Credit rebuild..any and all advice welcome

[Anonymous]

Hi, I'm trying to rebuild my credit. I'm at 530 ex 528 eq and 520 trans. I have a first progress secured credit card with a 200 dollar limit. I just opened a 500 dollar credit builder Loan with credit strong and I have a finger hut account with a limit of 130 right now. My question is....should I try to get more credit cards or just pay some payments on these accounts for a few months before I try to get an unsecured credit card. I was told I should try to have 3 credit card accounts to maximize my credit score. I'm new to this, any advice will help me. I have a lot of questions so if someone who its smart with this type of stuff and wants to teach me....I'm all ears..thanks in advance

[Anonymous]

Three cards and a loan are ideal but you don’t need all of them now. Maintain payments and low utilization on what you have currently, let the accounts age, and in 6-8 months start trying prequals for Discover or CapOne secured cards (preferably Disco as it’ll graduate). You’re making the right moves, just take your time and don’t rush things.

[dynamicvb]

+1 with Devil, just hold tight and build up some history and age. In a few months, your scores will start to rise and you will be able to get better cards that will grow.

[Anonymous]

I've just recently started to rebuild my credit. I currently have no collections but I do have a student loan that is closed because of no payment. My fico score for all 3 CRA is around 560. I do have 1 secured progress credit card, finger hut, self lender, credit strong account all in good standing. So far all payments on time. What's the next best step I should do? I want too reach a 750 asap. I know it takes time. Someone please help me. Tell me should I try to get another credit card Or just pay these payments on what I have.

[FireMedic1]

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@Anonymous wrote:
I've just recently started to rebuild my credit. I currently have no collections but I do have a student loan that is closed because of no payment. My fico score for all 3 CRA is around 560. I do have 1 secured progress credit card, finger hut, self lender, credit strong account all in good standing. So far all payments on time. What's the next best step I should do? I want too reach a 750 asap. I know it takes time. Someone please help me. Tell me should I try to get another credit card Or just pay these payments on what I have.

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There's your crutch. More credit doesnt raise scores quickly. You got 2 cards and a loan. 1 more secured and you can do the AZEO method and have the rebuild FICO bonus. Stop there and pay off the student loans.

[calyx]

Are these student loans federal loans?

If so, call the servicer/CA and work out a plan to rehabilitate them.   You make a payment for 9 months and that will bring your account current and the default will be removed from your report, bringing you some nice, long tradelines which will definitely help your scores.

Some servicers delete the late payment information as well (but not all do, it's NOT required).

[Anonymous]

Just made arrangements today and a started paying off my student loan today. Thanks for the advice. How much do you expect my score to go up after 9 months? I hope I can get the late payments off my credit report they are killing my score. Do you know how long it takes for the missed payments to come off my credit report?

[Anonymous]

I have no collections on my CRA. I only have a secured credit card and a self lender loan and finger hut account. My credit score is only 560. What should I do to get my score up to 650?

[calyx]

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@Anonymous wrote:
Just made arrangements today and a started paying off my student loan today. Thanks for the advice. How much do you expect my score to go up after 9 months? I hope I can get the late payments off my credit report they are killing my score. Do you know how long it takes for the missed payments to come off my credit report?

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It might take a bit longer than 9 months to see your score go up.
Student loan servicers are notoriously slow with regards to updating credit reporting agencies.   It took my new loan 4 months to report after it was opened, so you are going to have to be patient.

Once the rehab is up, and you've begun making current payments (which may or maynot be to the same servicers - if it's to the same servicer, great!  If not, you'll need to give the old servicer time to update as well as the new), you'll need to wait to see how the rehab shakes out.  If they take off the late payments along with the default, your credit score should be far better than it is currently and you will be in great shape.
If the late payments do not come off with the default, you can try to start writing goodwill letters to the servicer to have the lates removed.
It is notoriously hard to get late payments removed (they are required by the HEA/FCRA to report lates), but there are a couple of servicers that have been known to do it.
If they say "no" to your very polite (because they're doing you a huge favor) initial goodwill request, I would start using the goodwill saturation technique (which you can find here in the forums).

Honestly, it's those student loans holding down your score and unfortunately you're looking at a good year before you're going to make significant gains there.
Until those all shake out, just keep your utilization low ( <8.9%) and pay everything on time.   Waiting is the hardest part, I know, but there's not much you can do at this point until your rehab is complete.

[FireMedic1]

How many lates and are they listed as 30, 60 , 90 or 120 days late? Also how long ago was the last late? Please remember. Credit doesnt rise that fast with past baddies. If the loans get a rehab that may help a lot. Major baddies like BK and 120 day lates, CO's, and other derogs falling off your report will make a score rise quickly. Other than that. It runs it's normal course.