I had 4 account in collection status that I paid off last month. I have one capital one secured card for $200. I had a repo'd car about 3 years ago now, but it doesn't show up on my credit report at all. And I have 2 late payments on a student loan about 2 years ago. I have 7 inquiry's over the past 2 years. I also have student loans in defferment. ( I'm still in school)
How long ago was the inital late on the 4 collection accounts? That is the 7 year mark. I would guess by the repo from 3 years ago, that it would be that same time period. Having the 1 installment loan, 1-2 more cards and allowing your INQ's to dorp to around 3 (for these new accounts) should hit a 10-40 point gain. The next "big" gain is when these deg's drop from your credit...sorry. I was in a simliar issue with my credit, and the 3 credit card max worked on getting me into the low/mid 600's. GL.
The accounts hit my credit between 2008 and 2010. Nothing negative since then. The repo is nowhere on my credit report so could that be hurting me? The initial loan before the repossession isn't even showing on my report...not sure why. I think I'm pretty much just playing a waiting game at this point in time. But any and all pointers are greatly appreciated and welcome.
I also sent off GW letters in the past 2 weeks. I hope I see a bit of luck from those. I'm hopeful for 3 out of the 4 accounts. Because I paid 3 in full. I settled on the last one.
along with credit one bank card besides monthly fees is there is no grace period. so you get charged interest the second a penny gets charged to the account!
Credit One sucks.... I had a card with them for 3 years and never used it. I only paid fees..
I have filed bankruptcy a few years ago. The first thing the bankruptcy laywer mentioned to me is "never get more than 1 credit card, to help build credit" because if you have any type of loans out that are in you and are current with those and never late.Than you should be fine, it may take some time but at least you will be on the safe side of things and not having to give all of your earning to credit cards and other important payments. I had made that mistake in the past, never late on my payments and than all of a sudden, my job let me go. I paid what I could to the credit card companies but than fell behind on my other things. Which led me to file for bankruptcy, having a BK on your report is not fun. I can not even get a simple loan from a bank because I am a liability to them. My advice to you is, keep the one credit card and make your other payments on time. Credit counseling companies work with credit card companies, so expect to hear them say "You need 3 to 4 cards out to get a good credit rating" That is just a load of crap. They make money making you believe what they tell you. Do not get a card with Credit One Bank, I have one and I am not happy with them, they take their time processing your payment and late fees aqcuire in that time.
Sorry bm33 but, if what I am trying to decipher from your message is correct, your lawyer didn't give you the best advice. One credit card isn't going to do you much good in the future. I think you should stick around and read how people have begun to rebuild their credit after a bk. I'm in the same boat as you with a bk reporting. I cleaned up my credit report so that I could apply with bk friendly creditors becasue they do exist. I have quite a few of them in my aresenal and I, along with many others, are successfully continuing to rebuild.
As for CreditOne....yuck!!! Yep stay away from those vultures. Their fees are high and they are not good on CLI's. They started me off with a $400 limit in June and then they increased it $100 a month later...Wow right? Since then I have obtained major cards with CL's anywhere from 4 to 15 times the limit with CreditOne. There goes the lawyers theory that only one credit card is needed. My scores are now all above 700 with a bk reporting that is 6.5 years old. In retropspect I would have done better with a secured card with a $1000 limit that reported to all CRA's than messing around with CreditOne, but I assure you that before the year is up with them I will be closing that account.