Question by sircharlesthepimp: Looking to re-establish credit w/secured cards and loans….advice and ideas needed please!!!?
Long story short, I was pretty much forced to file for bankruptcy back in 2005, and I am currently slowly paying down 2 new credit cards (my score has jumped 32 points up to 532 in the last few months – the Equifax simulation Im using puts me around 625 in 10 months if I continue paying the way I am).

My next step is getting a secured credit card, and paying it off over the next 8-10 months to jump my score a little more.

I was also thinking of getting a loan from a bank and paying that off slowly as well.

Any recommendations on what card carriers/banks to go trough?

PS: If you have any other ideas on how to re-establish credit, throw ‘em on here!

Best answer:

Answer by The Rabbi
Go to the bank and borrow $ 1,000 to be put in a savings account as collateral. You never see the money untill you have paid the loan.

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Question by Patricia L: If I have ,000 in credit cards and loans, do you suggest I find a loan for everything or continue paying?
Should I take out a loan or continue to pay monthly, if I have $ 30,000 in unsecured loans/credit cards?

Best answer:

Answer by Dan B
What do you have to offer as collateral? If you don’t have anything to offer, you will not get a loan, period. You’ll have to continue making your monthly payments. I don’t think any lender will give you a 30 year loan on these debts.

Destroy all of your credit cards.

How much are you paying a month now? It’s got to be close to $ 1200-$ 1500. Keeping your current payment plan, you’ll pay some or most of them off in about 5 years or so.

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Question by Soda p0p: When illegal aliens apply for amnesty are they allowed to use their stolen identities, fake green cards?
When illegal aliens apply for amnesty are they allowed to use their stolen identities, fake green cards, and fraudulent social security numbers without fear of prosecution ?

Best answer:

Answer by Jane
no. and there will be no amnesty. listen to obama’s last speech. he said he wants our immigration laws enforced.

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Question by andrew m: If I have get 3 secured credit cards and pay my car note and student loans?
on time will my FICO score rise and how fast. Its currently 500

Best answer:

Answer by Miss V
What wil the credit cards be secured with? Usually they’re secured with personal property, i.e., a home. You’d probably be better off to have one credit card (limit $ 500) and get on a regular pay plan with your student loans. Nothing will ultimately happen really fast, unless you have a huge income and are socking a lot away in savings.

I met with two bank officials yesterday. They said the new 80% was the old 90% and in some situations they’re requiring new buyers to accept 75% and the rest is a combination of a higher 5 or 10% and they come up with the rest.

Credit scores now are having to be above 670. If you’re renting, just keep your receipts and pay your other bills on time. Surely something will have to give. Both real estate agents and loan officers are going out of business.

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Best answer:

Answer by Woof
It will take several YEARS to rebuild your credit – regardless of how many secured cards you get.

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Question by Southern Girl =): Unsecured credit cards and loans?
Me and my fiance are trying to get a unsecured loan or credit card but neither one of us have credit.I have tried orchard,capitol one and alot more and I was denied for all of them.Any suggestions??Thanks in advance

Best answer:

Answer by alwraith57
I was where you are once, I found out that to start on your credit card journey you had to start with the department store cards, of which Sears is supposed to be the hardest.
Mervyns, jcpenney and the like.

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Best answer:

Answer by timothy p
“dont want any “secured” cards or loans” the new laws make it very difficult to get a card unless you are 21 or you have a co-signer anyway.

If you want to establish credit, do it the old fashioned way. You will be required to show a good employment history, good loan to value ratio (think large down payment) and good debt to income ratio. Some requires as little as 25% down but some will want 50%. You will still get a high interest rate and have pretty strict fees.

You need to realize that you are asking somebody to loan you money when they have no idea if you will pay it back or not.

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Best answer:

Answer by Leafgreen
Hi Brian,

Myself, I was in the same situation wanting to find a website that showed the best sources for credit cards and loans. I knew that like many of these shopping situations, the more you research, the better deal you’ll get.

Fortunately I found a site that did the work for me at http://www.LendersRated.com
I contains unbiased ratings and reviews of credit cards and many types of loan companies.

I hope this helps you.
Leafgreen

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Best answer:

Answer by bdancer222
Installment loans, whether secured or unsecured, build credit by making the payments over time. Typically, you have to pay on installment loans for at least 12 months to see much impact on your score.

A secured credit card, like any other credit card, builds credit as your use and make monthly payments on the card. It takes about 6 months for a new credit card to show up in your FICO score.

If you are looking simply to build credit history, it is smarter to go with the credit card. You can use the card and pay the balance in full every month, thus paying no interest. If you go with a loan secured by your bank account or CD, you will have to pay interest on that loan for at least a year. Kinda expensive way to buy a few points for your score.

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Question by touchemupent: If you have 2 secured cards and a bank loan. How long will it take to go from a 600 fico to 720.?
I know you have to pay on time and keep the balances low. But Im curious can it be done in a few months or does it take years. Also If you have low balance loans with very low balances, will addition secured loans help your credit score?

Best answer:

Answer by WiserAngel
I’ve been trying to repair what my ex husband did to my credit for 2 years. I haven’t paid anything late whatsoever and its only gone up 30 points this whole time.

I hope you have better luck.

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