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Need Revolving credit

landon031070
New Visitor

Need Revolving credit

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?

 

Thanks!

 

 

Message 1 of 10
9 REPLIES 9
dvroberts81
Regular Contributor

Re: Need Revolving credit

How old is your credit profile? Do you have any derogatory items? Any current or past installment accounts? There are several credit cards that can help you but we need more details to give you the best answer.
09/2008-515
10/2008-522
11/2008-540

Single charge off, Wachovia won't PFD.
New Auto Loan at 10.9% w/ Ford Credit
Message 2 of 10
kimg727
Established Member

Re: Need Revolving credit

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!).

 

Good Luck Smiley Happy

Message 3 of 10
landon031070
New Visitor

Re: Need Revolving credit

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.

 

That's it.

 

Message 4 of 10
MidnightVoice
Super Contributor

Re: Need Revolving credit

I think it might be difficult with a score below 600
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 5 of 10
landon031070
New Visitor

Re: Need Revolving credit

You think it will be difficult to even get a secured card?

 

Message 6 of 10
dvroberts81
Regular Contributor

Re: Need Revolving credit

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.

09/2008-515
10/2008-522
11/2008-540

Single charge off, Wachovia won't PFD.
New Auto Loan at 10.9% w/ Ford Credit
Message 7 of 10
landon031070
New Visitor

Re: Need Revolving credit

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?

 

 

Message 8 of 10
dvroberts81
Regular Contributor

Re: Need Revolving credit

Well, you will only know if you try, there is no telling. Worst case scenario is they will deny your GW letters and everything stays the same but if they do an adjustment it will help you out greatly. If you decide to write a GW letter make sure to have a good reason as to why the company should adjust your account . How old is the account? If your lates are over 2 years old I wouldnt even bother as it will not make any great impact on your score.
Message Edited by dvroberts81 on 12-29-2008 10:16 AM
09/2008-515
10/2008-522
11/2008-540

Single charge off, Wachovia won't PFD.
New Auto Loan at 10.9% w/ Ford Credit
Message 9 of 10
Dragonslayerjohn
Established Member

Re: Need Revolving credit

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!

Message 10 of 10
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