Credit Repair + Secured Cards

[Anonymous]

First, I'd like to preface this question by stating that I am brand new to the boards and have never posted before. So, I apologize in advance if I haven't nailed all the common terminology and/or culture. Lol.

I am on a mission to drastically change by credit standing. My EQ and EX scores are currently sitting at about a 537, and my TU score is 501. I have NO active credit cards for years, but mysteriously, 3 old accounts are showing "good standing" - zero utilization across the board. Not sure about this...

I have applied and been approved for a Discover It Secured Line - I opened with $300 Line to start, and I also applied and been approved for a Capital One Secured CL - $200. My plan is to follow common strategy that I have learned here and work aggressively on my baddies while letting these cards post with under 10% utilization for X period of time. My baddies are mainly healthcare items (1+ years old), and old defaulted apartment lease (4+years old), and some other misc items.

My questions...

1. Since it appears that banks are wiling to work with me, should I strike while the iron is hot and open a Citi Secured Card (or another recommend card)? Or start my gardening process now and ride it out with the Discover It and Capital One. I'd like to think less is more but maybe opening the third won't be a bad idea??
2. My goals over the next months is to increase maybe 100+ points, or more! With the strategy I've outlined, is this possible?

3. Obviously, I need to work to clear my baddies or let them eventually fall on their own due to age, but am I on the right path by opening these credit lines now or should I tackle the issues first then deal with the cards?

Thank you in advance for your advice.

[Shadowfactor]

You get the most “free” FICO points for having 3 cards reporting in good standing.

Since you just opened two of them, there’s no harm in adding the secured citi card.

All your account will age together and graduate at different points. So it’s going to be a long road. Citi’s secured program is 18 months just take note of that.

Discover’s is 7 months to start monthly reviews.
Capital one: seems to a trend that 11 months is the mark.
Citi : 18 months from what I’ve seen.

All of the above cards graduate and can be product changed down the road. So that gives you some nice options later on.

If you don’t want money tied up for 18 months. Maybe Bank of America would be a better option. Not sure how their program works. Believe it’s a year ?

[Anonymous]

If you don’t want money tied up for 18 months. Maybe Bank of America would be a better option. Not sure how their program works. Believe it’s a year ?

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In my personal experience my BoA Cash Rewards was secured and I got a check in the mail for the security deposit at the 11 month mark.  They don't automatically waive the annual fee, though - its $39/annually and you can ask for a fee waiver but it isn't guaranteed to waive once it graduates.  Citi's fee free so it depends on what you wanna do so far as that goes.

[Meanmchine]

Welcome aboard.

I would suggest having a mod move this thread to the Rebuilding forums. Your questios seem more like strategy planning. You might find more specific answers to your questions there.

Good luck

[UncleB]

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@Meanmchinewrote:

Welcome aboard.

I would suggest having a mod move this thread to the Rebuilding forums. Your questios seem more like strategy planning. You might find more specific answers to your questions there.

Good luck

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+1

Hi @Anonymous, and welcome to myFICO!

I'm moving your thread to the 'Rebuilding Your Credit' board for additional exposure.

--UncleB

myFICO Moderator