Need Help Please

[Anonymous]

Hi,

Im new to the forum and new to figuring out credit scores, and unfortunately was an idiot and have made a mess of my credit.  I've been paying off collections and need to rebuild my credit.  I was hoping someone could give me good advice.  Below is where I'm at on my credit....

EQ 488   TU 485   EX 495

I have 3 past due accounts which are actually student loans in collections that im paying Friday 4/15 off completely.

I have 6 collections, some medical and I have paid them all and they have removed a couple since my credit was pulled a few weeks ago.

I dont have any installment loans, my vehicle is paid for and I pay rent so I dont have a mortgage.

A few questions I was hoping someone could awnser...

1.)  I applied for Capital One Secured card and deposited $99, it gave me a $200 limit on the card, after receiving the card I found out I could have deposited more & got a higher credit limit....How many CC should I have to rebuild with?  Should I apply for another?  Also my local credit union said I could take out a $500 secured installment loan after paying off all collections, if I apply and get this should I get another secured card?  Then I would have two CC and one instalment loan.

2.) I ran the simulators and if I do above it said I would have gained 120 points on average per credit bureaus?  Do you think this is possible to be at 620 in a year?

Sorry it was so log but thank you for all your help

[Anonymous]

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@Anonymous wrote:

Hi,

Im new to the forum and new to figuring out credit scores, and unfortunately was an idiot and have made a mess of my credit.  I've been paying off collections and need to rebuild my credit.  I was hoping someone could give me good advice.  Below is where I'm at on my credit....

EQ 488   TU 485   EX 495

I have 3 past due accounts which are actually student loans in collections that im paying Friday 4/15 off completely.

I have 6 collections, some medical and I have paid them all and they have removed a couple since my credit was pulled a few weeks ago.

I dont have any installment loans, my vehicle is paid for and I pay rent so I dont have a mortgage.

A few questions I was hoping someone could awnser...

1.)  I applied for Capital One Secured card and deposited $99, it gave me a $200 limit on the card, after receiving the card I found out I could have deposited more & got a higher credit limit....How many CC should I have to rebuild with?  Should I apply for another?  Also my local credit union said I could take out a $500 secured installment loan after paying off all collections, if I apply and get this should I get another secured card?  Then I would have two CC and one instalment loan. Don't worry about the limit - higher is not better for scores. You want to get three accounts established. Once the secured card reports, apply for a Cap One unsecured card. The secured loan could be helpful as well.

2.) I ran the simulators and if I do above it said I would have gained 120 points on average per credit bureaus?  Do you think this is possible to be at 620 in a year? Yes, that is very possible.

Sorry it was so log but thank you for all your help

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[Anonymous]

Thank You for your response, I dont think I could get one that was unsecured with these low of scores though?  Wait until the secured post to my credit?

Also the amount on the secured installment doesnt matter either right?  I could do $500?

[Anonymous]

Once the secured card reports your scores will go up, possibly by a good amount.

[Anonymous]

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@Anonymous wrote:

Thank You for your response, I dont think I could get one that was unsecured with these low of scores though?  Wait until the secured post to my credit?

Also the amount on the secured installment doesnt matter either right?  I could do $500?

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Tie up as little money as necessary.

Once the secured account starts reporting you will get a score increase. At that point apply for the Cap One unsecured Platinum card.