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How much do you think this will help/increase my credit score in 6 months?
When I was younger I didn't think much about the future, I made a lot of mistakes with my credit. Now I'm trying to fix those mistakes! I have a plan and I'm wanting to get an idea of how much I can expect to increase with in 6 months. A lot of what I'm working off of is from this website, as well as from others that I have read. My goal is to get a credit score of roughly 700, with a few credit lines opened (not sure the amount I'm looking for in credit lines). I've developed a plan that I think would help me with this, and the plan is below. I'm going to see how much I can't get done in 6 months, because I'm wanting to buy a new motorcycle, off the lot. Which will also help to increase my payment history. My biggest problem is that I literally have no payment history, nothing on my record. Just collections. I've never had a CC, landlord never reported on time payments, always purchased vehicles with cash. So I literally have no payment history to show, but a far amount of collections. I'm starting with a 500-520 credit score, depending on which agency you look at.

1. Secure CC - I'm going to get two, probably from OpenSky. There was one other I'm looking into getting. My goal is to start with a 500 deposit for the cards, each done separately. Then a month or two later, raising the credit limit to 1,000. Doing this until I reach the limit, which I believe is 3k per card. This will also help me to save money, as out of sight out of mind. These cards would mainly be used for gas and small things, never using over 10% of the total value on the cards. The goal would be to have 3 cards, with 3,000.00 on them each. Using the calculator here on this website, it shows going to right under 600 as a credit score for having only 1 CC. I'm not sure how they calculate this, but that is what it shows. I do know this would help me to build up a payment history rather quickly, which is my goal.

2. Added to families CC - I'm talking to some of my aunts to see if one of them wont possibly add me to a CC. They're very responsible and have stellar credit. I've read that this could possibly help. I wont have access to the cards, I will just be added to them.

3. Hire Lexington Law - I understand that I can do a lot of this on my own, though having them do it for me just makes it easier. Working 2 jobs, and being a father/husband takes up a lot of time as it is. They can help to dispute what is available first, hoping to get some things removed. What I can't get removed and isn't too old, I will attempt to settle (for a reduced price).

My plan is mainly to have credit lines with a fair amount of credit limits, with it showing a raise in the limits, and everything paid properly on time, every month and not using too much. This will help to build up a payment history that I hope will start to outweigh the collections that are on there. In total my collections come up to right under 4.5k, so it isn't that much.

So, my question to the community is, with these steps does it seem possible to increase my credit to about the 700 range in such a short period of time?


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I commend you on taking action to restore your credit. Let me offer some advice.


First, most lenders will use a version of FICO scores, not the ones found here, so basically that renders the simulator here useless. Follow your FICO scores in addition to any non-fico scores during your build.


Second, scoring-wise the amounts on your cards do not matter. It doesn't matter if you have a five hundred dollar limit or a three thousand dollar limit, that said, spend your money on removing the collections not on building large amounts on your secured cards. You must also remember that the larger your lines of credit the more you will hurt your "debt to income ratio". You don't want to have too much credit available to you, it can cause you to be denied for more credit.


Getting added as an authorized user will help, but only if the card is an old card, with very low utilization and an excellent payment record. By being added as an AU on an old card, you can increase the "average age of accounts" which would help.


It is up to you if you want to pay a company to help you, but it is fairly simple and doesn't take up that much time to do yourself, keep in mind that most credit repair companies charge monthly, so I would guess credit repair companies are not going to be in a hurry to resolve your problems as they would want to drag it out to keep receiving a monthly payment.


You will have to see how it goes getting collections removed, but I would plan on it taking longer than a few months to get things squared away. Make sure that you do thorough research on "Pay For Delete Agreements".


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