I pulled my Fico yesterday and its a 588. Its telling me that no revolving credit is hurting my score. What is the best card to get to bump this up? Is there a way to know how much it will bump my score and how fast?
I heard getting a BOA secured card is good, but do secured card applications count as an inquiry?
Secured cards still count as a hard inquiry, as I used to underwrite those many years ago!
When I was first building my credit (many years ago, mind you!), I got a department store card, charged on it and paid it off regularly every month. After six months, I applied for and got a low credit line from Capital One (how ironic!).
The only open accounts are my mortgage. With the current company I have no late pays. Before it was sold I have two late payments both over a year old.
My student loan is showing current with a late pay one year ago.
There is one account in collection currently for $210. and a child support balance of $170 that is completely wrong and needs to be disputed.
Try to PFD your charged off account and you child support first. Even if you receive an unsecured credit card, it will come with very unfavorable terms that will cost well over your collection accounts in the long run. Try to get those deleted first and you will be amazed with your score jump. Personally, only then I would go applying. If you cant get the items deleted, settle them. It will look much better on a manual review. You will always be approved for a secured credit card and it could be a good start but try to find the CC that eventually graduates to unsecured.
Thanks so much!
Do you think GW letters are needed for some of the older late payments on closed accounts? I'm wondering if I GW the US DOE for the reporting of my student loan before it was consolidated will it actually work?
Also, will GW letters to the companies that previously held my mortgage be a good idea as well?
My scores are in the 550's. I had the same problem so I opened a Crown Jewelers account in October and then saved up $500 and got a secured card with Bank Of America. In January, I am going to get a $500 secured card with Wells Fargo.
I "wish" my scores were at 588!
If you got one of the credit cards that started with a $250 limit, but had $249 in fees, you might as well get a secured card since you are still out of money up front. I plan on adding $100 here and there over the next few months and give myself a CLI!