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Hcontreras68

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How do I increase my score from a thin file? I have a score of 633, want to get to 700's.
I truly have a "thin file". The only credit I currently have is a secured credit card from Capital One with a limit of $300 for 4 months so far (in great standing, paid on time). The only negative I have is an account that was paid in full for $1,300. The account shows a $0 balance and paid in full, but still shows as a negative account. That is truly all I show on my credit, this Capital One secured credit card and this negative "paid in full" account. That's it! My question is: Given the information I provided above, my goal is to get to at least a score of 720 (700 minimum) in the shortest amount of time. How can I accomplish this in the most effective and shortest amount of time?

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pay on time and keep your CC utilization below 20% and TIME will give the fastest and most effective impact also if you have some spare cash or a car as collateral you could take out a cash secured loan from your bank only need $500 take the $500 then put it into a seperate checking account add $60 dollars to it (to cover interest from the loan) and have the bank make automatic withdrawls out of the new seperate checking account NEVER touching the $500 and your score will go up 30-40 points this way you increase your credit mix maximizing your score and secured loans are easy to get since the bank holds a collateral on cash or an item worth more than the loan  or if your don't have a car and need one a car loan will do the same trick 

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Will this negative that was once at $1.300 (now paid in full) showing a 0 balance and paid in full still hurt my efforts in raising my score? When it originally hit my credit it was shown as a collections account, then I paid it off in full and now shows 0 balance and paid in full. Also, if I do what you had indicated for me to do (the cash loan from my bank) will I get to around 700-720 in about 6 months?

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since  it went into collections yes it will still negatively affect you but good news is it will drop of in 3-5 years and within 6 months it won't be quite as big of an eyesore with the collection against you...you would need a year to get up to 700's which isnt long at all it will fly by....best of luck glad to see you moving forward and looking up 

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