rebuilding credit help

[Anonymous]

My credit scores are only 603-617. I just paid off all my debt and it should all be off within 4 weeks. I paid off all collections. Student loans killed me. I make a good living now but about a year ago I was getting half my pay taken in child support. Loans had 7 missed payments on 7 student loans. Owe 30k in loans. My car payment has never had a missed payment. That's 3 years old. My wife has me as authorized user on 2 cards I use for business. 17k limit I use about 3k a month then pay off in full so no interest. Had a judgment for support because it back dates to the time it's filed. We waited 4 months to get there to have it changed for his daycare expenses. My support arrears went to 1600 with the 400 a month increase. That got reported even though I can pay it off fully I read that never comes off. It will only say I owe zero and say I have missed payments. Not sure how to approach that. I owe 1200 but if it doesn't get removed by paying it she does fine off $830 a month plus an extra $100 I pay since she moved him to the daycare I wanted. Anyway that's only on one report. I have no cards in just my name. Would that help? Also thinking about getting a secured loan thru my bank. That would raise my on time payments ratio was my thinking. Plus it's 3% and you get 1% interest on the CD. Any help would be appreciated.

[Anonymous]

I would suggest that you get 1-2 secured credit cards in your name.  That would definitely help you.  Capital One, Bank of America, Wells Fargo or Credit Union would be good choices to help your rebuild efforts. Stay away from Credit One and First Premier credit cards.

As for the collections/debts that you have paid off, I would think that they would help your score?  But, I am not sure as to how you took care of them?  Did you do PFDs on them or just paid them off?  

As for the secured loan, I don't see a reason for you to do so?  If you have installlment loans like a car or mortgage showing up, and provided that they are paid as agreed, you should be fine?  

[Anonymous]

I paid half off and did settlement on a couple. I had missed payments about a year ago on student loans. That is why I was thinking getting my on time payments up with the loan. Does my wife's credit cards on my account actually help or hurt?

[Anonymous]

Don't get capital one secured . It's a triple pull and it doesn't grow at all . Try CU's like SDFCU .

[Anonymous]

What would the best credit card I should get? Would I need a secured card? My score should jump in the next 3 weeks with all the collections coming off. I know I need a credit card for my score but who should I go with? No foreign customer service please.

[Anonymous]

Refugee47 Frequent Contributor
12:59 PM
Don't get capital one secured . It's a triple pull and it doesn't grow at all . Try CU's like SDFCU .

I got a capital one secured card and after 6 months they doubled my credit limit without an additional security deposit.

Capital one has a steps program. If you use and pay your card on time for 6 months they will increase your limit.

Also, capital one has a preapproval site so you can see if you qualify for an unsecured card. It's pretty reliable unlike Discover which acts like humpty dumpty is approved.

[juniornj23]

Is credit one bank a bad card I have it and alway pay in full

[Anonymous]

Credit One is horrible. They take forever to process payments and charge more to take payment in shorter period. Might have changed but I had them years ago. Never again. Plus I could never get someone that spoke clear English. That was frustrating .

[ktl72455]

Credit Cards | State Department Federal Credit Union   get a secured card

try the pre-approvals on capital one , if nothing is approved, try the pre-approval in credit one.  Its not the best, but it does grow and gets a person started if they cant get anything else. nothing says you cant close them later when they are done helping you rebuild.

I started @ 300.00 with credit one and my scores sucked!! I had no active credit. Capital one wouldnt even offer me credit.  I am now at 1300.00 and still PIF each month.

Just dont go out and start applying like crazy.. they pull your credit and each pull will drop your score. Try the pre-approvals and also possibly try finger hutt.

Also Child Support, even though it is on your report is not factored into your fico credit scores.

Being AU on your wifes cards can help you as long as they are older accounts, have a good limit and low balance. Sounds like your ok there.