Do you think this will help?

[davir3351]

Hello i am new to the forum I have a few questions. My credit score is currently 405 i am trying to get it to at least a 700 in a year.I have 6 baddies on my report and no goodies. ! Currently in collections the rest just reporting. I started paying on two of them so i really dont have anything helping my score. I came across some extra cash and was gonna invest in my credit. I am going to add 3 revolving accounts 1 for 1000 the other 1 for 5000 and 1 more for 1000 , also i was going to get a secured loan for 1000 do you think this is a good idea or do u have any suggestions. 

[llecs]

Getting one revolving CC and one charge card (e.g. store) will really help. However, you can easily hit the high 700s with only one CC. If you had extra cash, then I'd suggest getting only one card and save the rest for repair. A loan won't really help at all. Certainly won't help in the short-term.

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.

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

I'd suggest tackling your CAs first if SOL expired or you have the $$$ to PIF. If you have any OC accounts, charged-off, then I would hold short of fixing those. If all of your baddies were deleted today, you'd end up with no score, no history, and little chance of getting a secured CC.

If you have an CC CO, I would PIF the balance ASAP.

Fix your credit before apping for the secured CC.

[RobertEG]

Address the baddies first.  You say that one is in collection, and the other five are "just reporting?"

Collections can turn into law suits for legal collection.  The other "just reportings" can turn into COs, CAs, or subsequent law suits.

IMHO, get rid of the baddies first.  Then you can app for a solid new CC.  I dont see approval of 7K in new credit at this time.

With your rebuilding score, and serious remaining derogs, I dont think that app'ing for three new lines of additional credit is the path I would pursue at this time.