I am trying to figure out the best and quickest way to rebuild my credit. I had let about five thousand in Credit card debt stay delinquent for approximately five years. Three of the five thousand was taken off of all my credit reports due to age and the other two thousand I settled on for about 70% of the original debt. I also had like two bills of about $90 dollars each that went into collections, but have been paid and are still showing on my credit reports. I have in good standing a $18,000 car loan and student loans worth maybe $3000. My Credit score is around 590 on all three reports. So can anyone tell me should I get a credit card to help rebuild or wait a while until my credit goes up to get a better card? Also I know it varies but approximately how long will it take for my scores to go up if I keep those two accounts in good standing? Also, if I should try to get a card, which ones is the best to try to get with a credit score like m ine?
Try Orchard. They are known to issue unsecured credit cards to folks with shaky, hardly any. credit. However they start you out with low limits ($300/$400). impose an annual fees, and are very slow in increasing limits.
