As you all know, I have a charge off on my CRs. I also have a paid collections on my Equifax report. I was curious as to how my CR would rate with the following positives: 1. Providian Gold, $500 limit, opened 11/00 2. Aria Persona, $250 limit, applied last week and waiting for my card 3. Capital One secured, $200 for $99, thinking about accepting the offer With these three on my CR along w/ the charge off, would it make much of a difference? Maybe after I've had all 3 card for at least 6 months - 1 year? I'm just trying to improve my credit. I know the 3 cards I have aren't much or the best, but hey, I need to start somewhere. Any advice/input/suggestions would be greatly appreciated.
Brand new accounts are TOO NEW TO RATE at the beginning, proably pulling down your score with inquiries. At least a year and proably two years of on time payments will positively affect your score a little.
S.D. you will need to keep these cards in great standing for atleast 1-2 years before it will impact your credit score significantly, the paid collection and charge off will continue to hurt your scores, but as they age it should have less of an effect I would think. I suggest you use those cards very wisely and always pay on time, don't apply for anything else keeping your inquires down. Time is really what is needed
Doug is right Inquires and new accounts if anything bring your scores down some, new accounts is one factor in scoring can't remember the number though. mom
S.D. I know it is hard to wait, but believe me it will be all worth it. I started "building" my credit history 6/99 and yes time will go by I have about 6 more months and I should see great results. So be patient and responsible, I know it is hard b/c you want to try to get cards but that is where I made a mistake, I had 3 cards then 6 then before you knew it 12!!! But I hit a bump and recovered and I am now at 6 cards and I know I have improved. Just be patient and smart and you do just fine Mom
It really doesnot matter which cards you have. The factors which matter most are 1) length of positive credit history 2) balances vs available credit 3) no recent delinquency. Once you have good credit for 12-24 months and no new negatives in the same time frame, you will see significant changes in your credit. After time passes you will start to get better offers (not AMEX but better). roni
