Bunch of "stuff" on your credit and trying to rebuild? This is my experience so far..

[Anonymous]

Over the last 30 days I went from right around the 500 mark on all three to 566 on two and 567 on the other. Still very low, but 67+ points in 30 days is a huge yay!!! This was simply from contesting whats on file with the credit bureaus (which was done for free online). According to a reliable credit simulator, If I get a secured card for 200 and carry a small balance ($10.00-$20.00), my credit score goes up to 630 ish (because  I have no major credits cards). I have also heard/read that getting a small secured loan (approx. $1000.00) from a bank, will also raise my score. Are there any other ideas?  Have you been able to get huge jumps in your credit score? How?

[llecs]

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

If you have no CCs, I recommend a mix of 2-3. If none now, I recommend one or two to start and let that age a year before getting another.

I disagree with the loan. Installment is a very small part of FICO scoring. There are many examples on here of scores in the 800s with no loans reporting. Let's say there is a 10 point benefit (at best, IMO), I don't think it's worth $100 or so in interest just to see that benefit. It also impacts DTI if ever wanting to apply for or refi a mortgage in the future.

Aside from util, repair is very important. I'd focus on that while any new CCs age.

Also, check the source of your score. It may not be a FICO if not pulled from here. Non-FICO scores can easily be off and aren't that reliable anyway.

[Anonymous]

Thanks for the advice and I totally agree after further research. I tried barclays, who I thought pulled transunion (my best score), but they ONLY pulled my experian, go figure. Then capital one, and finally HSBC and I was approved for 300.00. A month and a half ago I had scores in the mid 400's to 500 and I know its not much of a limit, but I'm happy and its a start!   

[namvet]

---

@llecs wrote:

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

If you have no CCs, I recommend a mix of 2-3. If none now, I recommend one or two to start and let that age a year before getting another.

I disagree with the loan. Installment is a very small part of FICO scoring. There are many examples on here of scores in the 800s with no loans reporting. Let's say there is a 10 point benefit (at best, IMO), I don't think it's worth $100 or so in interest just to see that benefit. It also impacts DTI if ever wanting to apply for or refi a mortgage in the future.

Aside from util, repair is very important. I'd focus on that while any new CCs age.

Also, check the source of your score. It may not be a FICO if not pulled from here. Non-FICO scores can easily be off and aren't that reliable anyway.

 +1    "Repair is very important. I'd focus on that while any new CCs age"   AMEN

---

[RobertEG]

The new card, if you currently dont have a major bank card, will improve your credit mix, and was a good move.

However, the initial impact may not be substantial.  The new card involved an inquiry, which will hang around for a year.  Also, its addition will lower your average age of accounts, which, depending upon its current level, may initially offset the gain from improvement of credit mix.  Many factors enter into the impact.

You made the righty move for future rebuilding, as having solid revolving credit is essential. 

[laz98]

---

@Anonymous wrote:

Thanks for the advice and I totally agree after further research. I tried barclays, who I thought pulled transunion (my best score), but they ONLY pulled my experian, go figure.

---

this is exactly why i think it's very risky for people to state in absolutes that so-and-so ALWAYS pulls X or Y or Z...you just never know