Need Help adding installment accounts ...I think

[Anonymous]

Need help here bad...don't feel like I am making much progress.

Here is my situation: My scores are EX 541; TU 562; EQ 572

I my credit is very old and mostly with late payments somewhere within its history. I have been ignoring my credit repair hoping these all will eventually fall off. The thing is that i do not have any new "good" credit to offset my past history.

I opened a UltraVx card and have that up to a 2500 credit limit, and a first premier $250 limit, that I am both paying well on. So, I think I am good on the revolving side.

I recently purchased a car; so far so good for the past 2 months, infortunately they do not report to EX and they have "financial" in their name. ugghh

I think i need an additional installment account, but do not think I am likely to get approved.

Does anybody have any places that I may have a shot at getting approved so I can continue to establish a "new-good" credit history?

Thanks for your input.

[Anonymous]

Where did you get your scores?

Installment accounts do not have a very big impact on your FICO score.

How is your utilization on your CC?

Do you have any collections or COs?

[Anonymous]

Where did you get your scores?

My scores are from myFico (EQ & TU) and from freecreditreport.com

Installment accounts do not have a very big impact on your FICO score.

How is your utilization on your CC?

My utilization is about 90% because I was running up the account to get to a fair amount of credit limit. Now I am concentrationg on paying it down.

Do you have any collections or COs?

I do have four active collections (I am paying on three of them; will be done this month) and a 2 COs.

So is there hope I can get to 620 anytime soon. This is my short term goal because I want to buy a house and was told they could work with me with that score and use my VA benfits.

Please let me know where I should concentrate my efforts, and if  you can suggest any new installment accounts I can add. I have heard of crown jewelers, would that be an installment account.

[Anonymous]

Crown Jewelers is revolving, not installment.

I would concentrate on getting your util paid down. If you have only 2 revolving, only let 1 report a balance and keep that between 1 and 9%. 

Work on those collections coming off. 

Don't worry about the installment at this point if I were you. You have the car loan. I know it only reports to two, but I think you'll be fine if you do the above right now.