Frequent Contributor
Posts: 488
Registered: ‎04-09-2008
Re: FICO went from 500 to 590...quick credit card question
Here is what I did and it helped me tremendously. I joined a credit union and opened a savings account- each paycheck I had $100 direct deposited to the account. After 10 pay perionds- (20 weeks) I had $1000. I used that amount to get a secured card. I try to keep the balance below 400 and pay in full every month. I have yet to pay a penny interest on that card. That card has created trust from the credit union, I have since re-financed my auto loan and got a $5000 line of credit, that I can use as a signature loan anytime. I think the key is getting above that $1000 mark before getting the secured card. Right now I'm not so concerned about my actual score as I am about building a good history and trust from the credit union- The scores will come in time. In a few months my year is up- I've will then have a unsecured card and a $1000 in a savings account that I didn't miss at all.