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Hi everyone i cant tell you how glade i am to finally find this site for the last two months i have been searching the web trying to find any info on how to rebuild my credit and all i run into is the same thing either stuff that i don’t understand or pay your bills on time and you don’t have to worry about it. I read your questions and comments on your page and it answered so many questions that i had i also applied for the capitol one card and got approved just waiting for the card to come. Like a lot of people on hear i was also worried cause i had not heard anything from them until i called there 800 # I am excited to get it and get started on the right track. I was wondering if i should get a second card i was offered one through orchard bank but wasn’t sure if it was secured or unsecured they said the annual fee was 39 dollars but didn’t say what the deposit was so i didn’t go through with the application cause i was told that getting a secured was better then getting a unsecured so i am not sure. I have had bad credit for awhile and its slowly getting up there i have paid off the collections on my report but did not get a letter from them saying they would take it off my report i didn’t no anything about doing that or having to do that till i got to this site so i hope i will be able to get those taken off. Anyways thank you all for your help its like a lite at the end of a tunnel a long one at that all of the post have helped so much and will be checking in often and posting my time line and appreciate any help you have to offer thanks again
Hello jmhunter and welcome to the forums!
I’m glad to know the site has been helpful. About having a second secured card, well that’s not a bad idea. I currently have two and thinking about a third one. Having only one credit card on your credit report does not translate into enough credit history. In the other hand, having too much credit can also hurt you, so having too many cards might be a problem as well (I think I’m going to stop at 3, but that’s just a number I chose). Orchard sounds like a good option to have as a second card, just make sure you know what you are applying for.
Secured cards are for people with no credit or bad credit, and you need to provide a security deposit to qualify for one. It’s not that they are better, if you have bad credit, they might as well be your only option. Once you have shown a good payment history, you can qualify for an unsecured card. Always pay on time and never max out your card. As simple as that.
You should negotiate collections BEFORE you pay (and get it in writing). Once you pay, there’s really not much you can do as they already have your money. I doubt they’ll remove them if you’ve already paid. In this situation, you need to send what they call a “Goodwill Letter” and hope they’ll be nice enough to delete the tradeline. It’s not impossible but it’s a matter of luck.
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