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Question
Should I apply for a credit card after settling 2 year old debts?
I want to start rebuilding my credit but have no idea where to start. I have a Credit Score of 584, I spoke to the 2 collection agencies and the first advised to contact HSBC bank to inform them that the debt has been paid, the other said to inform the 3 credit bureaus that the debt i have with them has been settled in full and that i will have to provide them with a copy of the letter i will receive in the mail shortly. Should I apply for one of these "bad credit" credit card offers with a low limit or take any credit i can get and make sure to keep paying things off?
Asked by
roelvis
1 year ago
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Do both.... If you have the cash on hand, a secured credit card will be better because the more you add to the deposit, the more your credit limit goes up, which in return will boost up your credit score. If you want to get unsecured credit cards, then you need to get a 3 in 1 credit report which will have your credit scores from all 3 bureaus. With that info at hand, you can check on this site or other sites that offer credit cards that show the minimum and average credit score to possibly qualify. Whatever you do, don't blindly apply for any credit cards if you're not sure what their minimum or average credit score requirement is. Apply for a Fingerhut account. They report to all 3 bureaus and they'll probably open you an account. I just had one for about 4 months now and they increased my limit from $300 to $500, all because I'm paying my bill on time. Once you get your 3 in 1 scores, go to http://www.creditcards.com and at the top left, click the link that says "My Personal Info" or something similar to it. Provide your info in the area and hit "Submit". It'll pull your credit score and list all of the credit cards you may qualify for.
afili8ter 1 year ago
How long should you keep a secured credit card open for?
roelvis 1 year ago
at least 24 months.
afili8ter 1 year ago