MyFico score changed... My score dropped because "I'm not actively looking for credit"?!

[llecs]

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tlhead wrote:

another question: is a prepaid visa card or a Secured credit card helpful to establish credit?

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A prepaid card won't help at all. They don't report and then you'd have the fees to deal with.

A secured CC does help. Make sure it is from a reputable source. Most secured CCs report to all 3 and there's some good ones out there. I started with Orchard Bank (500/600) where I put $500 and got a $600 CL. BofA offers a great secured CC where you put $x to get $x CL. They also counter-offer from time to time, after you app for an unsecured CC, a partially secured where you put $99 and get a $500 CL. After 9-12 months, they'll unsecure the card are return the $$. Some cards can become unsecured if you ask in due time. Some will never unsecure, unless you were to close it. Favorites seem to include BofA, Orchard, US Bank, Citi (if still offered), your local CU, and many others.

[tlhead]

thanks! Im going to look back into this. I just dont want the card to stay secured forever

[tlhead]

exciting news! i sent the GW letter to capital one and it worked!!!!!!!!!!!! they said after reviewing my credit report they have deleted the account from my credit file and they forwarded it to the credit agencies...wow

[llecs]

Wow! Congrats! CapOne rarely accepts GWs. Leaving out any personal names or info, what address did you send it to?

[tlhead]

Capital One
Attn: Credit Department
PO Box 30287
Salt Lake City, UT 84130-0287

i didnt even address it to anyone cause i couldnt find a name..although i searched high and low for someone. I had heard the same thing about them and boy was i suprised. In fact i didnt plan to send them one cause everyone kept saying that they rarely accepted these letters. glad i did

[llecs]

Thanks....that'll will help some folks in here. I may even try to use it for DW's pd CO. *runs off to figure AAoA again*