Does adding credit lines lessen the impact of a charge off?

[Anonymous]

Thanks Firemedic1!

I'm learning! I do have the Capital One card with a $300 limit that keep a low balance on (usually with a balance around $15 to $20)I wanted to get another card because even time I use the card for anything more than $100 I see my score go down- even if I pay it on time, paying most if not all of the payment. I thought another card would help my monthly utilization. I was accepted for Credit One but I have read a lot of negative reviews here. But when we are rebuilding maybe it's like beggars can't be choosers. Because sometimes I need to buy groceries or pay a small bill the end of the month before payday you know! Another question- when does a line fall off- is it 7 years after activity? Maybe this is for another feed. I don't know lol

[Iusedtolurk]

---

@Anonymous wrote:

Thanks Firemedic1!

I'm learning! I do have the Capital One card with a $300 limit that keep a low balance on (usually with a balance around $15 to $20)I wanted to get another card because even time I use the card for anything more than $100 I see my score go down- even if I pay it on time, paying most if not all of the payment. I thought another card would help my monthly utilization. I was accepted for Credit One but I have read a lot of negative reviews here. But when we are rebuilding maybe it's like beggars can't be choosers. Because sometimes I need to buy groceries or pay a small bill the end of the month before payday you know! Another question- when does a line fall off- is it 7 years after activity? Maybe this is for another feed. I don't know lol

---

@AnonymousI'm just going to jump in here for a quick bit. When you start rebuilding positive tradelines will definitely help your scores even with chargeoffs and collections showing. I had both when I started rebuilding.

A ssl and a few different cards jumpstarted my barely 500 scores to over a hundred points in about 9 months...

1st card Cap1 secured 2nd card Credit1.

Noticed your comment about Credit1 and yes some of the reviews I read after getting the card scared me to death BUT I personally have had zero problems with them.

I have never paid through the website or by phone, I always have pushed my payments to them and was credited immediately upon receipt.

Also after 1 year of having my card they offered me another card with a 500 dollar sl which I accepted and NO HP was made.

If you search enough you will find good and bad about EVERY card out here.

When your credit is BAD you have to pay the piper but these pipers although they don't offer any bonuses or perks help get your foot in the door to better choices down the line.

Paying on time, keeping utilization low, keeping accounts with balances low, and TIME will do wonders for your score.

[EAJuggalo]

---

@Anonymous wrote:

Thanks Firemedic1!

I'm learning! I do have the Capital One card with a $300 limit that keep a low balance on (usually with a balance around $15 to $20)I wanted to get another card because even time I use the card for anything more than $100 I see my score go down- even if I pay it on time, paying most if not all of the payment. I thought another card would help my monthly utilization. I was accepted for Credit One but I have read a lot of negative reviews here. But when we are rebuilding maybe it's like beggars can't be choosers. Because sometimes I need to buy groceries or pay a small bill the end of the month before payday you know! Another question- when does a line fall off- is it 7 years after activity? Maybe this is for another feed. I don't know lol

---

I would stay away from Credit One unless they offer you something with no fees and a grace period.  For additional trade lines, I would apply for a Discover IT, if declined they usually offer a secured option.  If you qualify for Navy, become a member there and get their secured card.  That is all you need to really help.  

Settle the charge off, it's the biggest thing you can do to help your scores.  I'm understanding the thread correctly, you co-signed 8 years ago and it went bad 4 years ago?  Charge offs will stay on your report for 7 years from Date Of First Delinquency.  So you'd have this weighing down your reports for the next three years.

[Anonymous]

@Iusedtolurk  Okay thanks for the thorough response. When you say you "pushed" your payments do you mean you paid in the mail by check? I'm just curious 

[Anonymous]

@EAJuggalo  I appreciate the advice. I'm going to use for about a year to help my scores on the utilization end. I'm working on getting a fair settlement before I address the charge off. This one is with Hyundai motor finance and they are playing hard ball. My credit repair company is working on it we will see. 3 years to go. I love this forum I should have come here awhile ago! 

[EAJuggalo]

---

@Anonymous wrote:

@Iusedtolurk  Okay thanks for the thorough response. When you say you "pushed" your payments do you mean you paid in the mail by check? I'm just curious 

---

Pushing payments means setting them up in your primay bank's bill pay system to send.  You're Pushing the payment from your checking into your CC.  Pulling payments means setting up the payments from your CC system.  You're Pulling the payment from your checking acount.

[Iusedtolurk]

---

@Anonymous wrote:

@Iusedtolurk  Okay thanks for the thorough response. When you say you "pushed" your payments do you mean you paid in the mail by check? I'm just curious 

---

@Anonymous  I was just about to answer your question when I saw @EAJuggalo  had already done an excellent job of it.