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Johnhaddad1

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Repairing credit: Multiple secured cc vs Paying down debt
Hi guys, two questions...
Whats the number of secured credit cards and credit limit I should get before their boost diminishes and I start getting dinged for too many inquiries and average age of credit? Here's why I'm asking, I'm trying to rebuild from a credit score of 500. My average age is 6 years and most of my debt is five year old defaulted student loans and medical bills in collections, added recently. 

I just opened a $300 credit card after not having one for 5 years. What boost to my credit score can I expect to see immediately and as I make full monthly payments on $30 charges? What would happen if I applied for and received a second and third credit card and so on? For instance, I've heard that I should see an immediate boost of 20 points and that my score will raise 5 points with every on time,fully paid, under 10% utilization, payment?

First, is there any truth to this, secondly, if so how long will that boost last, and thirdly, how would opening multiple accounts in this way affect my credit?

Second question, in order to diversify, how likely can I qualify for a secured installment loan at my credit union using my car as collateral, and request a similar amount? For instance if my car blue books at $1000, what are the chances that I can get a secured loan of $1000, 24 months repayment, even with my credit score of 500?

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