My next move - Credit help.

[Anonymous]

Hello everyone,

I wanted to get your opinion on what I should do next.  Here is where I am currently at.

MYFICO

EQ - 617  TU - 597  EX - 597

I have had a cap one secured card going on 4 months now with a urlization of 10% and all on time payments. the only thing i have on my credit is reporting on all 3 is 3 tax leans. and 1 old sprint account I still working on getting off. 

My question is should I apply for another CC and if so what would be a good fit for me? Or do I wait? 

Thanks for the help.

[Anonymous]

I would definitley work on taking care of the negatives as those will continue to bring your score down. Also, look into getting a credit builder loan from a local credit union. This will give you one revolving and one installment loan. Then from there I would wait 2 more months and then apply for another card. Currently I am using Credit One Bank they suck for a long term card but are great for building credit. 

[Anonymous]

Would agree on the credit builder type of loan ... And with those scores you may qualify for the Discover secured card. 

If you get both, then begin working on getting those negatives off your report, and make ALL payments on CCs/loans on time, you'll see improvement. 

Personally I started with the Cap 1 secured card, and added the Discover secured card not long after. We also have a car loan since January (I started rebuilding in Feb). I also added a Cap 1 Platinum card, later changed to include rewards (branded as a QuickSilver but not truly a QuickSilver) and then added an Overstock card with the Shopping Cart Trick. 

With all of those, making all payments on time, keeping UTI down, and getting negatives paid/removed, I've seen 100+ increases across all three bureaus. 

[Anonymous]

Do you think I sould try to get an instalment loan? if so who would I even have a chance to get approved by? 

[tricie17]

Before getting that secured card, join a Credit Union.  Look at some of these threads on myfico forums for the best ones.  You know Credit Unions help a lot.  Once in with the CU, take the money for the secured card and put it down for an installment loan which they will give your money back after set up.  Take that money and get your secured card and start paying everything on time.  Use the secured card to pay down your derogs.  This should help you in the shortest amount of time.

[Anonymous]

Credit Unions almost always have an option to help.

[Anonymous]

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@Anonymous wrote:

Do you think I sould try to get an instalment loan? if so who would I even have a chance to get approved by? 

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Credit Builder loans, or secured loans, are installment loans, and give you the opportunity to make regular payments to build that history.