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So I'm new to credit. I have opened a BOA secured CC $500 limit,and discover secured CC $200 limit. I also have a CD taken out on my self to help report a history I have 2 things bad on my report, a medical bill that's charged off at $700 2 years ago and phone bill from 5 years ago $371. my score is 580 according to my credit reports EX/ EU I'm 29 years old. I would like to buy a car at a decent rate if I can even get approved by this time next year. I recently opened up both cards and CD 1 month ago do you have any tips for a newbie like me ? I pay both cards in full, and early and kept the amount spent on them below 28% before it was paid. and my CD is paid early in full as well
Have 1 of your cards report say $20 each month then pay it off after statement date. Never have all accounts report $0. FICO doesnt like that. And a 3rd card will help. In rebuilding FICO likes 3 cards and a installment loan. Is the medical a collection? If so whos it with? May be one that PFD. The 2 baddies get them paid off so they quit updating. Slow steps but it can be done.
So my question now is do I get another secured CC or wait until I can get a unsecured card ? The medical bill says charged off collection it's with advent health and I have an installment loan ( the cd )
@Skippy101 wrote:So I'm new to credit I have opened a BOA secured CC $500 limit and discover secured CC $200 limit I also have a CD taken out on my self to help report a history I have 2 things bad on my report a medical bill that's charged off at $700 2 years ago and phone bill from 5 years ago $371 my score is 580 Experian says I'm 29 I would like to buy a car at a decent rate if I can even get approved by this time next year I recently opened up both cards and CD 1 month ago do you have any tips for a newbie like me ? I pay both cards in full and early and kept the amount spent on them below 28% before it was paid and my CD is paid early in full as well
As @FireMedic1 says, let one card report a small balance each month while the other reports zero.
Pay your CD-secured loan down to 9% of the original loan amount, then pay it as slowly as posssible.
I think 2 secured cards is enough. I would wait until you can get an unsecured card.
I would join a credit union, one that doesn't do a hard pull for membership.
@Skippy101 wrote:So I'm new to credit I have opened a BOA secured CC $500 limit and discover secured CC $200 limit I also have a CD taken out on my self to help report a history I have 2 things bad on my report a medical bill that's charged off at $700 2 years ago and phone bill from 5 years ago $371 my score is 580 Experian says I'm 29 I would like to buy a car at a decent rate if I can even get approved by this time next year I recently opened up both cards and CD 1 month ago do you have any tips for a newbie like me ? I pay both cards in full and early and kept the amount spent on them below 28% before it was paid and my CD is paid early in full as well
No offense, but adding some punctuation would motivate more people to read your query. I gave up halfway.
@NYC_Fella wrote:
@Skippy101 wrote:So I'm new to credit I have opened a BOA secured CC $500 limit and discover secured CC $200 limit I also have a CD taken out on my self to help report a history I have 2 things bad on my report a medical bill that's charged off at $700 2 years ago and phone bill from 5 years ago $371 my score is 580 Experian says I'm 29 I would like to buy a car at a decent rate if I can even get approved by this time next year I recently opened up both cards and CD 1 month ago do you have any tips for a newbie like me ? I pay both cards in full and early and kept the amount spent on them below 28% before it was paid and my CD is paid early in full as well
No offense, but adding some punctuation would motivate more people to read your query. I gave up halfway.
I gave up at "my score is 580 Experian says I'm 29"--like, huh, Experian says you're 29? Okay then.... *shrug*
I fixed it sorry, I use talk to text a lot because,I have issues with my hand.
@Skippy101 wrote:I fixed it sorry, I use talk to text a lot because,I have issues with my hand.
No worries, was able to track with what you were saying. Follow the above advice and keep at it! Good luck on your credit journey.