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How to build positive accounts while working on derrogatories?

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Anonymous
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How to build positive accounts while working on derrogatories?

Hi everyone, my name is Johnny & this is the first time I'm posting. I'm 23 years old and have finally decided to take a stand and fix my credit. To give you a little background, 3 weeks after I turned 18 I received 19k in hospital bills and was floored by the lack of help I received so I kind of just gave up on credit. However, here I am today and looking to get some help.

 

I'm currently working on getting negative charges removed on my account. For the most part I'm doing everything right, just currently playing the waiting game to see if I have to adjust my strategy.

 

I only have negative things on there so as far as positive things go, I got 2 secured credit cards for $500 each today... no worries, not getting ripped off on fees and both report to to all 3. What else can I do to get things rolling?

 

Message 1 of 5
4 REPLIES 4
dytch2220
Regular Contributor

Re: How to build positive accounts while working on derrogatories?

Some things you can do are:  Join a CU and take out a share secured loan, deposit the money from the loan right back into the savings account and have the loan auto-draft from the same savings.  Then all you need to do is deposit enough to cover the small amount of interest and you can forget about the loan.  Open a third line of revolving credit (maybe a secured credit card with the same CU).  Make all payments on time, forever.  Resolve your outstanding derogatory credit items.  Either pay them, ask for a PFD and/or settlement or if they're super old you might just want to wait for SOL to expire.  Make sure the balances on your cards stay low or are paid before the cycle close to less than 7-10%.  And the most underrated thing you can do is simply WAIT.  It takes time...

Installment Accounts

Revolving Accounts
Message 2 of 5
Anonymous
Not applicable

Re: How to build positive accounts while working on derrogatories?


@Anonymous wrote:

Hi everyone, my name is Johnny & this is the first time I'm posting. I'm 23 years old and have finally decided to take a stand and fix my credit. To give you a little background, 3 weeks after I turned 18 I received 19k in hospital bills and was floored by the lack of help I received so I kind of just gave up on credit. However, here I am today and looking to get some help.

 

I'm currently working on getting negative charges removed on my account. For the most part I'm doing everything right, just currently playing the waiting game to see if I have to adjust my strategy.

 

I only have negative things on there so as far as positive things go, I got 2 secured credit cards for $500 each today... no worries, not getting ripped off on fees and both report to to all 3. What else can I do to get things rolling?

 


Welcome aboard! Smiley Happy

 

Make sure that you opt-out with the CRAs (see the link in my siggy). It sounds as though you're working every angle. What you can do now is pay on time. Don't go over the limit. Don't go on any outrageous app sprees, racking up needless INQs. Let your secured cards do their job, which is to help you build good history. Use your cards as much as you like, but only what you can PIF each month. Let time do its job, because credit building is a marathon, not a sprint! Smiley Happy

Message 3 of 5
RammaCredit
New Contributor

Re: How to build positive accounts while working on derrogatories?

Edited.  

 

Some CU's might not accept you for membership so try Cap One unsecured first then if denied the mastercard. but make sure what ever you get secured or unsecured you are able to pay balance down to at least 20% of your limit.

 

Good Luck.

Starting Score: TU:636 EQ:592
Current Score: TU:709 EQ:637 EX:706 (PSECU)
Goal Score: TU:790EQ:760 EX: 774

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Message 4 of 5
Anonymous
Not applicable

Re: How to build positive accounts while working on derrogatories?


@Anonymous wrote:

Welcome aboard! Smiley Happy

 

Make sure that you opt-out with the CRAs (see the link in my siggy). It sounds as though you're working every angle. What you can do now is pay on time. Don't go over the limit. Don't go on any outrageous app sprees, racking up needless INQs. Let your secured cards do their job, which is to help you build good history. Use your cards as much as you like, but only what you can PIF each month. Let time do its job, because credit building is a marathon, not a sprint! Smiley Happy


I think LilMirth hit the nail on the head.

I would like to highlight, underline and bold everything she said!  Smiley Tongue  But especially PIF each month.  And best wishes to you as you move forward!

Message 5 of 5
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