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Hello everyone
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.
Welcome.
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
Public Savings Bank is now out of business, so nix them. There are several options, but a secured CC is a great place to start. Per FICO scoring, the limit doesn't matter.
Here are a couple of links to get the ball rolling on researching cards:
http://creditcards.myfico.com/offers/bad-credit/
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
or
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.
@llecs wrote: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.
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.
@sharpie wrote:
@llecs wrote: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.
Orchard secured was one of my first CCs and they were great.