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i was recently told that if i get a online cc with a 5000 limit and two secured cc's that my score would increase tremendolously...i was wanting to know how can that be if my score is a pitiful 517?also i want to know if i have a recent baddie reporting me 90days late is tht killing my score and should i contact first bank of deleware and try to work out something with the and ask that they report that i am making the baddie current?i am confused about how all this stuff works please help me im 29 and i wanna buy a home by mud 2011
A couple of questions, before any advice specific to your situation can be offered.
What open accounts do you currently have? What was the recent account that reported a 90-day late?
What closed, delinquent accounts are reproting, and what are the reported derogs?
I dont know your credit history, but doubt that one account "baddie," even though it is a major derog at 90-days late, is all that contributing to your score of 517.
If you apply for new credit, they will do a pull of your CR, and see it all.
Your "advisor" told you that "if" you get additional or better CCs, that would probably improve your score. That is probalby so, but it is a big "if."
Approval for new credit, with a score of 517, is not an "if" that would most probalby become reality. Particualrly at the $5,000 CL level. Then you take the hits for new credit inquries, which may just further lower your score.
You need a comprehensive review of your CR, not advice to try to get more credit.
I totally agree RobertEG.
Also with your current score, your report must have been pretty bad, and those derogs must have been recent. Getting your report clean is not an easy task, but it's possible if you try.