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Regular Contributor
ktl55
Posts: 203
Registered: ‎04-03-2007

Applying for more credit to repair damaged credit?

Ok, is it necessary to apply for more credit to repair my credit? Thusfar I have had all but 2 negatives on my 3 CR's deleted. The BB is on all 3 reports. I think it was either 8 or 9 in total spread out over my 3 reports with a total of maybe $1200 in all. Lucky me. I have a lot of inquiries that I think may be weighing me down, most are due to come off this year. At what point should I start applying for credit if it will help repair my credit? I guess I'm asking what should my credit report and score look like before I start applying.............if I have to? I have 1 Chase CC with a $400 limit and a student loan that is paid on time since 2001.

Hard Inquiries

Equ - 0 (all deleted)
Exp - 9
TU - 12
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: Applying for more credit to repair damaged credit?



ktl55 wrote:
Ok, is it necessary to apply for more credit to repair my credit? Thusfar I have had all but 2 negatives on my 3 CR's deleted. The BB is on all 3 reports. I think it was either 8 or 9 in total spread out over my 3 reports with a total of maybe $1200 in all. Lucky me. I have a lot of inquiries that I think may be weighing me down, most are due to come off this year. At what point should I start applying for credit if it will help repair my credit? I guess I'm asking what should my credit report and score look like before I start applying.............if I have to? I have 1 Chase CC with a $400 limit and a student loan that is paid on time since 2001.

Hard Inquiries

Equ - 0 (all deleted)
Exp - 9
TU - 12


That is not a lot of inqs. What are your FICO scores (from myfico.com)? You shoud always know your latest scores and what is on your report before applying for credit.
Regular Contributor
ktl55
Posts: 203
Registered: ‎04-03-2007

Re: Applying for more credit to repair damaged credit?

I haven't check my scores in a couple of weeks. I was waiting for the last 2 disputes to complete. I didn't want to pay for them only to have to pay for them again when the investigations are over. The last time I checked they were
 
TU - 640
Exp - 626
Equ - 600 - This one I did update because I updated my report and added the score. 
 
These scores are before a new collection on 4/12/07 and before some disputes were deleted.
 
I was told that I should only have 1 or 2 inquiries a year? If I'm not mistaken I got these score before I had about 6 collection accounts deleted. 1 was from 2001 and the other were from 04 & 05.
Regular Contributor
ktl55
Posts: 203
Registered: ‎04-03-2007

Re: Applying for more credit to repair damaged credit?

Tuscani,
 
I should add: My fico score with Equ was 618 on 4/4 when I updated it, it had dropped to 531 on 4/7 because of the new collection, when I got it with Equ on 4/17 it was back up to 600. Is the score that I get from scroe watch through equ a real score or is it their made up score? When ordering it I asked the CSR if it was a real Fico score and she said "yes". That was the only reason I ordered it.

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