Rebuilding my credit

[Chris3k2]

Oh and any extra money that I put in to increase the credit limit. Will that also be refunded back to me if I was to close the account?

[cyberone28]

i have myself 512 fico score and applied for the WF secured card, i put 500 deposit and got approved...

make sure you go to their branch because if i would it done it online it woulded be an instant decline...

good luck to you

[dzemboc77]

Hope this helps, I ran into some troubles back in 2008 and had 3 accounts go to collections. My credit score was crap, After I got a car at 25% intrest I decided that I couldn't live that way anymore.

First advice is, If you can't pay your current bills, don't bother working on your credit. Nothing will help you if you keep getting dinged with 30/60 day late payments constantly. Once you have your financials under control and can save money, open up some cards. I started with a Cap 1 prepaid. I added extra and make it a $500 limit. Used it monthly go gas, paid it off in full. They even increase my limit $100. After 3 months I applied for a Credit One Bank card unsecure. $500 limit. few months later I got a Bar Clay Unsecure for $500.  This month last year is when I first opened my Cap 1 card. My Transunion was 538, Its now 637. 100 points just for getting a few cards and being responsable with them. I am currently working on setteling out my old debt now. I know 1 thing that hurts my score right now too is inquires. When you have bad credit its hard to get credit. It took me server applications to figure to get my first unscured card. Also same with my car they probably ran 10 diffrent times. Once those fall off even at 2 points each my score will be almost 700.    For anyone rebuilding your credit there is no easy instant fix. your not going to go from 500's to 700's in a month. Stay patient, and keep working at it. Worst thing you can do is open up cards and then miss a payment. Pay your bills on time and it will slowly get better.

[Henchman21]

Yes, it will refunded to you. Be sure to always close credit cards with zero balance though.

[Chris3k2]

Thank you both cyberone28 and dzemboc77 for your tips. I can definately afford to start paying in full on the small collections. I have 3 or so huge ones ($1000  or more) that I can do in a couple of months. I don't plan to do anything unless I have the finances though.

@henchman21 Let me get this fully understood. So I deposited the $49 and have $200 CL. If I deposite $300 extra my CL will increase to $500. After I zero the balance and then close the total amount of $350 would be refunded back to me? Is that correct? And sorry if I seem stupid for asking again. LOL

[Henchman21]

You got it right. Always better to ask a second time than to be confused!

[RTOrockstar]

A $200 CapOne secure card was my first credit card a year and a half ago when all my scores were in the 500's and it made a big difference in a relatively short amount of time.

Good luck!

[guiness56]

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@chevyman wrote:
Some inquiries stay for 2

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Yes, an HP stays for 2 years but is only factored into your score for 1.

[Chris3k2]

@RTOrockstar If you don't mind me asking how much did they go up and how long after you had the card did they start to go up?

[Henchman21]

YMMV. It's different for every person because everyone has a different credit report. Getting the baddies off will make the biggest difference.