topic Re: Secured card in Credit Cards

Secured card

Murph5065 — Fri, 24 Jul 2020 08:44:57 GMT

Hello all, i have fair credit according to Fico Bankcard scores are EQ=605 TU= 614 EX= 610. I am trying to understand all this mess of rebuilding, i have a Cap one Visa unsecured

QS 750 CL

Balance of 35.00

Cap one MC Cl 5300

Balance of 4900

I am trying to pay down as fast as possible to get scores pulled up i was wondering if i was to get a OpenSky secured card would also help me along the way?
I can not get approved for other unsecured cards so i have quit trying to get more credit.

All my installments are paid on time for car

Chrysler capitol 27k owed only 3 years left and motorcycle Eagle savings bank Harley 14k 4 years left never late on either one pay those 2 weeks in advance before due to date to alleviate interest they get from me.

Can someone advice me on what to do to rebuild better i would like to buy travel trailer after first of year but having hard time all the way stressed out over this credit crap i have messed it up through out my life.

Re: Secured card

BmoreBull — Fri, 24 Jul 2020 11:08:07 GMT

Right now your utilization on that one card is 92%. So its reporting maxed out. That's seriously hurting your scores. You'd want to be under 89% (probably 88 once you account for interest) as soon as possible. That will give you a slight boost. Then from there work on getting under 49, 29, and 9%. I wouldn't apply for anything until you get that utilization under check. The open sky is no hard pull, but depending on how much you deposit, it might not help your utilization enough.

Re: Secured card

pinkandgrey — Fri, 24 Jul 2020 12:17:42 GMT

I think you should hold off on applying for anything new--even the OpenSky. I would focus solely on paying down the high-utilization card and make sure you keep that other card's utilization nice and low or zero!

Re: Secured card

M_Smart007 — Fri, 24 Jul 2020 16:04:17 GMT

@Murph5065 wrote:
Hello all, i have fair credit according to Fico Bankcard scores are EQ=605 TU= 614 EX= 610. I am trying to understand all this mess of rebuilding, i have a Cap one Visa unsecured
QS 750 CL
Balance of 35.00
Cap one MC Cl 5300
Balance of 4900
I am trying to pay down as fast as possible to get scores pulled up i was wondering if i was to get a OpenSky secured card would also help me along the way?
I can not get approved for other unsecured cards so i have quit trying to get more credit.

All my installments are paid on time for car
Chrysler capitol 27k owed only 3 years left and motorcycle Eagle savings bank Harley 14k 4 years left never late on either one pay those 2 weeks in advance before due to date to alleviate interest they get from me.
Can someone advice me on what to do to rebuild better i would like to buy travel trailer after first of year but having hard time all the way stressed out over this credit crap i have messed it up through out my life.

Hi @Murph5065 , As suggested, I would NOT open another card right now.

Would work on getting your profile in shape.

This may help you to understand some things?

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/General-Scoring-Primer-and-Version-8-Master-Thread-rev-5-17-20/m-p/6023348/highlight/true#M169679

Re: Secured card

CreditInspired — Sat, 25 Jul 2020 10:45:10 GMT

@Murph5065 wrote:
Hello all, i have fair credit according to Fico Bankcard scores are EQ=605 TU= 614 EX= 610. I am trying to understand all this mess of rebuilding, i have a Cap one Visa unsecured
QS 750 CL
Balance of 35.00
Cap one MC Cl 5300
Balance of 4900
I am trying to pay down as fast as possible to get scores pulled up i was wondering if i was to get a OpenSky secured card would also help me along the way?
I can not get approved for other unsecured cards so i have quit trying to get more credit.

All my installments are paid on time for car
Chrysler capitol 27k owed only 3 years left and motorcycle Eagle savings bank Harley 14k 4 years left never late on either one pay those 2 weeks in advance before due to date to alleviate interest they get from me.
Can someone advice me on what to do to rebuild better i would like to buy travel trailer after first of year but having hard time all the way stressed out over this credit crap i have messed it up through out my life.

Hi there and welcome to myFICO

I suggest you visit the Rebuilding thread https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit, which will provide you with tons of info on this topic. If you want, I can ask a mod to move your post there.

GL2U