No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@Anonymous wrote:
So right now all I have open are..
1.capitalone secured card $200
2.a charge off cc from BOA with a balance of $82
Nothing on record for collections etc
Nothing else, I need to raise my score at least 100 points in next 3 months, what else can I add to do so?
I am looking for suggestions other than being added as an AU. Thank you all for any suggestions!
TIME.
IMHO - That would be my answer to that. You need to put in some time after your chargeoff and let your secured account age.
How long have you had your secured card? How long ago was your charge off? Is this the only credit history you have? Car loans? Anything like that? The more detailed information you provide the better this forum may help.
Good Luck!
@Anonymous wrote:
So right now all I have open are..
1.capitalone secured card $200
2.a charge off cc from BOA with a balance of $82
Nothing on record for collections etc
Nothing else, I need to raise my score at least 100 points in next 3 months, what else can I add to do so?
I am looking for suggestions other than being added as an AU. Thank you all for any suggestions!
I came in without any credit, and had to get a secured cc. I got a second card (albeit, a store card) six months later (when I finally had a fico score), and it took me over a year before I was able to add 100 points to my score. I suspect a 100 point gain will be difficult to attain in three mos (but I could be wrong). Best of luck!
What are your scores now?
if they are super low it is easier to raise them. For example going form 500 to 600 much easier then going from 600 to 700.
I raised my score from 500 to 700 in a year. More like 10 months. Like I said at first every small action raises your score a lot, then it start to slow down.
Quick points I used.
-No one card over 29% utilization (reporting)
-Aggregate utilization at 8% (reporting)
-small credit builder loan to maximize mix (I used Self Lender but there are many options).
-Less than half of cards reporting a balance (you’re gong to need 3 cards for this)
-dont apply for new credit other than the 4 items needed to rebuild. (This one I didn’t do. Don’t be like me. Lol )
@Anonymous wrote:
Cool thanks all!
Ok what is a credit builder loan ? I will apply.
Can you give me an example of 8% utilization rate if I go get three secured credit cards? Side note I MUST get secured cards the graduate to unsecured or it would be pointless right?
Last point from Morpho , I always pay off my cc on due date so are you suggesting I leave a balance?
I should also say, some of these are tips and trick that will get you some points that are annoying to maintain but if you are trying to squeeze every last point possible they may be worth it.
Yes, FICO penalizes you if you have all your balances report zero. So while its good sound financial advice to pay off your places in full always, you lose a few points for doing so. The remedy is to have one card always report a small balance and have the others report zero. Its called the all zero except one method (you can search for AZEO). I tend to not refer to it as that because you don't actually need all your cards except one to get the point boost. You just need less than half. Its just that AZEO is easier to remember
10% of your FICO score is credit mix. If you only have credit cards your mix portion of the score is penalized. A credit builder loan is small loan designed to let you get those extra points. If you have a mortgage, a car loan, or student loan you don't need this. You are already getting the benefit of the "mix" score. Companies like "Self Lender" and "Credit Strong" are two companies that provide this service but most people just use a credit union. You can search for "share secured loan" + whatever credit unions you like, to see if the one you are interested in is offering it.
Yes secured cards that graduate are preferable (like Discover). If you can't get approved its ok to get ones that don't and just close them once you get better cards. Try Discover or Citi.