Rebuilding credit Advice!

[Anonymous]

i messed up my credit when I was young my credit reports looks like this

eq-595 TU-610 EX- 607. I have 3 credit cards all in good standing capital one qs1 credit limit- 300. Fingerhut- 400 and credit one - 300

i have an auto loan never late I have a student loan never late except for one time and that was 55 months ago. I do have some items in collections 6 in total , I was wondering if I could get some advice on which credit cards can I apply and get most likely approve.  I need to have more credit line to start gardening. Btw all 3 cards in total are 30% and below utility. Thanks

[Creditaddict]

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@Anonymous wrote:

i messed up my credit when I was young my credit reports looks like this

eq-595 TU-610 EX- 607. I have 3 credit cards all in good standing capital one qs1 credit limit- 300. Fingerhut- 400 and credit one - 300

i have an auto loan never late I have a student loan never late except for one time and that was 55 months ago. I do have some items in collections 6 in total , I was wondering if I could get some advice on which credit cards can I apply and get most likely approve.  I need to have more credit line to start gardening. Btw all 3 cards in total are 30% and below utility. Thanks

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1. for scoring you don't need anymore credit cards BUT.

2. if you have 3 credit cards, I would try to only have 1 report a balance each month... even though you are under 30%, you are taking a small hit for having all 3 accounts with balances.

3. I would check pre-qual for capital one and see if you could pick up another cap1 and CLOSE CREDIT ONE!! they are terrible.

4. I would consider the new Discover Secured Card and that will also give you your TU Fico each month.

5. address the collections before seeking more credit (this before 3 and 4 actually!)

[My_Fako]

Your at 30% with a total credit line of $900? What is your income? Pay off cards to 2% then see where your scores are at. Before thinking of apping for anything.  

[Anonymous]

So  if only one card reports a balance that will help me? Also will paying my collections help my credit score? I heard it does not help out of the 6 , 4 account will be removed from credit score in 2018 they are from 2011

[Creditaddict]

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@Anonymous wrote:

So  if only one card reports a balance that will help me? Also will paying my collections help my credit score? I heard it does not help out of the 6 , 4 account will be removed from credit score in 2018 they are from 2011

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yes, 1 balance less than 9%.

while paying collections might not help a score per say... they drastically effect which and when lenders will start issuing credit again... it looks like you are not taking responsibility for debts when you don't pay them.... especially when you are under 5 years because you are still in fair collection window unless you live in one of the few 4 year states. even settling will be better than nothing unless you are talking about a ton of money.

What are the collections and amounts?

[Anonymous]

Collection amounts total 4k all together.

[Anonymous]

Now if lets say out of the 3 cards 1000 credit in total there is  one with balance of 0 one with balance of 141 and another one with balance of 25 so total is 166 out of the 1000 line of credit , is this good enough?

[My_Fako]

Treat your cards like (Charges)... PIF 

[Creditaddict]

Pretty good but 2 of 3 reporting 0 best

[Anonymous]

Maybe you should try to do PFD for the collections? Get those suckers deleted!