Rebuilding Your Credit

[SLR72689]

My best friend is a personal banker at 5th 3rd and keeps encouraging me to apply for a secured credit card. I've read how great they help you... but would it be more beneficial to me to use my cards I already have? 

I have:

• a Capital One card ($500 limit, opened 2007) but it's currently not "positive" because I have one 30 day late. **I have sent a GW asking to remove the late payment**
• an Orchard Bank card ($300 limit, opened 2009) also currently not "positive" because of a few lates.
• a Best Buy store card ($1,305 limit, opened 2007) which IS positive with no lates.

Also, I was just approved today for a Victorias Secret card with a CL of $350.

Do you think opening a secure card and getting another positive TL would be the best thing to do right now or to continue using the current cards I have?

[guiness56]

Positive or not they still count toward you utilization and are factored into your score.  The 30 lates will be removed 7 years from their occurence and the account will become in good standing again.

[SLR72689]

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guiness56 wrote:

Positive or not they still count toward you utilization and are factored into your score.  The 30 lates will be removed 7 years from their occurence and the account will become in good standing again.

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Yeah, I think on one of my reports it said Capital One will be in good standing in 6/18 

I'm just trying to decide if it's worth it to "spend" $300 on a secured card.

[guiness56]

It really isn't what your overall CL is but, rather, how you use it.  You can have one CC and get the same results as 2 or 3.

I have read that FICO likes to see a minimum of 3 and no more than 30 (lol) but I don't how true it is. 

[SLR72689]

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guiness56 wrote:

It really isn't what your overall CL is but, rather, how you use it.  You can have one CC and get the same results as 2 or 3.

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My reasoning for considering it was to have another account in good standing since of my current 3 cards only 1 is in good standing.

[guiness56]

I understand that.  So to have another positive reporting TL.  You probably already said that