@Anonymous wrote:
Ok so here is my situation I have 6 derogatory accounts on my equifax-- 5 on my exp and 1 on trans. I would like to know if it's possible for me to build my credit score up to the 700s with them on my file as long as I keep my utilization low and make payments on time.I have never have a credit card or loan all the stuff are medical bills I had in college and a few bills from my sons old docs I didn't know about until I checked my credit last month for the first time ever. The most recent collection account is from 2013 oldest is from 2009. I just applied for cap one n discover it both secured and got approved for both, 200 dollar limit. Can someone please help me on what I need to do to recover from this bad credit and if the 700s in a year I even possible. Thank you in advance!
Welcome to My fico 
If they are not updating on a monthly basis you may be able to hit your goal but all bets are most likely off it they are. Medical debts are some of the easiest to get rid of off your reports if you have the funds to pay them. You need at least 3 revolving cards to help drive your Fico scores and its great you got your first 2.
For unpaid medical debt that is reporting on your CR:
1. Call the OC and ask that they recall the collection in exchange for full payment
2. Send the reporting CA a PFD offer
3. Google the HIPAA Process and contact its creator for help
http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Q-amp-A-Examples-and-PFD-Success-Stories/td-p/2031275
http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/PFD-Example-Letter/td-p/4519
http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Secured-Cards-Database/td-p/3846302
@Anonymous wrote:
Thank you so much for advice you are awesome I had no clue about ANY of that.. Then again I just started learning about credit last month lol but u said I need three accounts what should be my third acct? Any advice? And should I raise my limits to help boost my score with more deposit or will the 200 dollar limits be enough?
I recommend 3 bankcards, eventually as your score rises and you show good payment history on your new cards then you can app for a store card to help you with the credit mix category also as you build history with the secureds and settle your collections you can then app for some unsecured cards. The limit of the cards doesnt need to be high to obtain good scores how you use them matters. What you want to do is only let one report a small balance (1-9% of that particular cards limit) to the CRAs each month and the other revolvers at 0 if you are looking to get your best possible Fico score. You can take it right to the limit, pay it off multi times in a month.
@Anonymous wrote:
Ok that makes sense.. So I can go all the way up to the 200 dollar limit as long as I pay it down before it reports? Sorry for all the questions I just want to make sure I do it right. I'm only 26 and I have a credit score in the 500s and I want to change that.
Yes and you can charge and pay multi times in a month too.
@Anonymous wrote:
Ok thanks for your advice, now I'm not sure I can qualify for an auto loan right now but for the installment loan would a share secure loan work?
If you have no student loans or personal loans now then yes the share secured would work for this.