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Asanchez022002

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loaned out credit
i have a HUGE problem! i let my sister get a fridge under my name and now she's been late past 30 several times and its affecting my scores, i plan to get her to pay it off but the damage has already been done my scores are in the 500's when it was higher, whats best and quickest way to build back up? either secured credit card or any credit card??? help!!!!

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Unfortunately the damage has been done missing a payment (or not paying the minimum amount due) even just once will crush your score......only thing you can do is give it time....don't miss anymore payments forget about interest pay atleast the minimum so your score doesn't go down anymore and with a score of 500's I wouldn't reccomend a credit card unless if you only have 1 or don't have 1 at all ideally you want to lines of credit and atleast 1 credit card to get credit mix going....but the only credit card you have a chance of getting and only if you wait 6 months and don't miss a single payment is the capital one secured mastercard has 22.9% APR and comes with a $39 annual fee but the lowest score approved is 514 and average is 574....also if you do have a credit card or you go for this one (which I would reccomend waiting 6 months given you just missed payments thats the minimum after missing a payment) I would reccomend keeping the credit limit under 20% to maximize points towards your score....ie: $100 limit only spend $19 per month....$300 limit only spend $59 per month DON'T go over 20% limit you need every point you can get

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Thanks

At the moment I paid the balance in full so I don't have to worry about future late payments. I already have several credit cards so I doubt I need anymore. So the goal is to use them but not more than 20% and pay them off in full?

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