Rebuilding credit advice pleeease

[Anonymous]

Ok I'll get on top of that. Does the loan amount Matter or can it be for 500?something low as well?

[jbsea]

No, as with cc it does not matter how much your loan is for.  Also the one thing you really want to be careful of with low limit cc is never go over your credit limit.  It might be difficult with only $200 limit but this is also very important.

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@Anonymous wrote:
Ok I'll get on top of that. Does the loan amount Matter or can it be for 500?something low as well?

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[gdale6]

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@Anonymous wrote:
Ok I'll get on top of that. Does the loan amount Matter or can it be for 500?something low as well?

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No it doesnt really matter as already stated but I would do for no lower than 500 and if you can get it over multi years thats even better.

[Anonymous]

Ok so before I do all of these things should I pay off the collection accounts? Also I notice that one of my collection accts was reporting open which was weird..

[gdale6]

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@Anonymous wrote:
Ok so before I do all of these things should I pay off the collection accounts? Also I notice that one of my collection accts was reporting open which was weird..

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For a CU shared secured loan you should not need to settle all the collections first, there is no risk to the creditor in a secured loan. If a CA is actively working a collection then it would be reported as open.

[Anonymous]

Ok now the ca is reporting closed on exp and open on trans that's all that confused me. Any other advice you guys may have to help me get to where I want to be would be very welcomed!! I want to thank u all again for all the advice u have given me I feel like I was a just a 26 year old female with no clue about any of this but after just one day I have learned so much!! This forum is amazing

[Anonymous]

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@Anonymous wrote:
Ok so before I do all of these things should I pay off the collection accounts? Also I notice that one of my collection accts was reporting open which was weird..

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Whether you pay old collection accounts is really up to you, but it does look better to have old items paid, even though it may not make much difference in your scores. Any CO credit card accounts that show an unpaid balance to the OC should be settled as priority number one, then any collections that are being updated each month should be settled. After that just work backward in time, trying to PFD each item.

[Anonymous]

Ok well I never had a credit card so I don't think I would have any debt that way. And I am new to this so i don't know what pfd means lol I'm sorry