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my credit score is 507 what would be the best credit to help raise my credit score

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Question A Little Vague But Here Goes

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Your post is rather ambiguous so it's not easy to give you a definitive step by step.  Are you at 500 because you've never had credit or are you at 500 because you've had past trouble and made some mistakes?  Given that your question is rather broad, the only advice I could give that fits both scenarios is the following:

--  if you do by any chance have any credit cards open at that score, pay down the balances all the way.  your overall credit ratio utilization and your credit ratio for each individual card is a large part of what makes up your score.  So you want those suckers at only 10-20% of the credit limit for each card.  And pay off your charges every month religiously!!!

--  if you do not possess a credit card at the moment, then the only one you will qualify for at that score is a secured card.  i would figure out what you can afford financially to put down in your circumstances and immediately obtain one for the highest limit that you can finance in your situation.  reason for a higher limit is you don't want to go over that 10-20% usage per month and it's easier to stay within that with a higher limit.  Plus by the time you pull your score up by consistent usage and on time payment, credit card companies often grant higher limits to those that had starter cards with higher limits and showed financial responsibility.  

--  use the card every month!  safest way is to charge something that you have to pay every month and you're used to using cash or debit for, i.e. groceries, gas, cable bill.  that way you're more likely to not run into trouble at the end of the month and scramble to pay for an impulse purchase.  use the card every month, stay within the ratio and make your payment on time every month!  one late payment and you'll be setting yourself back.  Do Not go by the due date - secured cards are notorious for taking days to clear your payment.  Find out your reporting date and go by that instead.  Once it has reported immediately start to think about getting your payment in.  

By making a modest charge every month and paying in full you'll be showing positive trade history and starting to build the length of your  credit history.

-- if you're rebuilding and having a bunch of negatives on your CR's, get a current copy from each agency plus pull your fico and review all you derogatory accounts.  Put in disputes to see what falls off - you have to be diligent about that.  Educate yourself through forums - Credit Karma, MyFico Forums, and Credit Board.  I had a consumer credit company handle all the disputes for me but if you have to do it yourself know it will take time and you can read up on the proper steps to take.  Find out the SOL in your state.  And prioritize what you want to tackle paying off in debt first.  i.e. - after 7 years debts fall off your reports, and older debts, unless a major bank or credit card charge off do not damage your report as much as the ones that are the more recent.  Figure out what you can handle and which you want to tackle first.  DO NOT got for paid in full.  It will not boost your credit at all even though they will be marked as no longer owed.   Your aim is to have them removed.  Many can be done by dispute - those that cannot can often be accomplished by a pay for delete.  Read up on it and ask for advice from the veterans on the above sites before you go in for those and remember to always get an agreement in writing first from the CA's that they will honor the agreement.  9 times out of 10 a creditor will not honor his verbal agreement to give you a deletion if you just give him your payment first....

-- you can also look into a secured loan through a credit union.  the loan does not have to be for a large sum.  once again, you will be investing your own money, since it is secured but it is another rebuilding tool to boost your score so that you can get to a place where it is the lender lending you money and not the other way around.  a secured loan often really helps to optimize your credit score because you need more than one type of credit line to show diversity.  a credit card is a revolving account.  a loan is an installment account.

Hope I've offered you some helpful options that might apply to you.  And remember to keep the faith.  My scores were at 500 when I started two months ago.  Granted I've been very aggressive and hit every side mentioned above but I'm now in the upper 600's (700's on credit karma).   So educate yourself as much as you can through the forums listed, ask for advice, look at your situation and where it's realistic for you to start repairing at the moment, come up with a game strategy and just hit it.  You will start to see the rewards and progress.  

Good luck!

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I was recently wondering the same thing. I'm in a "Foundations of Personal Finance" class in college, but it still seemed confusing. Thank you for make it so simple to understand. My score is currently in the high 500's (not going to list my actual score, but it's close to 600) and was looking for a safe way to use a credit card since everyone says that's the easiest (and less costly way) to raise your credit score. Are there any fees to watch out for when you get a credit card? or are they usually pretty modest?

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My score has dropped almost 10 points since I got the Barclaycard which is advertised on this site. I'm never late and alway use it for bills, gas, food etc.  I pay it off every month in full. Why is my score dropping?

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To 91Kittys2, Some card fees are horrific and others not so bad. My first premier card (was my first card and had neg/or no credit) Had crazy interest and a yearly plus a monthly fee. I would have been paying 200$ a year just to keep $700 in credit. It did what it should and I cancelled for those reasons but before I cancelled I got a second card that had reasonable monthly fees (ill likely cancel it after next summer when Im going to try for a home purchace, I dont want to lower my credit age anymore than it is before then). The next two cards have no fees and much better interest rates, plus I transfered my ballances from the first cards. I now have 15 months at 0% interst to try and pay them off. i can in my case. There is a 3% fee I believe for ballance transfers but thats way better than 20-24% interest. 

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How I did it

My score in May of 2015 was 512.  I needed to get serious about rebuilding my credit.  First thing I did was pull my free credit report.  I noticed some mistakes.  My student loans were showing twice - once as paid as agreed and the other as in default.  I cleared up the mistakes and my score bounced up to 550.  I applied for a Capital One unsecured card (CK showed chances as fair) and they approved me for $500.  A month later I applied for a second Cap One and received a $750 credit limit.  Now, 16 months later, I was able to get a $28000 auto loan for 3.9% (it was a used car), I have a AMEX Blue Cash Everyday, and (shock!!!) a Discover It.  

It takes time to build your credit.  Start by making sure all of your current accounts are paid on time.  Try to get a small unsecured card from a reputable lender, like your local credit union.  Take advantage of the tools on CK.  I used to log in everyday and read what others had to say.  I also read  some other credit forums for credit tips and tricks.

Oh, and my scores now?  700/703.  :-)  I am now in the "good" range and getting better all the time!

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What I did

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THis is Sambo and to help from what I did, My score was a 518 from past mistakes. Recently I got a Capital One Secure card, I paid 200 so I could have a 200 dollar credit line.  Within the first report my score went up to a 550. I try and stay within 1-10% of my credit line and i pay it in full when due. I just upped my credit line by 200 more. By the time my second report was reported my score is now a 576. This may not be much help but i tried auto loans and paid my payment on time or before and never seen any impact on my credit score. It seemed that me opening a credit card has made me see some progress. If anyone has any input on what else i should do please educate me!?  Also does it do any good to pay debts that are past statue of limitations?

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My credit score increased by 22 points to a 509 score. I had several collection accounts removed. TransUnion increased to 531. I have four credit cards. Combining them to one card would that improve my score. What card could I get that I could put them on one card. Combining all 4 would be less than $2,000. What would be a good card. What hurts my score is inquiries I have 20 and I don't know most of them and USDA has 7 and I have only  know about one,  there are several more that I have like student loans insurance co.  I have never been late on any. credit cards. What would be a good card that I could possibly get to combined all to one account

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My score is in teh 500's and never owned a credit card, but now that i am older i am trying to move to a new state that checks credit scores frequentley. How can I raise it i have 3 past due cell phone payments and student loans ( i am still in school) . Please any help i woudl  be grateful.

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