Opened up a Secured Loan Today is this a good move?

[Whatamess]

I havent had any good reporting on my credit report since 1995. So i took 1,000 of my money and opened up a 11 month secured loan. To get some current payments going.

I havent had anything bad turned into a credit report in a year now. I pay my bills on time, and i even have alot of my stuff taken out of my accounts by direct pay so its paid on time.

Im gonna get on my girlfriends walmart card.

Most of my outstanding debt is hospital related.

Got a question though i have read in some credit books that it is wise to just pay every bill i have on the report in bad standing outright if its under 100.00 is this true??? if so is that what i should do.

I have quite a bit dropping off this year and next so if i take care of things that are not dropping off it might make my score go up.

Trying to get a house.

I did dispute my inquiries on equifax and i also disputed some old accouts online on there about 4 of them.

well see what happens.

[kevin3344]

You're on the right track, but definitely open up a secured credit card. You can PM me if you want the one I use, I've had it about 2 years and it's great. A revolving line of credit is highly weighted in FICO scoring, and while you'll get a little bump from the installment loan you'll see a big jump when it comes to a revolving CC.

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couple Cams

Edited September 9, 2011 by kevin3344

[hiblues]

Got a question though i have read in some credit books that it is wise to just pay every bill i have on the report in bad standing outright if its under 100.00 is this true??? if so is that what i should do.

Not necessarily true, if they are collections it's best to NOT pay them outright, you have to try a pay for delete first, and you may have to try asking the same CA over a few months.. the fact is, a collection paid or not is a bad mark on your credit, so why pay it unless you absolutely have to because of a home loan or something like that.

also,

if they are open credit lines, it's best to keep them open if they have slow pays

because you may be able to send them a 'goodwill' letter asking them to delete the slow pays.

Also, the best secured card is Orchard Bank, bar none, (there is a flashing link above.) lowest start up fees of them all.

Search " primer ' on this site and it will give you a lot of info.

[I_AM_THE_GAME]

Also, the best secured card is Orchard Bank, bar none, (there is a flashing link above.) lowest start up fees of them all.

I will have to disagree with you...Bank Of America is the best secured card. They switch me over to an unsecured card after a year of making my payments on time, raised my limit and also offered me a Bofa Mastercard and a Bofa American express!

[hiblues]

I checked into them as well,

but if I remember correctly and I may be wrong here,

in the fine print there was a fee every-time you use the card of $1.50.

again, I may be wrong on that, I remember there was a specific reason I did not choose them and I think that was it.

Question>Does the BOA secured card report to all 3 CRAs?

oh, and another reason I chose OB was because I called them up and told them I didn't want a hard inquiry on my CR especially if I was turned down, I asked, could they do a soft inquiry first, they said yes, did a soft first, I was accepted and they told me at what terms so I went ahead.

[Whatamess]

well do i still need to get a credit card through orchard if i got on my girlfriends walmart card? im just was authorized today to be on the account and there sending me a credit card within 5-7 days. so this should help as well. i think if i can get some of the other things off there to fall off or what not and have a few open lines going and show im gonna pay i might get lucky and get a mortgage when my lease is up in october.

any more info would be great

thanks

[hiblues]

It wouldn't hurt to get your own account.

anything in your own name, stays in your own name

and you have 100% control of it.