debcakes Posted September 17, 2004 Report Share Posted September 17, 2004 I recently received the Capitol One Platinum Secured Credit card that I had applied for ($250.00 limit) and am expecting my First Premier Secured Card ($250.00 limit) to come either today or tomorrow.Should I apply for at least 1 more Secured Card or are 2 secured cards enough to rebuild my credit? My EX score is 580 and the other 2 scores are 630 and 650. Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted September 17, 2004 Report Share Posted September 17, 2004 If your scores are that high, then you don't need secured cards...Unless you have "unpaid" bad accounts, you ought to try for department store cards or gas cards.Or talk to a number of credit unions.Unsecured revolving accounts will build your credit a lot faster than secured cards...Your scores look decent for approvals... Link to comment Share on other sites More sharing options...
debcakes Posted September 17, 2004 Author Report Share Posted September 17, 2004 I do have a couple of unpaid items on my credit report...I was originally going to pay them off but I heard that paying them off is sometimes worse on your credit than just leaving them there....the amounts total less than $2000.00 so it's not a LOT of money like a lot of people but it's still there......I applied for a Target Guest Card and was denied so I didn't try anymore stores.... Link to comment Share on other sites More sharing options...
admin Posted September 17, 2004 Report Share Posted September 17, 2004 If you have other credit, like an auto loan or a mortgage, then I think 2 cards are all you need. Link to comment Share on other sites More sharing options...
debcakes Posted September 17, 2004 Author Report Share Posted September 17, 2004 I don't have either one...an auto loan OR a mortgage....that's one of the main reasons I want to rebuild my credit: so I can eventually get a car. Link to comment Share on other sites More sharing options...
Ravenous Wolf Posted September 18, 2004 Report Share Posted September 18, 2004 You have come to the right place...If you have unpaid collection items, then you are screwed.Those are deal breakers for almost all reasonable lenders. Their rationale is that if you got something that is unpaid, then there is tremendous risk that you are going to screw them over too.Paid items are score breakers, not necessarily deal breakers.Paid items will break your score but there are reputable creditors that will extend you credit although you will have to pay through the nose.Charge offs are bad.Paid or unpaid, they are bad.And it is natural for creditors to look down on them.However, there are plenty of creative and imaginative ways to remove those negative items. The Debt Validation and Debt Settlement forums are loaded with plenty of posts and threads of people who have successfully removed such negative items. Link to comment Share on other sites More sharing options...
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