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kitcat2429
Joined: 21 Apr 2009
kitcat2429's page
Posts: 2
65 Magic Points
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Subject: what credit is good to rebuild
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Tue Apr 21, 2009 6:39 am
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| i'm trying to fix and rebuild my credit. I only have 1 revolving credit. should I add a credit card or two so i have more revolving and recent and current credit? |
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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Wed Apr 22, 2009 8:20 am
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You can have a new line of credit only if you have a good credit score. However, if you do not have a good score, you can go for secured credit cards. Since secured credit cards are backed by your own money, you can get one easily it you can keep sufficient deposit with the credit card company. If you cannot go for new cards, you can rebuild your credit with the existing card just by making regular purchases with the card and repaying it within the due date. This will help you to build up a credit history which will help you to improve your score.
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scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
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Fri Apr 24, 2009 8:00 am
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It is true that if you have two or more credit cards, the debt to credit ratio will decrease and so your credit score will improve. However, if you have only one card also, you can use that one to rebuild your score. But the only think you need to do is to use it regularly and do not default on it. Now, whenever you apply for an unsecured card, there will be a hard inquiry in your credit report and so your credit score may come down. So I think that you should not apply for an unsecured card.
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SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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GarySnober
Joined: 08 Apr 2009
GarySnober's page
Posts: 67
6 Magic Points
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Fri Apr 24, 2009 5:20 pm
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| Yes hi, Having a second or third card will really help improve your score in the long run as it will show credit history with more then just 1 cc, And it will also improve your score,as it will decrease your overall credit balance to your entire credit limits. Dont go let your entire balance go over 40% of your entire cc limits. And in time you will see your score increase. |
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internet15
Joined: 16 Apr 2009
internet15's page
Posts: 51
2439 Magic Points
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Sat Apr 25, 2009 8:49 am
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If you get a card which reports to the credit bureaus that it IS a secured card, your credit score will also take a hit, even if you are paying on time.
If practice really does make you perfect, the next step is to put your good credit habits into practice. Your credit score won’t improve until you show your creditors that you have what it takes to build a good score. That means charging only what you can afford and paying your bill on time each month. During this rebuilding period, don’t take on too many credit cards as it can get hard to manage your balances and payments.
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