 1. CreditOne 2. FirstPremier 3.CapitalOne secured. How long does it take for the cards to show up on credit report?

My transunion did go up some.

TRANS: 533

[Anonymous]

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@Anonymous wrote:
Yes. I have an account with Wells Fargo dealer services. I was late 2 times last year. Since then I have been paying on time. I'm paying down on old 4 old accounts. 1 is currently thru s collection company. I'm taking their off to pay half. Then I'm working with the others paying down. I opened 3 credit card accounts. Of which I don't plan on using since the percent is ridiculous. 1. CreditOne 2. FirstPremier 3.CapitalOne secured. How long does it take for the cards to show up on credit report?

My transunion did go up some.

TRANS: 533

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It takes anywhere from a few days to two months for new accounts to show up. Watch your reports and after all three accounts have reported, go back to Cap one and apply for their platinum card. If they deny, wait a month and app again.

With the Cap one, use it a lot, but pay it right back down so there is no carried balance. Cap One likes to see a lot of usage.

[Anonymous]

So should I use the Cap one secured card a lot also?

[CYBERSAM]

I was in the same boat as you last August, started with low 500 Score and bunch of collections! Last month I finally paid everything out and then applied for CreditOne and FirstPremier, so you are ahead of me in that regard.
Earlier this month I applied for QS one and got 3K credit limit, so it started to show.
Now my Score is about 640, CapOne and Credit One(they suck) have not reported yet either. My next move is GW letters to everything that is still showing.

I believe the biggest thing you have to work on, is paying what you owe as fast as you can afford it.
Some believe is more encouraging if you pay off small collections so your list would shrink!
Anyways don't worry about your score yet and just work on being collections free. Each open collection, have a significant effect on your score, and each one that you clear boosts you Score big time.

Good luck.

[Anonymous]

Yes, the more you use it and pay it down, the more vendor fees your generate for them, and the 'better' customer you become in their eyes.