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I need to rebuild fast

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Anonymous
Not applicable

I need to rebuild fast

I took off all collections and just got a secured capital one card. How much of my limit should I be using to get the most out of improving my score? 30%?
Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: I need to rebuild fast

I just rebuilt my score from a starting 504 last December to 709 a few days ago.
I posted about how somewhere else but this is the basics.
Capital One secured $200 12/18
Discover secured $300. 12/18
1/2019 added to sons Barclays as AU
Feb 2019 U S Bank unsecured $500 cash+
By June, got my refinance mid 600’s

July discover unsecured and raised from $300 to $2,000
Capital One raises to $500 without extra deposit.
Last week got unsecured Capital One QS1 $300
Amazon $1,700
Lowe’s $5,000

The amazon and Lowe’s started reporting already, same week as applications and dropped score a little. Refinance isn’t showing yet nor is the second Capital One.

The two secured card did the most for me. I’ve shown a balance on the reporting date (statement date) but PIF before due date as not to incur interest.
On a side note, these cash back cards have so far netted me $546 this year. I use my cards and have to pay on them several times a month.
Message 2 of 6
FireMedic1
Community Leader
Mega Contributor

Re: I need to rebuild fast


@Anonymous wrote:
I took off all collections and just got a secured capital one card. How much of my limit should I be using to get the most out of improving my score? 30%?

Cap1 likes heavy usage and PIF with new accounts. The 30% usage is not true thats plastered all over the internet. How much did you start your secured card with? Nothing is fast while rebuilding, Sorry to say. Play the game right and you will be rewarded.


Message 3 of 6
Anonymous
Not applicable

Re: I need to rebuild fast

Rebuilding a solid credit foundation is not a fast procedure, unfortunately. Samwooly's experience, while outstanding, is more the exception than the norm. You want to build your credit profile on solid foundation. If you have a weak foundation when building a house, what happens? The structural integrity can be compromised under stress, allowing everything to come crumbling down. Build your foundation solid & let it cure. You do that with sound financial discipline. It's tough, but so much more rewarding than a quick fix that might collapse sooner than later. GL!

Message 4 of 6
Anonymous
Not applicable

Re: I need to rebuild fast


@Anonymous wrote:
I just rebuilt my score from a starting 504 last December to 709 a few days ago.
I posted about how somewhere else but this is the basics.
Capital One secured $200 12/18
Discover secured $300. 12/18
1/2019 added to sons Barclays as AU
Feb 2019 U S Bank unsecured $500 cash+
By June, got my refinance mid 600’s

July discover unsecured and raised from $300 to $2,000
Capital One raises to $500 without extra deposit.
Last week got unsecured Capital One QS1 $300
Amazon $1,700
Lowe’s $5,000

The amazon and Lowe’s started reporting already, same week as applications and dropped score a little. Refinance isn’t showing yet nor is the second Capital One.

The two secured card did the most for me. I’ve shown a balance on the reporting date (statement date) but PIF before due date as not to incur interest.
On a side note, these cash back cards have so far netted me $546 this year. I use my cards and have to pay on them several times a month.

Do you have any collections or charge offs reporting?

Message 5 of 6
Anonymous
Not applicable

Re: I need to rebuild fast

I have a total of 14 medical collections all unpaid. No charge offs
Message 6 of 6
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