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cinque8

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How much will credit score improve with a secured credit card?
I have a 537 Equifax score. No judgements or BKs, just a lot of charge offs. I was wondering, if I get a secured credit card, by about how much would that increase my credit score?

Thanks!

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There's no quick fix...but

Helpful to 4 out of 5 people

there's no quick fix, but there are good first steps down the path to fixing your credit.

Getting a secured card is as good way to start, but it may cause a drop in your score initially before it starts doing you any favors.  You'll start with a hard inquiry (which is minor), but then also feel the downside of a brand new card in terms of "age of credit history."  Age of history is a medium impact on the scoring model.  So depending on how much other credit you have...this could drag down your average age of credit.

The good news is that the secured card WILL start paying off for you if you use it responsibly and make on time payments.  Don't let a small drop in the early months scare you.  It will start increasing if you keep your utilization ratio low and keep your payment history on time. 

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spencervilleusa

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In 2011, when I first was able to get my career back on track after taking an 8 year hiatus to care for my mom though end of life issues, I had a fico score around 500. Lots of collections and charge offs but no judgements or BKs. I started off by getting some furniture at a Conn's store,sort of like Aarons or Renta-a-Center, but I paid them and they reported to the 3 credit bureaus. Next came the offers for a secured credit card which I took and then soon came the offers from other cards, for a substantial yealy fee and high interest. But I took them and paid like clockwork. I also paid off all the collection accounts, which of course triggered new credit bureau activity and knocked my score temporarily. Long story short, I have paid all my old debt, the derogatory marks are falling off gradually, I keep 3 credit cards and charge a little bit evey month which I pay off evey month and I have finally gotten my score up to a little over 700. Not terrific but certainly better than the 500 I started with in 2011. Cudos to Capitol One who extended the first decent credit card offer and to Credit Karma for helping me to track these changes!

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Credit Score

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I was in a similar situation based on CK my Equifax was 545 and my transunion was 560 and I applied for two new secured cards. As of firght now only one of the cards has been reported and my score is now Transunion 607 and Equifax 575. I would love to see what it would look like once the other card has posted. I also have no collections or deliquent accounts on transunion, but however I had 2 on Equifax meaning I have paid 1 of them and working on paying the other one. I am trying to be approved for a home loan within the next 2 months. So I agree that getting a couple of secured cards (2) I think that you will see a nice increase in your credit score. You can try getting a card with Capital One that is who my cards are with. Hope this helps!!

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RDF2008

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How long have you had your Capitol One card and was it the second billing cycle when it was reported to the CB? 

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I can't tell you what you would see on here with the Vantage scoring system. But with your FICO scores, you can expect a nice jump if you do not currently have any cards. In fact, you will should see a jump with FICO for a second card as well. If you haven't done so yet, do some reading on how to clean up that negative stuff on your reports too. There are some things that can be done sometimes.

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3teekids

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What would be the best site to check my fico credit score?? I would like to check my scores at the end of Nov before I go back to my lender the beginning of December and have him pull my credit for home loan pre-approval. 

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Plan B

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I had the same problems following me around; I contacted Plan B and in 28 days all collections were deleted and my score went up 150 points. I'm over 700 on all three bureaus now. Go to planbcrs.com they are amazing 

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bankruptcy

I recently got out bankruptcy and got a unsecured cc from capital one with a 300 limit.i even made my 1st payment early and doubled it..I haven't really done anything else with credit except being late one time on my car ( it's in my name).I score has actually gone down to a 517..how can I bring it u? Do I need to apply for a new cc?..what can I do ?

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