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Confused @ the direction to go....


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Hey-

So the DH and I have been paying off collections and at this point have everything paid off and waiting for the 30-45days for deletion.His credit report will now show just 2 old auto loan accts that are paid off and clean. We are stuck on how to get new tradelines to up our score. I applied for a Crown Jewlers and got a 1500 limit but am confused as to how it works....what exactly is the down payment? Also--we need a card that will be accepted to a limited credit report. Is there any gas cards or dept. store cards that would accept a 520-570? Ty

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hello congrats on paying your bills off.

However, I would wait b4 applying for any new credit until the deletions were complete. With the credit score range u mentioned 520-570 we are considered poor on the credit worthiness of all the cra's.

My rule of thumb is to never apply for something unless I am 95% sure i can be approved.

Also remember that deletions dont always instantly boost your score. Each cra has their own timeline for updating and boosting credit score.

I know this first hand because last year i had 5 deletions from eq and I thought my score would rise 60+ points this never happened until 3 months later and it ws a gradual increase lets say 10-15 points every 14-21 days.

I just had 3 deletions w/tu so far my secore jumped 4pts in 8 days.

Go to orchard bank and apply for one of their cards, also with orchard u will find out instantly if you are approved.

well thats my advice good luck

h

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Keep in mind, Crown Jewelers won't report anything unless you buy from them at least every 6 months and keep a running balance. Also, they won't report the $1500 credit limit - they only report your highest balance or $500, whichever is higher. So in otherwords, they only really help you if you buy from them and make payments (don't pay off the balance in full).

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I guess what I am trying to do is build up a limited credit report while avoiding adding debt. My hesitation in doing Crown jewlers or something along those lines is buying something I dont need. Isnt that what got us in trouble in the first place?:) I guess a secured card is the way to go and hope for the best...right?

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I think you are absolutely right, ksgal.

I, myself, would not have gone the Crown Jewelers route if I weren't already planning to buy a birthstone ring for my daughter's birthday. I have the money and a purpose.

I do not advocate buying and incurring debt just for the sole reason of getting a good trade line.

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Ok-

So everything is paid off that is negative and we are running short on time to raise score to get mortgage approval.We have to move out of rental home in June and need to get a loan or else rent again. We have a CJ acct that hasnt been started due to not purchasing anything and our lender wants us to get a secured card a week to get up to 4 TL. He says get a card for like $50 and charge a tank of gas. Am I going crazy or this not going to make a bit of difference in 3 months till move date?

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