Okay as title suggests, I have saved up around 100k in cash in my savings account. There was a time about 2 years ago when my life was in shambles and lost all my money and couldn't pay any bills. At that point I was delinquent on all my credit cards and about 20k in debt. This 20k appears on my credit history. Now I have turned it around and started to make money and have saved up over 100k. Things are going really well but it seems REALLY hard to fix my credit history. I badly need my credit history fixed so that lenders give me money by end of the year. Question, if I have 100k, how can I SUPER speed this process up? At this point I have tried services like LexingtonLaw etc and they have helped all they can. I got 2 secured cards (Capital One + HSBC) and have deposited in 1k into each. Scores went up by around 40-50 points. How can I get score to be in mid-high 700s? I am in mid 500s right now. My idea: Deposit 50k in to Capital One, and 50k into HSBC secured cards. Is this a good idea? Can I be SURE that this will increase by score by quite a lot? If so, I can then take my good scores and open up regular credit cards. Then I can close my secured cards and get my 100k back and be left with the credit cards I opened up afterwards. This is a trick I came up with. Will it work?
If you want to get your credit scores into the high 700s, you're going to need to clean up the negative marks from your credit reports. While using secured or unsecured credit cards responsibly will certainly help move your scores in the right direction faster, you're not going to get where you want to be if you choose to ignore the old debts. What collections and/or charge offs do you currently have on your credit reports? Since you've got the cash, now would be the time to tackle those old debts, negotiate settlements, and try to get them removed altogether from your reports. What's your goal here? Are you trying to buy a home bey the end of the year?
