What to do- Need to get credit to 620

[Anonymous]

Hey everyone I need some help/advice-  I am trying to purchase a second home where my parents live in Fl as an investment home (dad already has several down there and does maintenance work on his).  My situation, went from 90k a year to 50k in a job and now about in the middle of that.

USAA has charged off my account 15,xxx a collector has agreed to take 2k sept 1st and 55x.xx for 11 more months to cancel that debt.

Personal bank had a home equity line charged to 16k

Capital one has just closed my acct as of June- had i paid them $50.00 they would have suspended closing it.

Mercedes car payment of $867.00

Goal was to sell my Porsche that just sits in the garage pay off the mercedes and than begin to pay off the debts.

What actually happened was 2 weeks into this whole thought process I was involved in a light accident with a corporate (auto parts) truck which totalled the Mercedes.  The Mercedes was deemed totalled and I was issued a check for 27k  this more than made the loan payment.  Now my credit report shows no installment loans besides my current mortgage 14 1/2 on 15  year refinance.  With the extra money on the settlement I purchased cash a subaru to drive to and from work.  I also sold the porsche for 30k and completely paid off the home equity and the capital one card.

The good, I now have 12k in a savings account, home equity account has a zero balance with 16k available credit-  Capital one is complete paid off but still shows on my credit karma (paid off on 8/2/2016)

What do I need to do to increase my score- I've tried secured credit with BofA who has my mortgage and got denied, tried capital one secure that creditkharma website said I should get and got denied- 

Current score that came back from experian was 590 from the BofA credit inquiry.

[cjane1]

My credit score started off in the 500's, I got a fingerhut credit card, bought 1 item paid it off in 2 months. I only purchased once because items are expensive but it raised my credit score.  Also, got a secured c/c from  the credit union I bank at, it is only used for gas and is paid off before it is due. When my credit score went up to the lower 600s I qualified for a Walmart c/c, Capitol one, and Amazon store card.I am now at 668 and qualified for Chase Freedom Unlimited,  You must keep your total  utilization around 9%  or your score could possibly drop or not change at all.  It  takes a little time but you will get there.

[Anonymous]

Is there a certain credit card I should get to start to rebuild- I wish I hadn't let the cap one card close- 

[Anonymous]

So the Fingerhut helps a lot? It's crazy because I have a fresh start account with them and never used it. Currently at a 607 and trying to increasing my scores.

[Anonymous]

Same thing happened to me with Capital One and my account was closed out by them. I was told was 90 days and reapply so your report can update stating you're paid in full. All the secured cards I've applied for I've received a denial and I think it's because of that.

[Anonymous]

So I just applied for a fingerhut account and got approved for $600-  What is the best way to use it I know- utilization is 0-9%  But say I wish to purchase a $200 item does that mean purchase it and make one payment of $140 right away to keep my balance at $60

[Aduke1122]

Yes that would work ,.or pay almost all the way off and only let like 10 or 20 dollars report , you really need to have some kind of revolving credit card , not a store card to get more score increases , you can do an Open Sky secured card and they report to all.3 . Also check into the many credit unions named on here . I think DCU offers a good secured card .

[Anonymous]

DCU offers a very good secured card.

[Anonymous]

Does DCU report to all three bureaus? I didn't see on there where it says that? Also do them and OpenSky do a credit check? I already have two store cards (VS and Express) these wouldn't count as revolving to give me that extra boost on the points right? Current my utilization with them is 22%

[cjane1]

Utilization is way too high and is keeping your score from  going up, probably hurting it..... Fingerhut did bring up my score but the secured card through my credit union made the differnce with my score going up to the 620s when I started in the 500s.