I understand that applying for credit while disputing/ validating accounts with CRA's & CA's adds inquiries to my credit report which can lower my Scores, but I have some Questions. My current scores are: EXP - 599 EQU - 569 Eloan - 567 I have completed my first round of disputes with relative success. My credit reports basically consist of: 3-1996 Charge-Offs 2-2000 Charge-Offs 2-Collection Accounts 1-Auto loan of $12,500 Paid As Agreed 0-Open Accounts Would it be beneficial for me in the long-run to apply for a charge account and establish credit or should I wait until I have finished disputing with CRA's? Anyone who has had experience with this type of situation PLEASE reply, as I am Stuck as to what to do next. Thanks T
Do you have any postive accounts now? If so , how many? If you do not have positive accounts, If I were you, I would obtain one right away.
I think you need to apply for something now so you can start building history with it. If it's nothing but Capital One or FCNB. By the time you finish "repair" you will have some credit card history which will help. Disclaimer: I am not an expert, this is only my opinion
I agree with Christi (and she is much more an expert than I am..lol), but from all I've read, you could get your reports spotless and not have a good score because you need a mix of open credit and the older they are, the more they help your score (providing you pay them on time, don't carry much of a balance, but don't pay them off entirely every month because if they make no money from you, they don't give you the best terms...etc.). L <--- see how much I've learned...lol.
