Would this make sense??

LittleCat · ‎03-06-2008

I, like many here are trying to rebuild my credit. I was laid off in early 2003 and ended up with a repo, 3 CC charge offs and 1 Sprint collection. All the DOLA are for 2/2010. I have 2 med. collections that are paid from last year. 2 of the charge-offs are from Cap1, who still slaps me with a 'late' every month.

I have a car loan, Target card, Mervyns card, and an Orchard card. I applied to BOA hoping to get the 99/500 but was declined. Does it make any sense to just go for a fully secured card when everything but the 2 paid collections(that will then be 2+ years old) will fall off my report?

Would adding a secured card help build more, more quickly than the 4 accounts I have? They are all paid on time, all the time, no lates.

I am wondering if this would help dilute the baddies

Message Edited by LittleCat on 03-06-2008 11:46 AM

Anonymous · ‎03-06-2008

LittleCat wrote:
I, like many here are trying to rebuild my credit. I was laid off in early 2003 and ended up with a repo, 3 CC charge offs and 1 Sprint collection. All the DOLA are for 2/2010. DOLA is Date Of Last Activity, which ofcourse cannot be in the furture..Do you mean 01/2001?I have 2 med. collections that are paid from last year. 2 of the charge-offs are from Cap1, who still slaps me with a 'late' every month.

I have a car loan, Target card, Mervyns card, and an Orchard card. I applied to BOA hoping to get the 99/500 but was declined. Does it make any sense to just go for a fully secured card when everything but the 2 paid collections(that will then be 2+ years old) will fall off my report? Remember: they will stay on your report for 7-7.5 years.

Would adding a secured card help build more, more quickly than the 4 accounts I have? They are all paid on time, all the time, no lates. You already have enough credit cards AKA "Revolving" for your mix -

I am wondering if this would help dilute the baddies
Time will help more than adding new credit. Remember, the age of the account carries weight. Too much new credit is not always a good thing.

Message Edited by LittleCat on 03-06-2008 11:46 AM

LittleCat · ‎03-06-2008

DOLA is February 2003.

I know the 2 collections from last year stay for 7 years, I sent many PFD's for both, the companies refused. It was my debt. I owed the money. I paid it. I will be sending GW letters, hopefully they will work. I like to imagine 2 paid medical collections(both under $125) is not looked upon so severely by a lender as a repo!

fishbjc · ‎03-06-2008

Ok, you MUST get Cap One settled!!!! That's a dead weight on you!

Are these medical collections showing on your account? If so, advise us so we can lead you to next step!

Message Edited by fishbjc on 03-06-2008 01:38 PM