08-19-2011 09:23 AM
I am here because I plan to get back on my feet and fix that score of mine that I ruined back in 2006. I opened a Capital One card and they gave me credit limit of $3000 which I started using forwards DJ equipment and other goods. I had a full time job and was making decent money. Long story short my immturity caused me to make late payments, my card was maxed out and i was making minumum payments. One thing led to another (car trouble, medical bills) I stopped paying on the card for few months. They filed for collection and I kept avoiding it. About a year later I paid it all off to collection agency at the end of 2007. Since then I had one more credit card and it was from jewlers store which was paid in full few monts after getting it.
Its almost end of 2011 and I am 26, been married for a year, have a car with a cosigner and want to start rebuilding my credit line. I am 599 right now and want to get back to high 600s (650-690). I do no own a single credit card at the moment only buy what I need with debit and cash. I have a full time job which brings in about 30k and a small business on the side which brings about 15-20k.
I will be active here as much as I can to learn more about rebuilding your credit line and get back on my feet. My wife and I are thinking about a house soon and kids so having 599 as a credit score is unacceptable for me.
08-19-2011 09:32 AM - edited 08-19-2011 09:36 AM
I got a secured credit card. Two that don't pull your credit (which is important) are Public Savings Bank and Millenium Bank. There is no place on the Millenium Bank website that I could find to apply, you do it through a different site, which won't be hard to find if you Google it. only
Both charge a fee, but to me it was worth it. Just use sparingly and pay off immediately. Sometimes letting a small balance report can raise scores as well.
The only other suggestion I have is that time will be on your side. Change your habits, plug away. I found that trying to "trick" the system is not half as gratifying as actually doing the right thing. I have defaulted on secured credit cards in the past, so just not screwing it all up this time is gratifying to me.
Basically, I feel like a complete loser due to all my poor choices. I might not even have enough time left in my life to right them all. But everytime I take care of something the "right" way, I feel a little better about myself. You are 26. You have plenty of time to make it right. And keep it right.
Best of luck to you and your future family
08-19-2011 02:55 PM
08-19-2011 05:31 PM - edited 08-19-2011 05:35 PM
Thanks so much for the tips on credit cards.
Out of the 4 that they presented which would you guys think is the best option in your opinion?
Capital One Secured with 22.9%V Anual-$29
Orchard bank Secured with 7.9%v Anual-$35
Im thinking that 200-500 limit is perfect for what i need or going to be using card for.
08-20-2011 10:25 AM
well, so much for that. i just clicked to pay my bill and you are correct, they are no more. GRRRRRR. i got a huge jump on my CR as soon as it was openened. now i have to figure out whether to pay the bill and how to get my security money back.
Public Savings Bank is now out of business, so nix them.
thats weird, i really just got the card in april, and use it and pay it. ???? wonder about this.
08-20-2011 10:58 AM
08-20-2011 02:00 PM