10-20-2012 02:21 PM
Let me begin by saying “Thank You” in advance for taking the time to read my post and for your suggestions. I did the bankruptcy process last year (2011) and been proactively monitoring my credit score. In the last 3 to 4 month my credit score has increased from the 590 to 636 which is good news and so far Iam happy for the improvement I believe is thanks to the line of credit I’ve managed to open and maintain in good standards at this time: A ‘Secure Card’ and a car service credit line (just a month old) that I believe is considering a ‘Merchant Card’.
Reading through tips and best practice to further improve your credit score I'm a bit confused in regards to how many credit cards or credit line should I have in order to establish a good credit. I am afraid that if I open too many of them (especially with my current credit score) will flag lenders that I’m someone who's desperate for financial need, especially afraid of been rejected which I think it impacts your credit score -- so I dont want to lower my score at this point.
I guess the question here is; with my current credit score and the 2 cards I have, is that good enough to rebuild my credit, or maybe take one more line of credit like maybe a Merchant card from Best Buy, Sears, JCPenny or something like it that can help further boost my credit score to my desire goal or should I just keep with what I have for now and just work with that until I hit the 700 credit score in order to further increase my credit line?
What do you all think?
10-21-2012 06:19 AM
10-21-2012 06:54 AM
Could being an authorized user on someone else's credit card really work to boost my credit score?
10-23-2012 12:39 PM - edited 10-23-2012 12:40 PM
Thank you! I've heard that a friend or family member can add you to their current credict card, but to all honesty, not sure that help. Also if that person, yourself or both fail to pay on time both will get the late payment hit so I rather work that on my own without asking a family member -- Just my thought
10-23-2012 01:17 PM
I really never liked the AU route...especially if they max their credit card...now they messed up UTI has royally screwed you over...doesn't matter if its never late
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.