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Secured card

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New Member

Secured card

Hello all, i have fair credit according to Fico Bankcard scores are EQ=605  TU= 614  EX= 610.  I am trying to understand all this mess of rebuilding,  i have a Cap one Visa unsecured

QS 750 CL

Balance of  35.00

Cap one MC Cl 5300

Balance of 4900

I am trying to pay down as fast as possible to get scores pulled up i was wondering if i was to get a OpenSky secured card would also help me along the way?
 I can not get approved for other unsecured cards so i have quit trying to get more credit.

 

All my installments are paid on time for car

Chrysler capitol 27k owed only 3 years left and motorcycle  Eagle savings bank Harley 14k 4 years left never late on either one pay those 2 weeks in advance before due to date to alleviate interest they get from me.

Can someone advice me on what to do to rebuild better i would like to buy travel trailer after first of year but having hard time all the way stressed out over this credit crap i have messed it up through out my life.

 

 

4 REPLIES 4
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Established Contributor

Re: Secured card

Right now your utilization on that one card is 92%.  So its reporting maxed out. That's seriously hurting your scores. You'd want to be under 89% (probably 88 once you account for interest) as soon as possible. That will give you a slight boost. Then from there work on getting under 49, 29, and 9%. I wouldn't apply for anything until you get that utilization under check. The open sky is no hard pull, but depending on how much you deposit, it might not help your utilization enough. 



Starting Fico Scores:November 2019

Current Fico Scores: September 2, 2020
Goal Scores: 700 across all three
Message 2 of 5
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Community Leader
Senior Contributor

Re: Secured card

I think you should hold off on applying for anything new--even the OpenSky. I would focus solely on paying down the high-utilization card and make sure you keep that other card's utilization nice and low or zero! 

Discover It: 19.7k
Amex ED: 18k
Citi DC: 7.7k
Best Buy Visa: 3k
~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 3 of 5
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Epic Contributor

Re: Secured card


@Murph5065 wrote:

Hello all, i have fair credit according to Fico Bankcard scores are EQ=605  TU= 614  EX= 610.  I am trying to understand all this mess of rebuilding,  i have a Cap one Visa unsecured

QS 750 CL

Balance of  35.00

Cap one MC Cl 5300

Balance of 4900

I am trying to pay down as fast as possible to get scores pulled up i was wondering if i was to get a OpenSky secured card would also help me along the way?
 I can not get approved for other unsecured cards so i have quit trying to get more credit.

 

All my installments are paid on time for car

Chrysler capitol 27k owed only 3 years left and motorcycle  Eagle savings bank Harley 14k 4 years left never late on either one pay those 2 weeks in advance before due to date to alleviate interest they get from me.

Can someone advice me on what to do to rebuild better i would like to buy travel trailer after first of year but having hard time all the way stressed out over this credit crap i have messed it up through out my life.

 

 


Hi @Murph5065 , As suggested, I would NOT open another card right now.

Would work on getting your profile in shape.

 

This may help you to understand some things?

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/General-Scoring-Primer-and-Version-8-Mas...

popcorn eating emoticon.gif

Message 4 of 5
Community Leader
Super Contributor

Re: Secured card


@Murph5065 wrote:

Hello all, i have fair credit according to Fico Bankcard scores are EQ=605  TU= 614  EX= 610.  I am trying to understand all this mess of rebuilding,  i have a Cap one Visa unsecured

QS 750 CL

Balance of  35.00

Cap one MC Cl 5300

Balance of 4900

I am trying to pay down as fast as possible to get scores pulled up i was wondering if i was to get a OpenSky secured card would also help me along the way?
 I can not get approved for other unsecured cards so i have quit trying to get more credit.

 

All my installments are paid on time for car

Chrysler capitol 27k owed only 3 years left and motorcycle  Eagle savings bank Harley 14k 4 years left never late on either one pay those 2 weeks in advance before due to date to alleviate interest they get from me.

Can someone advice me on what to do to rebuild better i would like to buy travel trailer after first of year but having hard time all the way stressed out over this credit crap i have messed it up through out my life.

 

 


Hi there and welcome to myFICO

 

I suggest you visit the Rebuilding thread https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/bd-p/rebuildingcredit, which will provide you with tons of info on this topic. If you want, I can ask a mod to move your post there. 

GL2U


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

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