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Question By
GameWithRules

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5 People Helped
Strategy for rebuilding credit score
Hello,

I'm working to rebuild my credit and would welcome any advice how to proceed.

HISTORY

Up until 2 months ago my score was 550ish, 13 hard pulls, 2 bad collections, no accounts. I challenged the two bad collections and they were removed...which wiped out my credit score completely...I no longer had a credit score. I then applied for Opensky (400.00) and Primor (500.00) secured cards last week and was approved for both. Primor reported to Equifax and my Equifax score jumped from no score at all to...681. Whoo hoo! Transunion and Experion still report 'no score'.

MOVING FORWARD

So I have my sights set on 700. I plan to charge 9% of credit limit on both secured cards monthly and pay off each month before the cards report. Here are my questions:

1. How many months should I wait until I apply for an unsecured card? Would 6 months be sufficient?

2. Assuming that 6 months of 9% utilization on both secured cards doesn't push my score to 700, any recommendations for an unsecured card having a score very near 700?

3. How quickly should I add cards? I've read that card accumulation should take place over the first year because after that any new accounts will lower my accounts age score. But I've also read that adding cards lowers credit score because it adds hard pulls.

Its such a relief to have very near good credit after years of low 'fair' or 'bad' credit. I don't want to blow this rebuild. Your help is appreciated.

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If you would take the time to read the articles provided here, you would have both a clear understanding of how credit works and how to build your score. After all, that is what Credit Karma is here for. I did so and now enjoy an excellent score, so the results are well worth the effort

Reply by
GameWithRules

2 Contributions
5 People Helped

Hello jsister's...I have read many many articles here that have been very helpful, however none of them addressed the three specific questions I posted. 

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