Trying to Rebuild my Credit - a bit anxious

[jewels1974]

Hi,

I am new at this, just signed up and ran my FICO score with the site and it is at 605 after being in the low 500's for so long.  However I do have CM with freecreditreport.com which has me at 632.  Little confused but when I went to the bank (HVFCU) 2 weeks ago to open up a secured card for $500 dollars they told me I as at 614 and after being denied by GE, I got a letter in the mail that I was at 620 with TU.  

What do I believe?  I am trying to build my credit so that I can buy a condo or a town house mayb next year hopefully, I was also recently approved for a store card (coldwater creek) on a SP by comenitity bank for $750 - was really excited, but don't know if I should apply for more credit or wait maybe 3 months.

Please advise - how do I continue down the road of rebuilding my credit?

by the way how do you list your scores at the bottom like some of you have?

[Duncanrr]

This thread will help you, http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Your-Guide-to-Credit-Scoring/m-p/718550 .

Basically there are different credit scores and each score may have different versions.  There are FICO and FAKO scores (FICO are the ones that matter) as well.  The main three CRA's are Transunion, Equifax and Experian.  Each one of these has different versions of their scoring models.  So the scores you get can change based on the CRA used and the version of that particular score that is used.  Additionally, each CR may have different information from the others so you can have variations that way as well.

[jewels1974]

Thanks for your response

I just got refinanced by Hudson Federal Credit Union Bank for my car loan at 8% verses the 11% I had with Chase, the banker told me that in a few months I can refinance and get it as low as 4%, so I am so looking forward for that.  Now I opened up a secured card with them for $500.00 and they approved me for a redi cash loan of $10,000, but they indicated that this will reflect as a line of credit,  so this will help significantly with my credit score.  As I mentioned I was shot a pre-approved by comenity bank from one of there retailers- coldwater creek and was approved for $750- which I was happy about, but again this was a SP, but I am afraid to apply for any more cards.  Unfortunately I messed up wiith back in 2008 with GE which I did not finalize payments until 2012 and just recently applied to them but they declined me (not surprised).

Should I lay low for now or apply for something else - any suggestions???

[gdale6]

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@jewels1974 wrote:

Thanks for your response

I just got refinanced by Hudson Federal Credit Union Bank for my car loan at 8% verses the 11% I had with Chase, the banker told me that in a few months I can refinance and get it as low as 4%, so I am so looking forward for that.  Now I opened up a secured card with them for $500.00 and they approved me for a redi cash loan of $10,000, but they indicated that this will reflect as a line of credit,  so this will help significantly with my credit score.  As I mentioned I was shot a pre-approved by comenity bank from one of there retailers- coldwater creek and was approved for $750- which I was happy about, but again this was a SP, but I am afraid to apply for any more cards.  Unfortunately I messed up wiith back in 2008 with GE which I did not finalize payments until 2012 and just recently applied to them but they declined me (not surprised).

Should I lay low for now or apply for something else - any suggestions???

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Lay low there is no reason to rush out and app for more cards, let these grow and as they do your score will rise as well. Personally I only add 2 TLs within a 6 month period. Credit repair is not a race but a long and sometimes painful process.

[jewels1974]

Thank you, this really helps and I guess in the midst of trying to rebuild your credit, you kind of just want it to happen overnight, but duly noted, I will have to implement patience in this process.

Again thanks for the feedback!