@BringTheHeat04 wrote:So I've managed to get my score from the mid 400's up to 588(transunion) 618(equifax) but I dont know the best next moves to make and need some guidance. I opened a credit builder loan a few months back and have been making payments on time the marks on my report are as follows
Auto- •Freeway Funding-$6,337
-status-closed -opened-9/12/18 closed-3/21/20
Other- • Moneylion- $765.00 status- in.good standing. Opened-01/22/2022 was at $899
Collections- • Credit Control Corp- $368
Opened-7/6/17 last reported-4/3/22
•PCSCollections- $1,908 opened-11/18/19
Last reported- 3/16/22
Sorry, I hope I included all the necessary information, What should be my next move to get my credit score up so it's atleast in the "good" range? Should I open another account or get a secured card? Or would I be better off taking that money and trying to pay off some of the collections? Oh sorry, the freeway funding account was from a repo a few years ago and they company didn't send me the required paperwork after.selling the vehicle and i have a lawyer looking into getting that possibly completly removed but I won't know what's going to happen with that, if anything until he gets back to me, I just sent him all the documents and stuff that I did have but In the meantime i.really want to keep working on improving my score. I'm 27yrs old now and this is something I should've started doing a few years ago. Thanks in advance
Moneylion- Credit Line 899.00 balance 765.00 Just keep paying on this
Collections- • Credit Control Corp- $368 Opened-7/6/17 last reported-4/3/22
PCSCollections- $1,908 opened-11/18/19 Last reported- 3/16/22
Kinda re-arrainged it as they are active. Those 2 CA's I dont think they PFD. Call and ask if they do and settle them so they are no longer updating.
Any past/present revovling (CC) credit accounts at all?
Need more info.
@BringTheHeat04 wrote:No, what is revolving credit? You mean like a credit card or one where they give you an active limit and you keep paying every month? So far I just have the credit builder loan but would a secured card be considered revolving credit? I just got a notification from credit karma that I was pre approved for a finger hut account but all their stuff is way over priced. Would it be a good idea to open one anyways and just get one thing and pay it off so it shows on my credit?
I would settle the collections first and then open a secured credit card. I like Discover it and Capital One Platnum. Once you pay the collections they stop updating and your score will gradually increase instead of being held down. Imho
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Well since your right out of the gate. Check Cap1 and see if you can get the unsecured Plat. No QS1. It will be a low limit but everyone has to start somewhere before going secured. Test the waters. Report back. Best to do it right after you take care of the CA's.
In my assessment I would pay Money Lion off and get rid of them. See if those CA accounts will do a PFD and keep the credit builder as they will give you a credit card after three months of on time payment. This account will allow you to pull your credit scores up tremendously as well as continue a positive rebuild. Do not worry about a lot of cards, especially store cards. The self builder and maybe another card secured or if possible, unsecured.
Starting Score: 544
@BringTheHeat04 wrote:So I've managed to get my score from the mid 400's up to 588(transunion) 618(equifax) but I dont know the best next moves to make and need some guidance. I opened a credit builder loan a few months back and have been making payments on time the marks on my report are as follows
Auto- •Freeway Funding-$6,337
-status-closed -opened-9/12/18 closed-3/21/20
Other- • Moneylion- $765.00 status- in.good standing. Opened-01/22/2022 was at $899
Collections- • Credit Control Corp- $368
Opened-7/6/17 last reported-4/3/22
•PCSCollections- $1,908 opened-11/18/19
Last reported- 3/16/22
Sorry, I hope I included all the necessary information, What should be my next move to get my credit score up so it's atleast in the "good" range? Should I open another account or get a secured card? Or would I be better off taking that money and trying to pay off some of the collections? Oh sorry, the freeway funding account was from a repo a few years ago and they company didn't send me the required paperwork after.selling the vehicle and i have a lawyer looking into getting that possibly completly removed but I won't know what's going to happen with that, if anything until he gets back to me, I just sent him all the documents and stuff that I did have but In the meantime i.really want to keep working on improving my score. I'm 27yrs old now and this is something I should've started doing a few years ago. Thanks in advance
First of all, WELCOME to the Forum. There are a lot of really smart, experienced people in here so asking a question is a really good step on your part. KUDOS to you for having the courage to do that. It is not so easy, sometimes!
I like to K.I.S.S. (keep it simple, stupid - thank you SO MUCH to my college professor - sophomore year for teaching me all about this concept).
Have you pulled your credit reports? There are three:
1. Experian
2. Equifax
3. Transunion
If you have, and the accounts that you have listed are the ONLY accounts on all three, then awesome! We know that we are dealing with 100%. If you have not.....then we do not KNOW this.
So, if you have not, might I suggest that you go to annualcreditreport.com and do so? Due to COVID-19, we here in the USA are allowed to get weekly credit reports (instead of yearly) and we may continue to do so through December, 2022.
When you pull each of the three CRAs (Credit Reporting Agencies....again, the three that I listed above) do you see JUST the accounts that you listed?
Outside of that, @FireMedic1 has given some pretty solid advice.
