Rebuilding Your Credit

[Lasardo]

Just checked my credit report and the installment loan is showing, my score went up already 18 points and I have not even started payments yet. I wonder if there will be a problem because now I have 2 installment loans with my car included. ? Regardless I did find the CD program through my local bank but I am sure a credit union would have one as well. It is called a "credit builder" account.

[mauirain]

Hi Lasardo Thank you so much for replying.  I really appreciate the advice.  So how did you get two secured  cards thru capital one?   I have one card from them now.  I was thinking of making payments for 6 months and then applying for unsecured card.  Not sure if I will be approved though.  Maybe I would read up on the first premier card.  Thank you so much for the support and the well wishes....I sure wish you luck as well.  No it is not easy being a single mom......but it is definitely not boring...lol

[mauirain]

Thank you..I just realized that after paying off the entire balance. So is it common for people to leave a little bit of a balance. Is it a good strategy?  Thank you for your help.

[Lasardo]

Mauirain, Great name. Anyway I got the 2nd card just by applying, they will not up your CL but have no problem extending a second card to the majority of people and our scores are very similar. I would suggest getting a second one. (if you're not opposed to a hard inquiry) my score dropped a bit after I applied but I immediately following an on-time payment it increased beyond and over my previous credit score. Have you tried to pull your credit on CK (credit karma) ? They are lower than my Fico and even my experian, Not sure why, Regardless you will need an additional card. First Premier is unsecured but the interest, (If I did not mention it to you,) is 36%! They should go to jail for 36% but us little people have to get ahead some how and pay for it. I can tell you my experience in finding cards that will extend credit to most people with less then perfect credit is quite extensive. I unfortunately was told if you are "shopping" for credit to do it all at once..that you would not be hit negatively regarding your score and it would basically show up as one. Boy was I dumb. That is true for mortgage loans and car loans but not for credit cards. So I have 12+ inquiry's and am trying desperately to dispute them but I understand they are very difficult to get off so wish my luck and good luck to you, keep me posted if you get cap 1 card and FP. P.S.. you may want to ask on the forum for a comparable card to FP, there may be something I have not applied for!!!