Im working on repairing my credit. I got a copy of my credit report and managed to pay off most of m

After this last payment I will only have one negative thing on my report. I heard that applying for a secured credit card is the way to go? How long does it take for my score to improve after paying the debts off? Should I wait to apply for a card? Or does anyone know an easier way to improving my score after paying my debts? My credit score is around 550. Any advice is greatly appreciated...

Im working on repairing my credit. I got a copy of my credit report and managed to pay off most of my debts.?

Ok, here%26#039;s the DEAL. First you should know what makes up your score:

1. Payment history- 35%

2. Total debt owed to available credit ratio-30%

3. Length of time establishing credit-15%

4. Types of credit established-10%

5. Inquiries and New accounts-10%

Ok, with that out the way, let%26#039;s focus on what you%26#039;ve done, and what you%26#039;re planning on doing. Ok, it was good that you paid off the debts, but what would%26#039;ve been better would have been you negotiating a deletion payment, which is a payment in return for removing it from your report. Even though it%26#039;s paid, it%26#039;s still a collection account, which has already tanked your score. If you%26#039;re going to pay, make it count. By getting a deletion payment, it%26#039;s as if the collection never happened, which will give you a better chance at raising your score. You have one more thing and hopefully you can do it with that. Here%26#039;s some links that explain it more in detail:

http://www.creditinfocenter.com/debt/set...

http://www.creditinfocenter.com/debt/neg...

http://www.creditinfocenter.com/debt/Can...

http://www.creditinfocenter.com/debt/Act...

http://www.creditinfocenter.com/debt/deb...

As for the secured card, you%26#039;re exactly right. A %26quot;secured card%26quot; is easier to get than a regular card, mainly because a collateral deposit is placed upfront. But the major advantage that a secured card has over ANY other card is the ability to increase the credit limit which is important because 30% of your score is based on how much available credit you have versus how much you%26#039;re using. Higher credit scores usually have credit cards with high limits because of this. A secured card gives you that flexibility even when your score is low. If you have a substantial amount of money, you could %26quot;custom build%26quot; a high limit credit card, which would definitely help your score. Since most of the cards, or the major ones at least don%26#039;t report as %26quot;secured%26quot; no one could tell the difference. Also, the deposit later on can double as a start up for an emergency fund once the card converts to a regular card and the deposit is given back. In addition to a unsecured card with a high limit, the leftover deposit could be used as an emergency fund as well!

I posted links to several companies that should help. From my personal experience, I%26#039;ve found that Bank of America offers the best secured card overall

Im working on repairing my credit. I got a copy of my credit report and managed to pay off most of my debts.?

You can go to these places that give you like 6 month or year loans and take one out. Don%26#039;t use the money put it a way in the bank or somewhere. Make two or three months of payments on it. Then go get another loan at a diffrent place for a little more this time. Take that money and pay off the other loan and put the rest in the bank. Pay this one for a month or so and do the samething. Get the thrid loan for a little more than the second and pay off the second one. Then turn around and pay that last loan off when the first payment comes do. I know a guy and he said this brought his score up pretty fast. Just don%26#039;t take the money out and spend it and end up with all thesse bills again. With a score of 550 it shouldn%26#039;t be to hard to bring it up pretty fast. I think it takes 30 days to show as paid after you pay it off if you have something on your credit. All so make sure they take it off. I paid something one time off on my credit then like 2 years later I go to get something and they still showed unpaid. So I had to call them again. Good luck.

Im working on repairing my credit. I got a copy of my credit report and managed to pay off most of my debts.?

If any of your accounts can be closed ( just because they are payed off don%26#039;t make them closed); close them. A high amount of available credit is a bad thing.

Im working on repairing my credit. I got a copy of my credit report and managed to pay off most of my debts.?

I went to Orchard Bank to get myself reestablished 6 months ago. Know that it is gonna take some time to rebuild your credit, but its a start. Just follow this link and apply, and be patient.

Im working on repairing my credit. I got a copy of my credit report and managed to pay off most of my debts.?

Well Britgirl is completely wrong..a high amount of available credit is a good thing. Get a low limit credit card and use it every now and again, and then pay it off immediately. Try Capital One, they give cards to anyone. Pay all bills on time, every time. These are things that help you get your score up. If you have any old accounts that are still active you might think about closing some of them out, but if they are in good standing keep them open. There is no easy way..it takes time. Be patient and your score will improve gradually.

Im working on repairing my credit. I got a copy of my credit report and managed to pay off most of my debts.?

I have met this kind of situation before,here is the place I found useful.http://creditreport.onlineidea.info/cred...