Need experienced only advice for help with my credit dilemma!!!

[Anonymous]

Ok, this is the situation. My current Fico scores are Eq 510, Trans 475, Experian 545. I currently have 2 judgements, one for $995, one for $760. I currently have no open accounts, except student loans, for which I am in a rehabilitation program for. About 6 accounts in collections. 2 charged off accounts. My question is, do I do PFD on the collections, or just go ahead and pay them. Also I know I need to establish new credit. What is my best option, an Orchard Card or go with Bank of America since I already bank with them.

Im very encouraged by the stories that Ive been reading. Its just that sometimes I think I will be in this rut forever. I need to raise my scores at least 100-150 pts in the next 6 months. Any and all advice will be appreciated

[Anonymous]

As long as you are past SOL on the collections then PFD--paying them will do nothing to help your score.

I would suggest the secured card with BOA. They are a prime lender, the card will be able to grow with you, and it will look better on your mortgage app.

[Anonymous]

How do I know what the SOL are. Is it for the state I currently live in or the state the account was opened up? Also do I go by the date of last activity on collection or the date updated? Cause if thats the case, then some of my collections are younger than 2 years old

[My_dog_FICO]

KellyT - Stay away from Orchard if possible.  If you already have problems with credit it's easy to get behind the Minimum Payment,LatePayment, OverLimit fee cycle and end up $1,000's over your head rather quickly.  BofA would be (and is) my choice.  You may even qualify for their $99/$500 card where you have all $500 available.  Remember though - to keep improving your FICO you need to keep the util under 10% - don't carry more than a $50 balance.