Rebuilding Your Credit

[toli77]

so here is the master plan i've come up with after reading the forum messages.  excellent resource.  

scores: transunion 709, equifax 691 (don't have the experian yet.) 

my report has one collection which i will deal with this week (hopefully, getting it paid or settled will boost score?), then send out letter to amex about 120 day notice that occured in 2008.  (but even if i'm not successful, hopefully it goes off in 7 years?  the account has been paid.)  

so, after i clean up that mess (praying that it bumps up my score), recheck score in 2/2013, and then apply for a credit card. 

question is whether i would qualify for unsecured or need a secured card? which would be better?  i wish i could apply without getting it reported but alas, that's a dream world.  

once i obtain card, pay diligently and then get up to three cards and then build up score.  

any thoughts?  

thank you! 

[electra]

As it stands, your scores are not that bad.  I would think you could get an unsecured card now.   Are you or anyone in your family a member of any branch of the military?  If so, I HIGHLY recommend you apply for an account and CC with Navy Federal Credit Union.   I got a $5k unsecured credit line with them with FAR worse scores and baddies than you have.

Good luck!

[NewbieReed]

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electra wrote:

As it stands, your scores are not that bad.  I would think you could get an unsecured card now.   Are you or anyone in your family a member of any branch of the military?  If so, I HIGHLY recommend you apply for an account and CC with Navy Federal Credit Union.   I got a $5k unsecured credit line with them with FAR worse scores and baddies than you have.

Good luck!

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+1 on the NFCU. Got one for $6K 13 months ago with my credit in the toilet ....soooo I'm sure that with scores 680-720, u could certainly secure a great CL from them. Very generous. 

[toli77]

alas, no one in my family is in the military.  that is way too bad.  

[electra]

Don't despair though.  Go over to the CC forum and post the question as to which CC's you should app for with your scores.   I'm pretty sure with your scores you'll be able to get unsecured through banks other than NFCU if you don't qualify for them.  

[hoping2rebuild]

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toli77 wrote:

so here is the master plan i've come up with after reading the forum messages.  excellent resource.  

scores: transunion 709, equifax 691 (don't have the experian yet.) 

my report has one collection which i will deal with this week (hopefully, getting it paid or settled will boost score?), then send out letter to amex about 120 day notice that occured in 2008.  (but even if i'm not successful, hopefully it goes off in 7 years?  the account has been paid.)  

so, after i clean up that mess (praying that it bumps up my score), recheck score in 2/2013, and then apply for a credit card. 

question is whether i would qualify for unsecured or need a secured card? which would be better?  i wish i could apply without getting it reported but alas, that's a dream world.  

once i obtain card, pay diligently and then get up to three cards and then build up score.  

any thoughts?  

thank you! 

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A paid collection score the same as unpaid try and get them to PFD