A little help please...

[Anonymous]

Hello All,

I am very new to myFICO, just started today and pretty new to the credit world itself. I am wondering what the best way to get started on building my credit since i messed it up when i first start building two years ago.

I have a score of 509 with EX and the others are pretty similar but I am wondering how can I put my time and money to good use?

I've read people suggest to "garden" on other people's posts but i'm not sure what that is. Do I try to apply for other cards or just pay things off and wait? I'm a little confused because I see other posters who have alot of cards?

I have a Capital One card CL of 750, Kay Jeweler CL 400 and a closed Credit One card of 400.

I assume that the best thing to do right now is to pay off the Credit One card and try to get it off my credit but is there anyone who has gotten an account reopened? Is that possible?

Then next pay down my balance on the cards which I am working on. Kay only has a balance of 90 but my cap has a balance of 600.

Thank you for your time and suggestions!

[Anonymous]

welcome to the forums,

my quick recommendation is to pay what you owe. to bring down your utilization. and then try to ask a CLI on your cap 1 and Kay Jewelers.

pay kay right away so it starts reporting 0

if you have any baddies on your report, those will be the ones that are bringing down your scores the most, try doing a PFD. (but thats if you have baddies)

Good Luck!

[Anonymous]

Thank you for your advise Sapingo!

I used to have a judgement on my credit but i paid it off. I also have two accounts in collections by the same company that I paid off and will hopefully show in the next two months.

Other than that the only baddie is a couple of late payments last year and my credit one card since it was closed. I am wondering if i can some how get it reopened and finish paying it or if i should just pay it and let it stay closed.

[Anonymous]

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@Anonymous wrote:

Thank you for your advise Sapingo!

I used to have a judgement on my credit but i paid it off. I also have two accounts in collections by the same company that I paid off and will hopefully show in the next two months.

Other than that the only baddie is a couple of late payments last year and my credit one card since it was closed. I am wondering if i can some how get it reopened and finish paying it or if i should just pay it and let it stay closed.

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Paying down the balances is a good idea as the other poster suggested.  Also since your are rebuilding, the rebuilding section on here has some great info.. Check it out at your own leisure.

[Imperfectfuture]

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@Anonymous wrote:

Thank you for your advise Sapingo!

I used to have a judgement on my credit but i paid it off. I also have two accounts in collections by the same company that I paid off and will hopefully show in the next two months.

Other than that the only baddie is a couple of late payments last year and my credit one card since it was closed. I am wondering if i can some how get it reopened and finish paying it or if i should just pay it and let it stay closed.

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Wish you had read the rebuilding forum first.  Though you can probably get rid of the paid collections via dispute.  We generally recommend a PFD (pay for delete).  You can also try good willing the collections.

Read up on how to vacate a judgement (paid) in your state.  Besides credit, the most important fact is clean credit report.  There are steps you can take that cleans it.  I wouldn't re open credit one.  I'm unsure if it was charged off?  In that case, just pay it off.  If you made arrangements, and it says closed by grantor, pays as agreed, then better.  Credit ine is owned by a collection agency, they are not good in your wallet.

if you don't have auto loan, I would (in fact I have) get a secured installment loan at a local credit union.  That adds to your mix of credit, and pads your file against the ups and downs which comes with util and just having only cards.