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Established Member
Posts: 19
Registered: ‎10-25-2011
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Rebuilding credit & new CCs

Hi Everyone - I'm sorta confused on when to try and open a new credit card as part of the credit rebuilding process.  I'm not especially in need of credit at the moment, but I would like to get approved for a mortgage one of these days, and need help to point myself in that direction and get my scores up. 


I realize that this is a very particular question, so I'll provide some of my data below.  Any input or advice will be greatly appreciated.


My most recent scores are TU = 652; EQ = 607. AAoA = 10 years. 

Currently, I have 7 baddies which include:

1 student loan with late payments but is current now

3 credit card accounts which are paid off & closed but have 90+ day late payments associated to them (Citi, Chase, Shell/Citi)

3 credit card accounts which I am paying off but 90+ day late payments associated to them (Bof A x2, Discover). These accounts are also closed.

All accounts are current - no late payments in over a year.  I only have one open line of credit for $500 which is basically overdraft protection tied to my checking account, but it lists as revolving credit on the credit reports.  Currently it has 0 due, 0 late payments.  I expect to have all lines (except the student loan) paid off by May 2013.


I also have 2 collections on my reports:

1 paid collection for less than $100 (due to age off 12/2013)

1 collection that the CA has agreed to delete - not sure of the score bump this will give me



Thanks to anyone reading this long message Smiley Happy

Valued Contributor
Posts: 2,111
Registered: ‎07-29-2011
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Re: Rebuilding credit & new CCs

It will help to have around 3 active revolving credit lines, one of which reports a balance greater than $0 but less than 10% credit limit.  I think you will see an immediate increase in your FICO score as soon as you open two secured cards and they report, one with small balance.

EX:694 TU:744 EQ:777
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Established Member
Posts: 19
Registered: ‎10-25-2011
0 Kudos

Re: Rebuilding credit & new CCs

Thanks very much!!

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