Rebuilding credit almost from scratch....Some advice needed.

[Anonymous]

         After paying off a debt collection in May '17 (DirecTV) my FICO score became non-existent as there was nothing to report (FAKO=4!) and I had zero existing credit lines. I secured a credit line w/ CAP1 for $255 six months ago and have just now re-entered the FICO Zone. I currently have  TU 718,  EQ 697 & EX 614 (Exp has the debt hit on it). I thought I might do better to have more lines of credit: I got a secured Discover ($300), another CAP1 unsecured ($300) and an unsecured SYNC/Amazon Prime for $2,100. I was denied an unsecured Discover (because of the other recent Discover acct) and a Chase card (Amazon) that pulled my low EX score. All said I've incurred 7 HP's over 3 days. 

 My questions are: How long do you all recommend I garden? Are 4 active accounts sufficient for boosting my FICO?  Assuming my current scores reflect my recent inquiries can I expect another big hit for the additional new credit? Thanks!

[Anonymous]

---

@Anonymous wrote:

         After paying off a debt collection in May '17 (DirecTV) my FICO score became non-existent as there was nothing to report (FAKO=4!) and I had zero existing credit lines. I secured a credit line w/ CAP1 for $255 six months ago and have just now re-entered the FICO Zone. I currently have  TU 718,  EQ 697 & EX 614 (Exp has the debt hit on it). I thought I might do better to have more lines of credit: I got a secured Discover ($300), another CAP1 unsecured ($300) and an unsecured SYNC/Amazon Prime for $2,100. I was denied an unsecured Discover (because of the other recent Discover acct) and a Chase card (Amazon) that pulled my low EX score. All said I've incurred 7 HP's over 3 days. 

 My questions are: How long do you all recommend I garden? Are 4 active accounts sufficient for boosting my FICO?  Assuming my current scores reflect my recent inquiries can I expect another big hit for the additional new credit? Thanks!

---

A share secured personal loan would help boost you up some more. Other than that, just stand pat for the next 6-12 months and let those accounts age.

[Anonymous]

Thanks for the reply Norman. Can you tell me if opening new accounts will negatively affect my FICO in addition to hits for the recent inquiries?

[Anonymous]

Inquiries give you approx 2 pt decrease per for one year. A new secured loan account will drop your score a few points the first month or two but when it recovers you'll have the boost prev poster suggested.

I agree, garden new cards, get secured personal loan and just wait.