Opinions/suggestions Please

[L93065]

I am looking to improve my scores and add positive trade-lines. I have been working on my credit with some success. Everything I have on my CR is either closed (CC closed by me), paid collections or in collection (1 collection account).

While I continue to work on the collection, I want to start building positive tradelines without getting any new credit cards. I have been reading here about CJ, and secure credit cards, but I have a strategy that I want to know if its a good way to improve my scores over the course of a year.

I have 2000.00 to play with. I have a checking/savings with Wells Fargo, WashMu, and a credit union (thru which my car is financed and perfect payment history). What do you think about putting 2000.00 into my savings account and then apply for a loan using the savings account as collateral. I was thinking of using the Credit Union for 1000, and 500 Wells Fargo, and 500 WashMU. Would opening these three new tradelines help to improve my scores signifcantly over this coming year?

My FICO scores are currently:

TU EX EQ

632 624 664

Thanks for any suggestions.

[willingtocope]

What do you need credit for? The FICO scores that are presented to the consumer usually reflect the "here's a sucker that CCs can make money off of" scoring model. If you don't want CCs, don't do anything. In most of the other scoring models, open collections hurt...paid collections hurt, but will get better with age...and, for the "I want to buy a house" model, having no outstanding installment contract other than a car will really help.

[MadMonkey]

I started by getting a CC with a $300.00 limit. I had an annual fee of $65.00. I would go out and buy a few things on it and then pay it off every month. A couple of times I would charge up to 30% of the limit, pay a little more then the min on the first statement and then pay it off on the next. Basically I was creating a cycle that showed paid on time, balance good etc... Within about a year that card got upted to $1000.00, because I was such a good person.

Another great way is to go buy a car. Believe it or not that loan makes you look good, if you keep up on the payments.

Three years ago my Fico scores were in the low 500's even mid 400's. Now there over 800.