What should I do??

[Anonymous]

Stupidly at age 18, I got a CapOne credit card with a limit of $500, I let it go into collections and the final amount was $744. I have not recieved any more letters from collection agencies recently, I think I got one at the very begininng of the year. It also is not listed under the collections portion of the myfico analysis (just says it was charged off as bad debt ). Long story short, I ended up getting pregnant with my son and had a lot of bills that I thought I should pay before I paid my credit card off.

According to myfico, my scores are:

Equifax- 563

Trandunion-569

Experian- 557

I have a CreditOne card that I got in August with a limit of $300, which I have gone over the 30% recomendation, with the highest balance being $102.30. I am really trying not to use it over that percent.
I am also an authorized user on my mother's CapOne and Discover cards which both have lower limits (she is trying to BUILD credit because she has not had any in about 10 years )

What should I do as my next step??
I really need to build my credit back up, I will probably need to get a new car in the near(hopefully not too near!!!) future and paying $400 a month just isnt feasable.
Should I take out a secured loan?
Or would a secured credit card work be a better idea?

thanks!!

[Burned2manybridgesB4]

CO at 18? How old is the CO now?

[Anonymous]

Sorry, I should of mentioned, I am 23 now. I originally got the card at 18, I think i stoped paying in late 2010 or early 2011. I'm not 100% sure.

[Burned2manybridgesB4]

Threads of awesome knowledge...

Once you're done with the "homework reading assignment," look up your SOL, and verify the DOFD by pulling your reports from all three. EX, EQ, and TU.

Type back when you have that, and others will hopefully jump in to offer help, and past experiences that coorlate with your situation. 

[Desmoire]

Is it a paid collection? If its not paid, I would write up a PFD (pay for delete) letter to the collection agency. You mentioned you currently have a CC, keep the balance low and PIF every month. Once you see your score north of 600, maybe app for another easier card to obtain. Refer to the myfico credit card center above for the best cards with low credit score. best of luck to you!

[Anonymous]

Thanks. Will read up.
But won't pulling the reports ding my score? I mean not that my score is any good now but I'm afraid to make it even worse by doing so.

[Burned2manybridgesB4]

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@Anonymous wrote:

Thanks. Will read up.
But won't pulling the reports ding my score? I mean not that my score is any good now but I'm afraid to make it even worse by doing so.

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Pulling your own reports is your right as the consumer, without any penalty. Only others pulling your report as a 'Hard Pull," affects your credit. Soft pulls, and AR pulls do not affect you. Read up on those too, in the credit card section/commonly requested threads.

[Anonymous]

Where is the best place to get the full reports from the 3 agencies?

[Burned2manybridgesB4]

EQ

TU

EX

...if you've been denied credit lately, you can pull them for free, but you'll have to search for the "freebie" hidden in their pages

 -or-   use Once a year freebie from all 3

The last link is the one you should use, if you've never pulled, or haven't pulled in a while.