How many new accounts needed to rebuild?

[sleepingiant]

Started repairing a few months ago.  Have quite a few baddies even tho i have had a few accounts removed already thru the use of lexington law.  I have actually decided to stop using them and do the rest on my own.  Currently the only positive active tradelines i have are 2 secured cards thru capital one and capital bank(opensky).  Do i need more then this or will these two accounts if left to age with correct usage be enough to help me while i wait for a good amount of negative accounts fall off my report between now and mid 2013.  Scores currently mid 500s.  looking to finance a car around beginning of 2013.  would love to get to 600 asap

[sleepingiant]

BTW Cap one has 400 limit and cap bank has only 200.  was also thinking about pulling trigger on this fingerhut account they keep bothering me about signing up for but ive heard alot of negative comments regarding them. 

[namvet]

I think the cards you have now will do the job for you.  A year from now your scores should be looking good.  Patience is the key!

[sleepingiant]

o ok thanks!  i would hate to apply for more cards and get dinged more esp with mid 500 scores.  

[Lasardo]

Started a few months ago also. Use Lexington also. I opened two cap one and one first premier $300 CL.. I am now a 637 from 554, but I do have a car loan through cap one from 2008 that I have been paying on time on. I also opened a "credit builder" account through my bank. I pay $84 a month towards a CD, it reflects on my report as an installment loan and in 2 years I have $2000 available to me. Excited about that one. I have applied for a lot of accounts (before I knew about cap one and 1st premier) I have a whole file of rejects. I m curious what my score would be if I did not apply for so many accounts. I also maxed out one card this month ( usually pay it off before the cycle date) so am also curious what my score would be with out that. I wish you luck on your journey..

[sleepingiant]

Thanks! I thought i read somewhere that fico likes a mix.  idk if i can get anything other then secured cards right now anyway.  

[Anonymous]

i started with 3 secured cards you can see my scores below where i started and where im at now. i still have one baddie left due to fall off early 2013 just to give you an idea. my scores were in the 670-680 range but the new inquiry and new account took it down a little but im just happy i got approved for my first unsecured card

[sleepingiant]

oh wow.  i guess time and patience is key.  do u think it matters how high my limits are?  right now my two secured cards are 400 and 200..

[Anonymous]

the only time limits come into factor in your score is when util comes into play. meaning for max score you want all cards to report a zero balance and one to report 1-9%. when i started building credit the biggest question was how many accounts do i start with. the majority of responses i got was 3 so thats what i did. whether 2 or 3 makes a difference i dont know

[Anonymous]

@Lasardo: What bank did you sign up for this credit building CD program? Sounds like a good idea... I wonder if any local banks offer this program as well.