Clairissa

They usually stop affecting your score in just a few months even though they remain on your report as nandog says.

You should definitely get some reliable credit counseling to help you make your decisions and straighten out the mess you're in. And I hate to say it, but you probably shouldn't even be thinking about buying a house until you have your financial house in order.

First of all, what are the chances you'd even be approved with so many recent negatives on your record? Even if you were approved, if you feel lost in your current situation, you're really going to feel lost when you have to come up with down payments, closing costs, mortgage payments, homeowners insurance, property taxes, and the endless variety of repair costs, upkeep costs and other surprises a home will throw at you.

In the short term new inquiries + decreased age of accounts will probably hurt you more than two new accounts will help you.

In the long run, having the two new accounts will help more than hurt.

So it's a matter of whether you're more interested in short-term or long-term effects.

I think I'd also be asking not just what will new credit do to my score, but do I really need or want the new credit.

Seventeen is definitely a lot. If you have any reason to suspect that some of those hard inquiries aren't actually yours, go to annualcreditreport.com, get free copies of your credit reports from all three agencies, and contest anything that you think might be on your record in error.

It's impossible for anyone here to say why you're not getting a job. Are you putting in lots of applications for jobs you qualify for? Are you presenting yourself well at interviews? Is the market for your skills strong or weak? There are thousands of variables, and your credit score is only one of them. But yes, as nandog says, if you're not employed and have no other provable form of steady income, you shouldn't even be applying for credit.

It sounds like a good possibility. If thelifetime costs of the new loan are lower than the cost of keeping the two existing balances and if you wouldn't be tempted just to turn around and run the old balances up again (assuming we're talking about credit cards here), I don't see a downside. The new loan might also add to your mix of credit types, which is a plus for your score.

You sound like somebody who is responsible with the credit you have, and the Victoria's Secret card would add to the mix -- so why not? I say go for it.

Whether the card is worth it, though, only you can say. And you do understand that "pre-approved" doesn't always mean guaranteed approval, so there's always a slight risk of applying and being turned down. But you need to start building, and this is one small step in that direction.

Yes, raise it as much as possible over time if you're talking about existing lines of credit. And keep your utilization under 30%, of course.

OTOH, if you're talking about taking out new lines of credit, be careful and go slowly, since the act of applying can temporarily "ding" your score and seeking a lot of credit in a short time can raise red flags.

You sound like your thinking smart! One way to build strong credit is to have a mix of credit types (all paid on time, of course). So yes, a secured credit card is one good idea, though it doesn't actually sound as if you need to go that route since you've already qualified for a "real" credit card. You might consider something like taking a small personal loan from a credit union (even just a few hundred dollars).

Just having something other than a credit card is looked upon as a good thing. But having one or two more cards, on which you make reliable payments and keep low balances would help, too.

For now ... just pay your existing debts. New credit sounds as if it could be too much of a temptation for you -- besides which, with a 505 score you'll have a hard time getting credit, or at least getting it at reasonable rates.

Oh yes, and be careful of making a number of applications at once. If five or six hard inquiries hit your records at once you'll not only have a temporarily lower score, but you could be denied credit because a large number of inquiries is seen as a red flag -- a possible sign of desperation.

It's correct that merely applying for these things will lower your score somewhat because of the hard inquiry. But even though the record of a hard inquiry will stay with you for two years, the negative impact on your score lasts only a few months.

In the long run, having more credit lines (with low utilization and on-time payments) will help your score. But you do definitely have to avoid running up a lot of new debt if you want to keep a good score. Good luck!

It can hurt or help depending on their actions over time. If you know that your co-signer is 100% reliable in their financial dealings, it will help. If your co-signer, say, neglects to make payments on the loan you took out together, it will hurt.

Sorry, but it will take seven years. That's a hazard of co-signing.

Your credit card company probably reports to the credit bureaus once a month -- shortly after your monthly statement comes out. The $800 balance should drop off your CK balance after that, and after you click to update your score, of course.

Your credit card company probably reports to the credit bureaus once a month -- on or shortly after the day it issues your statement. Once that report hits CK, the $217 should disapper.

If you have any doubts about whether or not the credit card company credited the payment, then check online if you have a login with them or call their 1-800 number to make sure. But if they've properly recorded your payment, CK will reflect it in a week or two after your statement date.

Yes, you can get out of that vicious cycle, though it may take some time. Best place to start is usually with a secured credit card. Use it responsibly for a while, making all payments on time and keeping your utilization under 30%, and you'll start looking good.

However, you should also talk to your potential mortgage lender. With a large down payment, a paid-off auto loan, and (presumably) a good income, they may be able to work with you. In any case, they can give you advice on how to proceed.

Go to annualcreditreport.com and get free copies of your reports from all three credit bureaus. Either one or more of the bureaus has made an error and is crediting someone else's accounts to your record or you may be a victim of identity theft and fraud.

I'm not sure where you're seeing a wrong APR rate since CK doesn't list that info. But that might be something to take up with the company issuing your credit card. Call their 1-800 number.

Credit Karma probably isn't making it up. More likely there's been a mixup at one of more of the credit bureaus and someone else's card is being listed on your record. Go to annualcreditreport.com and get free copies of all three of your credit reports, then contest any errors you find there.

If you're just looking to build credit, why not a secured credit card, instead?

Also, ae you 100 percent sure that buying a vehicle from a dealer right now is your only option? Is there any bus service or other mass transit where you live and work? Is any sort of rideshare possible? Do you have a relative who might give you a vehicle or sell you one on a payment plan that didn't require money down?

Yep, just continue what you're doing. You actually sound as if you're in very good shape for someone with a limited credit history, and you'll look better on that auto loan app if you haven't been applying for credit in the meantime.

Oh, and don't worry too much about what the CK simulator says. It doesn't always reflect reality.

The unsecured personal loan for paying off a high-interest credit card could be a good idea. How much you'll save depends on the interest rates of both the card and the loan. But in general it's a much better idea than refinancing your vehicle.

I've been self employed just about forever and it is sometimes a hassle to get loans even with a decent credit score. But with a score of 728 and a year or two of self-employment experience (and 1040 forms to prove it), you shouldn't have too much of a problem.

Good conclusion, jrsblocker. There's also the fact that, while your mortgage has a lower interest rate than your credit cards, you end up paying over 30 years (or whatever). That could cost you in the long run -- and you get absolutely no long-term value out of it.

OTOH, the high interest on your credit cards actually encourages you to pay them off faster.