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I've been a member of myfico for a few months now and I thought I should use all the advice that's here.
In 2008 I employed with a company that signed a none compete with. The owners and its partners fought and did everything to make the business fail.
We the hourly employee suffered the most. My salary was cut to almost nothing and I lost everything. My house and car. I filed bK and now im rebuilding.
I have since got a Auto loan 11/2011 which I have never been late $14K I have a secure capital one CC $800 open 2/ 2011. And a BestBuy Capital One Mastercard $300CL open 6/2011
My current credit score is 640. I have two collections that IM currently working with to take care of 1) Anderson Financial $587 2) Northern Resolution Group $158
I'm thinking of Opening a secured line of credit with Capital One for $3000. Is this a good move to improve my credit IM open to any and all advice.
Thanks in advance for your help
@dallas06 wrote:I've been a member of myfico for a few months now and I thought I should use all the advice that's here.
In 2008 I employed with a company that signed a none compete with. The owners and its partners fought and did everything to make the business fail.
We the hourly employee suffered the most. My salary was cut to almost nothing and I lost everything. My house and car. I filed bK and now im rebuilding.
I have since got a Auto loan 11/2011 which I have never been late $14K I have a secure capital one CC $800 open 2/ 2011. And a BestBuy Capital One Mastercard $300CL open 6/2011
My current credit score is 640. I have two collections that IM currently working with to take care of 1) Anderson Financial $587 2) Northern Resolution Group $158
I'm thinking of Opening a secured line of credit with Capital One for $3000. Is this a good move to improve my credit IM open to any and all advice.
Thanks in advance for your help
Welcome to the forum
I read your post and just wanted to say keep your head up your off to a better tomorrow and im sure all your questions will be addressed
Best wishes and again welcome
Those collections are post bk? If they are, they will hurt worse because those of us who've filed bk are expected to be perfect afterwards. If those debts were incurred before you filed bk then you should not be paying them. A third credit card should set you up nicely, and consider joining a credit union, they tend to be more forgiving of past troubles than a bank.
Keep working on those collections. Thats step 1.
did you ever try the secured card with a $3,000 limit? i'm curious to know if that made a substantial bump in your score? i would like to try that if it works.
A high CL isn't going to help your score. It is the utilization that matters. If you have high utilization and get a higher CL then it will lower your utilization and help your score.
A lender would probably like to see higher CLs.
I think so. They say an ideal mic of credit is 3-5 credit cards with 7% utli, and at least one installment loan
Im looking to rebuild my credit so i can get a first time home buyer loan to buy a house i dont have any credit card debt just a lot of collections which alot is medical and a few old bills i have one student loan under 4 thousand that is in good standing and an old car loan that i volintaraly gave back because i got screwed on my deal when i was 18 and that sits at 5600 i recently wrote a letter to everything reporting on my credit to validate it and am waiting for the response on those. I have no credit cards i cant get on not even a secured card. my bank wells fargo did offer me a secured card which i am thinking about taking to help build my credit but i just want some advice before i mess up my chances i may not even have at getting a home loan. does anyone have any advice for me at all? i am signed in with credit karma and my score on there is 499 what should i do?