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Need help getting scores up with Secured Cards...

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sprayking



Joined: 26 Mar 2011
sprayking's page
Posts: 3



27 Magic Points

Subject: Need help getting scores up with Secured Cards...
 
Posted on Sat Mar 26, 2011 5:44 pm  

Hey Everyone, i got a 501 score and have had a secured wells fargo card for two years(300). But the whole time I had it, it has been over its 200 dollar range. once over a year ago it was late by 30days. but been on time ever since. Recently i want to buy a house so i need to start getting on this. i paid it off the other day down to 10bucks and have just a few old medical bills on CR. less that 2K. and they are old.

So My question is, How do I run this wells card for maximum credit score efficiency? no balance? half way (150 and pay on time) or what? I see conflicting info on this subject.
Also, how many other secured cards should I get to get my score up the fastest. i am not in financial hardship right now so i could drop up to 2K on some good secured cards I just need to get some guidance on the fastest way to a 640 and up.
thanks again, any advice is appreciated.
cccfree



Joined: 14 Apr 2011
cccfree's page
Posts: 16



177 Magic Points

 
Posted on Wed Apr 20, 2011 10:32 pm  

Well do you have any other credit card debt besides the secured cc?
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sprayking



Joined: 26 Mar 2011
sprayking's page
Posts: 3



27 Magic Points

 
Posted on Thu Apr 21, 2011 5:26 am  

No other CC debt., Just 3 old medical bills, and 3 tax liens from the county which I paid recently. The thing that sux about this whole thing of raising my score is that its done so slowly!! I paid tax liens, disputed items, got 2 secured CC's, subscribed to identity guard monitoring service, and have CC balances at under 15%. But scores have not gone up, and monitoring service only updates every 90 days!! so i cant see a change in score for 3 months. So I am pretty much screwed for months I guess. Any help understanding all the updates to scores and etc would be appreciated. Thx!
misaelwade



Joined: 07 Feb 2011
misaelwade's page
Posts: 10



122 Magic Points

 
Posted on Mon Apr 25, 2011 11:16 am  

With an secured credit card, you are required to make a security deposit.The secured credit card company then issues you a card with a limit equal to the amount you deposited.From there, you use the card as you would an unsecured credit card. you will receive statements, and you’ll make payments on your balance.The only significant difference is that you must first make a security deposit.I suggest you to go through smartmoney.com.
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