Credit card question. Trying to repair credit.

[chrissy12507]

Ok, here is my situation. I have some negative things on my credit report that have been payed off. A medical bill, and a roommate situation type thing that affected both our credit. The problem is I have nothing else on my credit besides this, and as the result my score is poor (588). I would really like to get a credit card to put my groceries on and pay off monthly. Just something that will bring my score up. I am very responsible and trust myself completely. I want to purchase a home in the next couple of years so I want to start bringing my score up NOW. I was going to apply for a secured card, but now I'm finding out that it doesn't even affect your score (??) I need advice on what I should do and what kind of cards are good for raising your score.

[mita17_m]

A secured card does count and will help to bring up your score. You can also try having someone add you as an additional cardholder. You'll automatically gain their payment history and so long as there are no additional problems, you're score will go up. Of course, there are a lot of trust issues involved in the set up I'm suggested, so it should be a parent or someone else you can trust.A secured card with a low limit won't put too much of a strain on you and you'll be able to rebuild your score. Make sure to put a balance on the card, but be certain to keep the balance below 35% of the card's limit. Good luck!

[Foxfire]

Believe it or not, initially, your score will decrease when you first get the small credit card -- secure or regular. I know. I tried it. It is a catch 22. Your score doesn't move because there is no activity. But, activity will first negatively impact your score. AND, if the credit card company doesn't report on a timely basis, your score still won't move. Write in and have all of the paid-off negative items deleted. That will improve the "credit picture". Have your down payment ready, a steady job history, and some money in savings. That will make you a good mortgage loan candidate. A clean credit record for a period of two years is better than one with fluctuating activity and credit inquires for lines of credit. Use a bank debit/check card with a bank of your choice if you are just making small purchases. Keep it balanced and no overdrafts. When ready, apply to your `home' bank for a mortgage. That way you already have a history of an account and a relationship with them.

[Megz]

I applied with House holdbank and credit one and capital one. Another one is Tribute. They are very low cards only $300 max each. I had also bought a car and my score jumped from 520 to 575 in less than six monthes.