Secured Credit Card Advice

Submitted by goldstar on Tue, 08/17/2010 - 06:13
Forums
Credit repair

Hello all. I was just approved for a capital one secure credit card. I deposited $200. my current Experian score is 572 and transunion 552. im not sure what my Equifax score is. I know it takes time but im desperately tring to build up my credit as fast as possible. Im getting my collection accounts taken care of. I currently have a student loan for about 9k which im paying off on time every month. my question is should i apply for another secured credit card this month, next month or when? Or should i wait. Thanks for your response.

Aaron

Hi goldstar,

Welcome to this community :)

I don't think you need to apply for another secured credit card. It is better to wait for some months. If you make ontime payments on all your existing accounts and the new secured credit card account the score will definitely improve.

However, if you want to improve your score within a few days you can get added as an authorized user. Getting added as an authorized user on a person's account with good credit score will help boost your score in very less time.

You won't be held liable for the account on which you are getting added as an authorized user. Moreover your negatives will not affect the other person's credit. However, the other person's negatives will hurt your credit the same way as his positives will add up to your score. So, it is better to remove your name as authorized user after some time.

Thanks,

Aaron

Tue, 08/17/2010 - 07:09 Permalink
goldstar

Thanks for the response Aaron. I have another question. i settled for macys for less than the amount owe. Now on my credit report thats what its stating. Is it possible for me to contact Macys and pay the rest of the balance off for it to just say "Paid" or is it too late? Also will this increase my credit score if it is possible to do that?

Wed, 08/18/2010 - 05:14 Permalink
Aaron

Hi goldstar,

i settled for macys for less than the amount owe

That means you have paid off the settled balance? If it is so, then what they are reporting is true. You can talk to Macys about this account. If they agree to take the payment, request them for a "Pay for delete" (PFD). With PFD the negatives will get deleted, and the account will get reported as "Paid". Get the agreements in writing.

Hope this helps.

Regards,

Aaron

Wed, 08/18/2010 - 05:26 Permalink