Trying to get my credit back in order - Feedback is welcome!

[Anonymous]

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@DigitalDybbuk wrote:

Here is my question: I have very low limits on my cards, so I decided to get a Bank of America SecureCard, and I will deposit $1000

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Why did you want to get a secured card if you already have other unsecured cards?  There is no score boost to having more available credit in dollars.  The only thing that is considered is your utilization %.  Take that money and pay down any balances you have instead.  Leave just one card reporting a balance of 5-9% to maximize your score.  Otherwise, just let these accounts age until you can apply for a good card you want.  Opening a new secured card will just lower your AAoA, get you a new inquiry, and get you "new credit".  All these things will lower your score.

[annielorie]

Sorry I fell asleep early last nite idnt mean to post and leave you hanging

[DigitalDybbuk]

Im confused... FAKO? why would experian report to me FAKO and not FICO? that doesnt make any sense...

[annielorie]

The good will letter is to whoever you had a debt with or a late payment that is reported.  If they are paid in full you can ask either cc company or collection agency to delete it off your credit file.  Just be really nice and explain why you were late or didnt pay a debt and that it is paid.  If you have anything on your credit report that is not paid send letter for deletion. Commonly referred to as pay for delete.  Make sure you get that in writing BEFORE you pay. If you have any other questions pm me

[Anonymous]

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@DigitalDybbuk wrote:

Im confused... FAKO? why would experian report to me FAKO and not FICO? that doesnt make any sense...

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Very simple explanation for this: money.  To provide you with a FICO score, Experian (or whoever) would have to pay FICO to use the forumla.  Instead Experian can charge you for a score they made up that is free to them.  They still charge you money, but they pay no money, so they make even more money.  The vast majority of places you can get a credit score will not provide you with a FICO score.  All of these other scores are pretty much worthless.  In fact, you are unable to get your Experian FICO anywhere.  A couple years back, Experian decided to stop providing this option because they wanted to push their own FAKO instead.

[annielorie]

The credit union in PA is the only place to get an experian fico  or when you actually inquire for credit.  Hey jimbo thanks for picking up this slacker last nite!!  Too much wine and very stressful day