Hello. Been lurking for a couple months now. Love this site
Ive been trying to get my credit up and started keeping track of my credit score about October 2014. Ive only used sites like credit karma/credit.com etc. And as of December 2015 my score showed around 650-670. I thought great but once the new year hit and I check my scores again I no longer have one. I then find this site and decide to check my fico score from here and it has no score for me either.
I havent had any credit in several years. Had a couple collections fall off my account last year. I currently have 1 collection on my credit report.
So now I have to start all over again. I just got approved for a Capital One credit card with a $300 limit and 24.9% interest ouch and $19/yr fee which starts the 2nd year. (should receive my card in the next couple of days) But I was so excited because I tried to apply through a few places who all denied me. So Ill take it.
My question is about my 1 collection. if I do a pfd on the collections account will that be good for my credit score or will that drop it since I have just a thin credit file.
Also will the 1 credit card Im going to get be good enough to start out with to have a decent score or should I apply now for more?
Would appreciate any feedback
Lisa 
@Anonymous wrote:Hello. Been lurking for a couple months now. Love this site
Ive been trying to get my credit up and started keeping track of my credit score about October 2014. Ive only used sites like credit karma/credit.com etc. And as of December 2015 my score showed around 650-670. I thought great but once the new year hit and I check my scores again I no longer have one. I then find this site and decide to check my fico score from here and it has no score for me either.
I havent had any credit in several years. Had a couple collections fall off my account last year. I currently have 1 collection on my credit report.
So now I have to start all over again. I just got approved for a Capital One credit card with a $300 limit and 24.9% interest ouch and $19/yr fee which starts the 2nd year. (should receive my card in the next couple of days) But I was so excited because I tried to apply through a few places who all denied me. So Ill take it.
My question is about my 1 collection. if I do a pfd on the collections account will that be good for my credit score or will that drop it since I have just a thin credit file.
Also will the 1 credit card Im going to get be good enough to start out with to have a decent score or should I apply now for more?
Would appreciate any feedback
Lisa
Yes, try to do a PFD on the collection, you want that off of your report. You will want a couple more cards, but do not apply with any of the prime credit card companies because you will waste hard inquiries. Maybe get a secured card with Capital One, they should approve you since they issued you an unsecured. Or check their prequal site, to see if you could be approved for another unsecured card with them. You can have more than one account with Capital One. I would say it is possible that Credit One or First Premiere may approve you, but I would avoid them at all costs. If you cannot get a second card with Capital One (secured or unsecured) maybe try OpenSky or somewhere like that for a secured card. Just a note, you would probably only have to put down $49 for a $200 secured card with Capital One. Their secured card reports as a regular credit card. The other thing that would be helpful for you is to get a small installment loan, but at this point that may have to wait, until you get your scores back. Once again, try to get rid of that collection, never keep one of those to build your file.
@Anonymous wrote:Hello. Been lurking for a couple months now. Love this site
Ive been trying to get my credit up and started keeping track of my credit score about October 2014. Ive only used sites like credit karma/credit.com etc. And as of December 2015 my score showed around 650-670. I thought great but once the new year hit and I check my scores again I no longer have one. I then find this site and decide to check my fico score from here and it has no score for me either.
I havent had any credit in several years. Had a couple collections fall off my account last year. I currently have 1 collection on my credit report.
So now I have to start all over again. I just got approved for a Capital One credit card with a $300 limit and 24.9% interest ouch and $19/yr fee which starts the 2nd year. (should receive my card in the next couple of days) But I was so excited because I tried to apply through a few places who all denied me. So Ill take it.
My question is about my 1 collection. if I do a pfd on the collections account will that be good for my credit score or will that drop it since I have just a thin credit file.
Also will the 1 credit card Im going to get be good enough to start out with to have a decent score or should I apply now for more?
Would appreciate any feedback
Lisa
Grats on the approval & welcome to My Fico
If these are the only 2 things on your report you need to do the PFD before apping for more. You wont generate a Fico until the new card reports history for 6 months. You might have to do a few secureds to get self going again.
http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/td-p/2031275
http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519
@Anonymous wrote:Hello. Been lurking for a couple months now. Love this site
Ive been trying to get my credit up and started keeping track of my credit score about October 2014. Ive only used sites like credit karma/credit.com etc. And as of December 2015 my score showed around 650-670. I thought great but once the new year hit and I check my scores again I no longer have one. I then find this site and decide to check my fico score from here and it has no score for me either.
I havent had any credit in several years. Had a couple collections fall off my account last year. I currently have 1 collection on my credit report.
So now I have to start all over again. I just got approved for a Capital One credit card with a $300 limit and 24.9% interest ouch and $19/yr fee which starts the 2nd year. (should receive my card in the next couple of days) But I was so excited because I tried to apply through a few places who all denied me. So Ill take it.
My question is about my 1 collection. if I do a pfd on the collections account will that be good for my credit score or will that drop it since I have just a thin credit file.
Also will the 1 credit card Im going to get be good enough to start out with to have a decent score or should I apply now for more?
Would appreciate any feedback
Lisa
That new card should give you a score boost. Watch your reports and as soon as it reports apply for a Cap One Quicksilver card. You want to establish at least 3 bank cards as soon as you can.