topic Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER..... in Credit Cards

WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

teamgray — Fri, 26 Jul 2013 17:31:58 GMT

okay this is the first time i have posted on this board, so bear with me....

Which would be better to build my score, two (2) secured cards of 5k or one secured card for 10k?

My Fico score at the moment is 643, but i have some things i need to pay off on my credit report

as of January 1st, the three major things i will have still, will be two tax liens and a BK from 06

Goal is to be at 720 by JUNE 2014.....or somewhere close to that.

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

myjourney — Fri, 26 Jul 2013 17:35:05 GMT

Welcome to the forum

I would say 2 @ 5K so that you have 2 TL"s reporting and the 5K will look good too

About the tax lien is it fed or state?

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

Anonymous — Fri, 26 Jul 2013 17:37:56 GMT

Welcome to the forum! IMO, 2 cc would be better than one. Your BK has aged significantly, so the point drop isn't bad now. If you have not rebuilt since you filed, then you will find more lenders wanted to see rev history for at least 6 mos. If the tax liens are federal, you should look into the Fresh Start Program

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

Anonymous — Fri, 26 Jul 2013 17:50:18 GMT

Definitely 2 CC are better than 1. In this matter is better to have 2 CC reporting on your credit instead of 1.

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

teamgray — Fri, 26 Jul 2013 17:51:09 GMT

One Fed Tax Lien @ one State tax lien....trying to get the to take My OIC, but i heard if you set up making payments with them , they will remove your tax lien, but you have to be on automatic payments for a few months....any advice on the State tax lien? In in CA

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

teamgray — Fri, 26 Jul 2013 17:54:10 GMT

What kind of program is that? will it help me remove the tax lien from my report?

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

myjourney — Fri, 26 Jul 2013 17:55:14 GMT

@teamgray wrote:
@Anonymous Fed Tax Lien @ one State tax lien....trying to get the to take My OIC, but i heard if you set up making payments with them , they will remove your tax lien, but you have to be on automatic payments for a few months....any advice on the State tax lien? In in CA

Post in rebuilding forum about CA tax lien and correct about the FED lien

The program is called FRESH START PROGRAM and it works

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

Anonymous — Fri, 26 Jul 2013 17:56:44 GMT

Nothing you can do about a state lien in Ca.

The Rebuilding Forum has some very detailed information regarding removing Fed Liens with IRS' Fresh Start Program.

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

Creditaddict — Fri, 26 Jul 2013 17:58:54 GMT

@teamgray wrote:
okay this is the first time i have posted on this board, so bear with me....

Which would be better to build my score, two (2) secured cards of 5k or one secured card for 10k?
My Fico score at the moment is 643, but i have some things i need to pay off on my credit report
as of January 1st, the three major things i will have still, will be two tax liens and a BK from 06

Goal is to be at 720 by JUNE 2014.....or somewhere close to that.

so you have no credit at all right now?

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

myjourney — Fri, 26 Jul 2013 17:59:14 GMT

@Anonymous wrote:
Nothing you can do about a state lien in Ca.

The Rebuilding Forum has some very detailed information regarding removing Fed Liens with IRS' Fresh Start Program.

IRS Form 12277

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

teamgray — Fri, 26 Jul 2013 18:07:28 GMT

Right now, i have a secured LOC that i have been paying for 6 months 1K, my goal is to have that paid in full in December, to show 12 months of history on payback status....I did look at the fresh start program, and i will inquire about it further.....I will also look into the State tax lien further also...thanks for all the info FAMILY

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

myjourney — Fri, 26 Jul 2013 18:12:11 GMT

@teamgray wrote:
Right now, i have a secured LOC that i have been paying for 6 months 1K, my goal is to have that paid in full in December, to show 12 months of history on payback status....I did look at the fresh start program, and i will inquire about it further.....I will also look into the State tax lien further also...thanks for all the info FAMILY

We are glad to help

Just reach out at anytime on any forum and help will come from all sides

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

Creditaddict — Fri, 26 Jul 2013 18:21:00 GMT

Id check pre-approval with Capital One and Barclay... with the mid 600 score they "may" overlook the lean but usually unpaid = no.

maybe small store card like Walmart, Chevron?

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

teamgray — Fri, 26 Jul 2013 18:30:41 GMT

Maybe so.... but My goal is to secure two credit cards, (credit union and U.S. BanK) and to also secure a jewelry card of some sort that reports on my credit report i dont want to apply for anything right now till i get the lien taken care of with the fresh start program....any other suggestions guys?

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

myjourney — Fri, 26 Jul 2013 18:33:20 GMT

@teamgray wrote:
Maybe so.... but My goal is to secure two credit cards, (credit union and U.S. BanK) and to also secure a jewelry card of some sort that reports on my credit report i dont want to apply for anything right now till i get the lien taken care of with the fresh start program....any other suggestions guys?

Go with your plan for no new apps

Use what you have for 6 months, work on liens and take it from there. Good idea

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

Creditaddict — Fri, 26 Jul 2013 18:38:28 GMT

@teamgray wrote:
Maybe so.... but My goal is to secure two credit cards, (credit union and U.S. BanK) and to also secure a jewelry card of some sort that reports on my credit report i dont want to apply for anything right now till i get the lien taken care of with the fresh start program....any other suggestions guys?

i don't think USBank will give you secured card with tax liens

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

Anonymous — Fri, 26 Jul 2013 18:39:17 GMT

2 cards are always better than one.. but a lot of banks look at limits too. So the higher limit you have on any given card, the better your chance for approval for a higher limit when the time comes. I would do $9k on one card and $1k on the other..

I know there are a lot of credit unions that will do secured cards up to those amounts.. I think Wells Fargo does too..

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

myjourney — Fri, 26 Jul 2013 18:40:27 GMT

@Creditaddict wrote:
@teamgray wrote:
Maybe so.... but My goal is to secure two credit cards, (credit union and U.S. BanK) and to also secure a jewelry card of some sort that reports on my credit report i dont want to apply for anything right now till i get the lien taken care of with the fresh start program....any other suggestions guys?
i don't think USBank will give you secured card with tax liens

Just in case SDFCU will

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

teamgray — Fri, 26 Jul 2013 19:01:06 GMT

can you give me more info on SDFCU? I will look into it....any more suggestions FICO FAMILY?

Re: WHICH WOULD BE BETTER TO BUILD CREDIT FASTER.....

myjourney — Fri, 26 Jul 2013 19:04:06 GMT

@teamgray wrote:
can you give me more info on SDFCU? I will look into it....any more suggestions FICO FAMILY?

https://www.sdfcu.org/