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hollywood8268

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Raise credit score after repo in 2012
I had a car repossessed in September of 2012. After the car was sent to auction, we paid off the remainder in February 2013.
I currently have a Discover that I got when I was 18, in 2007, and have never been late. It only has a $500.00 limit, which stays at about $400.00 balance 90% of the time. Since I only have one open account, I'm worried it isn't increasing my score as fast as I would like.
So....should I get another card, or try and get a small $500.00 loan. My current score is showing 580 on some, and 655 on other, and I would like it to be closer to 700 by 2017, early 2018.

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The best credit building tools are three credit cards and one installment loan that are all reported to all three credit bureaus. I would suggest making sure that your current credit card is paid down to less than ten percent of the credit line and that it has been reported to the bureaus before you apply for anything. Optimize your credit the best that you can before you apply.

Top Contributor
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I would get another credit card before worrying about the loan. Credit cards have more weight when it comes to scoring. Take a look at your FICO scores on occasion too, they are the important ones.

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