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ambassofm

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1 Person Helped
Two Troubled 300 CL accounts in need of action, repairing credit
I am 34 years old and thinking about buying a home soon. Working on rebuilding my messed up credit, just went from 500ish to 618 in about a year or less. my deceased mother took out loans when i was a kid as my father's name and really messed me my credit up along with other things. I have a few questions about the 2 beginners cards i opened up when i was trying to build my credit. I just got a quicksilver 2000 CL card and a secured credit wells fargo card $300 CL so i'm wondering if i should hold on to the two cards listed below.

Card #1: In jan 2013 i opened a capital one 300 CL card and in about a year i missed 3 payments in a row, payed in total but the card is not usable and is currently Restricted and i'm wondering if i should hold on to this top build my AAoA or let it go. It is showing open and with zero balance but with 4 missed payments.

Card #2: opened june 2013, credit one, 300 CL, total of 5 missed payments. They just offered a CL increase of $150 and i did it. So now that is $450. I am thinking of keeping the balance under $30 and rarely using this, and keeping it just for the AAoA and keeping my utilitation % low, and mainly use my quicksilver card, $500-1000 a month paying off as i spend.

So should i cancel the useless card or keep it for AAoA and Utilization %, or just get rid of it?

Also i just had 2 hard inquiries on the quicksilver and secured credit card, so should i hold of from getting anymore cards for awhile?

I am currently at 618 score and $2900 CL and utilization at %24, will be getting it below 10 by the end of this month. The goal is to buy a condo or townhome (first time homebuyer) in 1-2 years.

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Wow, you got a lot going on there.... Is there any chance that card is going to have the restrictions lifted?  if so, then yes keep it.  If you are never going to use it because it has the restriction I would just close it.

Now your Cap1 QS.  You have a good plan there.  But do not be late and DO NOT miss any payments.  That is 35% of your score and it takes a long time for that to go away.  Do what you have to do to make sure you make the payment on time.

You have two cards just use the one and make bring down your utilization before your statement cuts and you should be fine.  If your going to try to buy a home soon I would not get any more cards.

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Thanks for the reply.  As of a year ago they said they could not lift the restriction.  The only reason i thought about keeping it was because it shows as no missed payment every month, and i think that helps but i hear a lot of people say just close an acount like this so i will probably close it. 

I will not miss payments on the card, i know how important that is now.  I went from having around 60% on time payments to 87% and i don't want to see that going down.  

I don't HAVE to buy a home in a year or 2 but i would like to.  I am paying $1200 a month right now and i'm in a basement. To rent a 1 bedroom condo it would cost around $1400 so getting a mortgage for around $1600 or less, if possible, just seems to make sense.  This is why i wanted to post here, to see if i should try to get more cards before i try to buy a home, because i am only showing 5 total accounts.  

I also just found out i went from 500 to 620 credit score  in less than a year, so i am happy about that!

Top Contributor
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Great job on getting your score up and keep at it.  Credit is a marathon so just keep at it.  I think that you should be able to get a second Cap 1 card and that might help you.  If you do then make sure one always reports with a zero balance.  Yes I would just close the one with restrictions.  Again great job!!!

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