Forums
I am in the process of repairing my credit.I am paying off a reposession which has a balance of $4,000.My question is,i just received an offer for a secured credit card with 0% APR until Nov. 2010,should i take it to help rebuild my credit or wait to open a new account until i pay off the repo.Note,i currently do not have a credit card.
If you know you will be approved I would because you can rebuild your credit with this.If you don't think you will be approved I wouldn't because when they pull your credit it will lower your score.
dafoester, I would at least try to get approved for this new card. Just getting the offer in the mail does not garentee approval but send it in and see. The repo will remain on your credit for at least seven years but if you satisfy the amount awed and have them up date your report shoxwing it is paid it will help companies put more trust in you and maybe extend the credit you need to improve your score. Try to be wise using the card and never use more than 30% of the credit line. It looks better to creditors.
Hi Dafoester,
I think you should take the chance. A secured credit card is a good way repair bad credit and increase score. Get the card approved and use it wisely to rebuild your credit history. I agree with Firey that, it is not wise to use more than 30% of the credit line. Pay the bills on time and see the result in a few days time.
Let us know if there is anything else we can help you with concerning credit. You would be surprised some of the things you can do on your own to get you credit report in better shape! Good luck and let us know if you need any further assistance.