topic Building Credit.. in General Credit Topics

Building Credit..

Anonymous — Tue, 08 May 2007 15:54:25 GMT

The only open credit card is have is Capital One with a "High Balance/Credit Limit" of $240. This and my student loan are the only factors being reported on my credit reports. Everything else i have on there...are bad items that i paid off in settlements and i guess its just a matter of time before they play a lesser role in my credit score.

My credit scores are:

EX 572

TU 572

EQ 609

I have a very short history (5 yrs or so) I screwed up (7 accounts in total) in college years and ended up settlling bad debt in 2006..im almost 25 and im trying to buy a house before im 28.

I have been getting offers from Washington Mutual for credit cards...I need to start building my credit again..Should i try to sign one of these offers and see what credit line they can give me even if i have to pay annual fee?

My total "available credit" on the TrueCredit is $240.00...I wanna get that up so that my "debt/available credit" ratio can be low as long as i keep my balanced very small. CapOne wont give me a CLI...

I would consider a secured credit card from BOA but i dont have immediate funds to put away like that until another few months.

Re: Building Credit..

Tuscani — Tue, 08 May 2007 16:17:05 GMT

Irvin wrote:
The only open credit card is have is Capital One with a "High Balance/Credit Limit" of $240. This and my student loan are the only factors being reported on my credit reports. Everything else i have on there...are bad items that i paid off in settlements and i guess its just a matter of time before they play a lesser role in my credit score.

My credit scores are:
EX 572
TU 572
EQ 609

I have a very short history (5 yrs or so) I screwed up (7 accounts in total) in college years and ended up settlling bad debt in 2006..im almost 25 and im trying to buy a house before im 28.

I have been getting offers from Washington Mutual for credit cards...I need to start building my credit again..Should i try to sign one of these offers and see what credit line they can give me even if i have to pay annual fee?

My total "available credit" on the TrueCredit is $240.00...I wanna get that up so that my "debt/available credit" ratio can be low as long as i keep my balanced very small. CapOne wont give me a CLI...

I would consider a secured credit card from BOA but i dont have immediate funds to put away like that until another few months.

You should start by disputing any inaccurate info on old accounts. Then, use a GW letter for any late payments. You will have more card options if you can get your scores up 30-50 pts.

PS.. do not carry a balance on the CAP1 card. Doing can hurt your scores.

Re: Building Credit..

Anonymous — Tue, 08 May 2007 16:23:25 GMT

The thing is that all the negative information on the credit report..I have paid them off. They were accurate as i admit to missing payments due to my situation back then.

As we speak, i am writing GW letter that you posted in a different forum to one of the creditors to see if they can remove a 90 day late payment.

Re: Building Credit..

Tuscani — Tue, 08 May 2007 16:26:22 GMT

You can certainly use the GW letter for paid collections as well.