@Anonymous wrote:
I was mostly asking in general, I have posted on the rebuilding credit board about that. My husband is building his credit, we both have capital one secured cards with highish interest and he has a car loan, but it hasn't shown on his report yet, he does not yet have a score. I know what is dragging it down, its many collections, when I was young and stupid with my ex. I am fixing it though, but while I am here I might as well ask, is it a bad idea to get an installment loan to pay collections and just pay that off. But as far as CC go, I am curious what is considered high interest? Is it better to stay with a secured card, or go from a secured card to a unsecured card? How many credit cards is too many? We don't rely on credit cards at all, we only have them to build credit. Since my husband recently got a car loan, and we are hoping to get a home loan in 6-8 months, we really don't want too many more added inquiries. Is it better to add credit to each of our credit lines?
How many secured CC's do you have now?
Yes, I'd recommend adding more funding to your secured cards. Put some usage on them, show good strong payment history.
6-8 months isn't impossible but it won't be a cakewalk either. I believe 620 is pretty much THE baseline for any kind of mortgage right now. I wouldn't count on any kind of installment loan to pay off collections as with that will likely come with crushing interest if approved, period.
