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Oldlostchick

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Anyone understand this process and can explain in layman's terms
I am 40+ never used or applied for much credit as I was told from a young age to always pay cash. I have 1 closed account from 2009 from sears. Which has NO late payments and closed 0 balance. And due to blindness medical bills in collection all working against me. I recently opened cap 1 quicksilver for 300 and have had tmobile with 2 iphones for 7 months yet I'm sitting on a score of 520 how can this be turned around ? This site tells me to open more credit lines so I am at a loss.......

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The phone bills are not reported to your credit (unless of course they go delinquent, then they will report and you don't want that). One credit card really is not enough to build credit. The basic credit building tools are three credit cards and one installment loan that are reported to all three credit bureaus. If you have collections for medical bills on your credit reports this will hurt you. If you can afford to pay any of the medical bills that are listed on your credit reports, try to get a "pay for delete agreement" which you should do further reading on. Basically a "pay for delete agreement" is an agreement that the debt collector will completely remove the account from your reports in exchange for your payment in full on the account. Typically if you simply pay a collections account without one of these agreements, the account will just be marked as paid rather than removed. Having a paid collection on your reports is just about as bad as having an unpaid collection on your reports. Do what you can to get rid of the negative items on your credit reports and get another credit card even if it has to be Secured. You CAN have more than one account with Capital One, so you may want to get another account with them. In addition to that, do thorough research on all credit topics in addition to further reading on how to build credit.

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