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@Anonymous wrote:
Hi All!
I am trying to restablish my credit file after cleaning up a lot of negatives and bad debt that has been lingering. I have managed to get down to three small credit card charge offs (less than $1000 each) which are due to age off in two years and no inquiries at all.
I currently have nothing in my name and I am looking to open some new accounts to begin the rebuilding process since my score has remained unchanged for some time, around 555 FICO. I have been a stay at home mom for the past five years so obtaining credit would have been impossible with zero I come and many derogs on my file. I have just returned to work and want to app some new cards. What is the best way I should go about doing this? Any advice is appreciated!
I would start with an app for a Cap One Platinum card. If denied app for the Secured card, and then app for an Open Sky card.
Are those charge offs reporting an unpaid balance?
@Anonymous wrote:
Two of them are reporting a balance. One is not.
You'll need to get those settled as soon as you can so your scores can recover. Those balances are included in your UTI% portion of your FICO scores. Getting them to $0 should be a priority in order to rehab your scores.