are 3 credit cards and 1 installment loan a must for quick rebuilding

[JussJoss]

1. I have an auto loan (open since 2012 with 2 30 day lates reporting)

2. Open Sky secured card the middle of March 2015

3. Capital One secured card the end of March 2015

Should I open another secured card in the next week or so to complete the 3 that's best for rebuilding or stay with what I have and in a year when my scores are better and more of my baddies fall off start applying for credit cards again.

Thanks for the advice

[gdale6]

The bankcards you should get ASAP the store card can come later after there is some history reported on the bankcards, I would app store in 6 months.

[JussJoss]

Hi GDale6

Just want to make sure I understand correctly.  I should apply for another card from the list of credit card companies that approve cards for people within my credit score range ASAP as that would bring my bank card number to 3 (1. open sky; 2. capital one; and 3. maybe someting like first progres once approved). 

Are those cards listed at the top of the page consided bank cards? 

Thanks very much for your help

[gdale6]

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@JussJoss wrote:

Hi GDale6

Just want to make sure I understand correctly.  I should apply for another card from the list of credit card companies that approve cards for people within my credit score range ASAP as that would bring my bank card number to 3 (1. open sky; 2. capital one; and 3. maybe someting like first progres once approved). 

Are those cards listed at the top of the page consided bank cards? Yup they are bankcards.  Its not an all inclusive list that will approve in your Fico range. I would talk to a local CU and see what they have to offer, you might even look into national CUs its possible to get an unsecured below 600 with certain banks/CUs. You can check the credit pulls and who gave me credit databases to see what scores people have been approved for a card. 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Secured-Cards-Database/td-p/3846302

Thanks very much for your help

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[CH-7-Mission-Accomplished]

Your two new bank credit cards haven't reported yet.  You will likely see a huge boost in your credit score once they report.  I would hang tight, let them report, wait until they are three months old, and then apply for Cap 1 QS1 and Cap 1 Platinum.  

Then apply for one or two store cards if you want, but don't get carried away.  Good cards are like Walmart, Lowes.

If you want to try the shopping card trick, limit yourself to a maximum of two cards (like Victoria's Secret, J. Crew)

Your scores will likely jump to 620 or so after those two cards report and you should be good to go.

This is assuming these are your only cards and that you don't have any others already.  You get the max boost for card number 1, a good but lesser boost for card number 2, a good but even less boost for card number 3.