I took no loans, had no cards, paid cash for everything. I want to buy a new home, and actually have over 50% down saved. Was saving the whole amount but the market is recovering fast and I want to jump on the low prices now. I still have an active student loan in good standing after consolidation a while back. Old loans show current with bad stretches in the history. My credit scores are 582, 622, 630. Mostly all old paid off debts from 5 to 6 years ago. One outstanding (and totally forgotten about) old HSBC credit card for about $600. I was going to call and settle it, but wondered if anyone has tried paying in full to re-activate the card in good standing- and how that turned out? I have an auto that was repossessed in 2009, paid in full afterward. Suggestions on improving my score? I have a credit happy brother who will likely add me as authorized user on his 10+ year old AMEX Gold card if I ask. Will that make a small or large difference? I can edit the reports to show the meat with no personal/account info and provide if curious.
HSBC would now be a Capital One card, not sure whether Capital One would negotiate a deal like that or not. Have you tried disputing the old student loans payment history, or asking them for a goodwill update?
I would suggest adding an authorized user account to your credit to improve your credit score. All though Amex about a year ago changed their policy with authorized user accounts. You will not benefit from your brother's 10 ten years of perfect payment history. They will report your payment history from the month you were added as an authorized user instead of the month your brother opened his card. You should ask him if he has any other cards such as Citi, CapOne, Barclay, or BofA. If you have any more questions. Feel free to contact me directly. Thanks! Heather with BoostMyScore.NET
Jedi, I would also recommend opening up another credit card in your name if you haven't already. (And even if you have, 3-4 open accounts in good standing is ideal.) W/ those credit scores you should have a shot at some fair credit credit cards w/ lower APR's. However, if you don't want to pull an inquiry on your score you can always opt for the secured credit card route. The Capital One Secured MasterCard is a great credit builder w/ guaranteed approval - you would have to pony up for a security deposit, though. (Which doesn't sound like an issue in this case.) Capital One® Secured Mastercard®
