topic Re: Low Credit Score. Seeking advice. in Rebuilding Your Credit

Low Credit Score. Seeking advice.

Anonymous — Fri, 07 Jun 2013 22:57:46 GMT

Im going to get to the point. I have a low credit score of 562. How I found out? I tried to apply for a Chase Mileageplus Credit card. Got denied.

My question is... How can improve my credit score? I'm assuming I'd have to apply for another credit card and start using it and making payments in full and on time.

But how can I apply for another credit care..if I keep on gettin denied?

I still have a debt of 1000 to one credit card and just paid off the rest of my debt on another. I have a steady job and can pay off the rest of my debt asap.

Any advice would be great.

Thanks for your time.

Re: Low Credit Score. Seeking advice.

myjourney — Fri, 07 Jun 2013 23:00:16 GMT

@Anonymous wrote:
Im going to get to the point. I have a low credit score of 562. How I found out? I tried to apply for a Chase Mileageplus Credit card. Got denied.

My question is... How can improve my credit score? I'm assuming I'd have to apply for another credit card and start using it and making payments in full and on time.
But how can I apply for another credit care..if I keep on gettin denied?

I still have a debt of 1000 to one credit card and just paid off the rest of my debt on another. I have a steady job and can pay off the rest of my debt asap.

Any advice would be great.

Thanks for your time.

We need more info how many cards do you have, limits, balances, other TL's, AAoA? etc

Re: Low Credit Score. Seeking advice.

Anonymous — Fri, 07 Jun 2013 23:22:40 GMT

Thanks for replying.

As of right now. I don't have any credit accounts open.

I just own a balance of 1000 to one credit card account that went into collections. I don't remember what the name of the agency..but I can find out and pay it off in full by this month.

And I have another account that was closed through Chase. I just paid that debt off in full..today.

Im sorry, but i Don't know what TL's or AAoA's are.

Thanks for the reply.

Re: Low Credit Score. Seeking advice.

myjourney — Fri, 07 Jun 2013 23:30:01 GMT

@Anonymous wrote:
Thanks for replying.

As of right now. I don't have any credit accounts open.

I just own a balance of 1000 to one credit card account that went into collections. I don't remember what the name of the agency..but I can find out and pay it off in full by this month.

And I have another account that was closed through Chase. I just paid that debt off in full..today.

Im sorry, but i Don't know what TL's or AAoA's are.

Thanks for the reply.

Ok don't pay anymore off unless they are willing to do a PFD

PFD=pay for delete

Meaning they will remove the baddie from your CR

CR=credit report

AAoA= average age of accounts

TL=tradelines

2 things to help you

(1) post all your info about closed, collection etc etc in rebuilding forum for better results and answers

(2) dont apply for anymore unsecured cards and instead try to get a secured cards and build some history for about 6 months

Try sdfcu for a great secured card

Good luck

Re: Low Credit Score. Seeking advice.

Anonymous — Fri, 07 Jun 2013 23:32:13 GMT

@Anonymous wrote:
Thanks for replying.

As of right now. I don't have any credit accounts open.

I just own a balance of 1000 to one credit card account that went into collections. I don't remember what the name of the agency..but I can find out and pay it off in full by this month.

And I have another account that was closed through Chase. I just paid that debt off in full..today.

Im sorry, but i Don't know what TL's or AAoA's are.

Thanks for the reply.

For sure pay them off, but know that as far as score goes, a collection is a collection, paid or not. You have a very long road ahead of you. Most likely secured card if you can get one, after the others are paid off. Do not go just applying for cards, you will just waste inquiries.

Re: Low Credit Score. Seeking advice.

Countingpennies — Sat, 08 Jun 2013 05:01:54 GMT

First, get all 3 credit reports from annualcreditreport.com, this is where to get you free annual reports. You need to see what's on them. Read as much as you can here, and ask questions, you'll get lots of help. This is a good place to start and get some basic understanding of scores and reports:

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Frequently-Requested-Threads/td-p/19320

Don't apply for anything else for now.

Edit: This is a good one too http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Your-Guide-to-Credit-Scoring/td-p/718550

Re: Low Credit Score. Seeking advice.

Lasardo — Sat, 08 Jun 2013 09:02:42 GMT

I truly do not think you have that tuff of a road ahead as one would think so do not get discouraged.
I started with 554 and in one year I pulled that up to 728, removed 27 items, 2 judgments and 9 inquiries.
Start with a secured card. Most likely Capital one. Go to their website and plug in some info prior to applying, they will tell you if they will qualify you prior to an actual application. I opened (2) cap1 cards.
Then I was offered a secured card after few months of paying of paying on my secured cards. Watch these offers, high %, be patient something good will come along, in the mean time keep USING your secured card (s) and paying on time.
Also, look up "Credit Builder" ..I gained 34 points using one of these accounts and I had the opportunity to save while building and I am still earning points.
Additionally, see if someone will add you as an authorized user to their card (s), I gained 45 points this way. (30 on Amex and 15 on WF).
And lastly, be patient.. and do not apply for all the offers you get in the mail while rebuilding.
Stay in touch in this website and utilize the good people's advice but take it all with a grain of salt.
You will get there, you will get back. 😬
Good luck