topic Re: I have 3 CC's, What Else? in Rebuilding Your Credit

I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 02:05:43 GMT

I have 3 CC's. Wells Fargo Secured (400 CL), Capital One Secured (250 CL), Credit One Unsecured (300 CL). I am trying to rebuild my credit steadily and quickly. What other lines of credit should I have. I need a good mix. Any advice from some veterans? My credit score is around 620

Re: I have 3 CC's, What Else?

madmann26 — Fri, 14 Dec 2012 02:11:04 GMT

Time and patience. If your CR is free of derogs, just sit back and breathe for now.

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 02:18:57 GMT

Alright. Thanks for the advice! Someone told me I need an installment to help as well but i wanted to ask the vets!

Re: I have 3 CC's, What Else?

Shogun — Fri, 14 Dec 2012 03:40:28 GMT

Installment loans factor in quite low in your scores. You may see a small bump for one, however the paying of interest would most likey not outweigh such a small bump. There are plenty who have 800+ scores without any installment accounts.

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 03:44:28 GMT

@Anonymous wrote:
I have 3 CC's. Wells Fargo Secured (400 CL), Capital One Secured (250 CL), Credit One Unsecured (300 CL). I am trying to rebuild my credit steadily and quickly. What other lines of credit should I have. I need a good mix. Any advice from some veterans? My credit score is around 620

Do you have a Mortgage?

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 03:52:25 GMT

Hi... First time posting here, (hours readin' though!)

I've been out of Ch 7 for 2.5 years and found Target Redcard and a Marathon/Speedway gas card to be great additions (in Ohio). I believe Target is "self-banked" and they run their own approvals for their Redcard, and Marathon used to be the same (now Comenity). Would give you a store/retail card or two, if you're looking to add more to the CC mix. My Marathon now at 950 CL, Target still at just 200, but I haven't gone for CLI. (also have Orchard unsecured at 450). Was in low-mid 600's when approved, up to 677 EQ, 685 TU now.

Best of luck!

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 04:35:09 GMT

No that is my main goal!

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 04:38:47 GMT

Sounds like a good idea to me. A gas card and department store card. The thing I am worried about inquiries . I have four as of now and would like to get a small car loan in February, pay that off and hopefully be in position for a home loan. Thanks for posting!

Re: I have 3 CC's, What Else?

Shogun — Fri, 14 Dec 2012 04:40:33 GMT

You have enough CCs for now. As long as you keep the util down.

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 04:41:16 GMT

You can go to your local Bank and get a secured installent loan. I did that a few years ago and it helped my score.

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 04:46:22 GMT

Utilization is down but average CL is very low. Needs some more credit. I will check with my bank on secured installment loan. That could be a car loan right? The car would secure it.

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 04:48:13 GMT

Trying to stay away from inquiries. They really hurt me score for some reason

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 04:51:34 GMT

@Anonymous wrote:
Utilization is down but average CL is very low. Needs some more credit. I will check with my bank on secured installment loan. That could be a car loan right? The car would secure it.

It can be a CD or CASH and then the interest rate would be next to nothing

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 04:57:02 GMT

i got a $2500 installment loan from my Bank ( secured by my saving account ) and only paid like $80 interest for the 1 yr loan term

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 05:02:40 GMT

@Anonymous wrote:
Trying to stay away from inquiries. They really hurt me score for some reason

When i got my local Bank secured loan they did not pull my CR. So no inquire

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 05:08:55 GMT

Don't have a ton in savings but I have enough to make the payments and a chunky down payment. I'm sure I could secure with one of my cars hopefully.

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 05:09:47 GMT

Great to hear they didn't inquire. That's awesome not sure how you got away with that one

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 05:20:18 GMT

@Anonymous wrote:
Great to hear they didn't inquire. That's awesome not sure how you got away with that one

It was secured by cash no need for them to pull my CR, Also i told my Banker what i was getting the loan for to help built my credit..............................

If you have someone that can loan you the money till you get the loan and then give them their cash back. PS take your friend with you so they will know they will get their money back..LOL

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 05:49:05 GMT

Lol it sounds like a good plan. About how much did you see your credit score increase a paying the loan a few months?

Re: I have 3 CC's, What Else?

Anonymous — Fri, 14 Dec 2012 05:53:26 GMT

@Anonymous wrote:
Lol it sounds like a good plan. About how much did you see your credit score increase a paying the loan a few months?

Sorry, But i can't remember.......... Just know the installment loan will help you out in a lot of ways. Also it will open Doors down the road