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Good afternoon everyone,
I have recently opened two new credit accounts. I opened a Fingerhut Fresh Start ($230CL) account (which will graduate into a revolving line of credit) and I've opened a secured card with OpenSky ($200 CL). I have a 36 month auto loan with no lates along with a Student Loan - also with no lates. As far as baddies go, I have an old settled CC from BoA showing 3 120-day lates from 2009 and a collection account for $1100.00 from when I had to break a lease back in 2009 as well. These baddies are due to age-off in 2016 and the lease is outside my states SOL. I don't have the funds to PIF/PFD the CA right now so, I'm letting them age-off.
Current score is 580 on EQ and 610 on TU. I don't know my EX score right now. I have a boat-load of hard inquiries from an auto dealership loan-shopping on me.
Should I try to get another secured CC? I'll currently have 2 credit lines open (Fingerhut & OpenSky) and I'm thinking of adding a third for good measure. Can anyone recommend another great secured CC (preferably one that reports as unsecured)? CapOne is out, they denied me for their secured card before. I received a pre-approval from First Premier in the mail, but I know to STAY AWAY from that one...
Thanks!
I have the capital one secured. I've had it two months, and it hasn't started to report yet.
I know you said that you don't have the funds, but you could send them the SMALLEST amount to probably settle and get your old baddies deleted! I have had success just sending like $30 biweekly. Sounds minimal but it's something!
I can't wait until my fingerhut account upgrades into revolving!
Discover it has a secured offer if you aren't approved for regular line of credit .. It graduates as well
In my opinion having another card report positively, even if it says secured, each month is better for improving your credit score. When I first started my journey I read a lot of recommendations on these boards to have 2 - 3 bank revolving card (secured or unsecured) to best improve your history. I didn't take the advice and stuck with just 1. My rebuilding progress has definitely been slower than some folks.
On the flip side, having only 1 card was a good thing for me because it allowed me to really develop some good credit habits. I feel like the way I use this card is very sustainable and is how I will use cards regardless of if my score is 640 or 780. I don't know if I would have developed that same level of comfort if I started off with several cards simply to play the credit game. I hope that makes sense. I think you need to decide what works best for you, the goals you are attempting to accomplish and just how patient you may be.
I am not sure about how that works.. I applied for Discover it and was declined (collections) and was offered the secured card had 3 days to accept or loose the offer