how to rebuild my credit?
Question: I need your advice on how to rebuild my credit.
Seven years ago I was over my head in credit card debt and went to CCCS for help. I paid back every cent of debt–over $20,000. I finished the CCCS program two years ago and have been sending in card offers hoping to rebuild. I have only qualified for a $300 Capital One card. That isn’t enough credit to be able to rent a car when I go on a trip and I fear it isn’t enough to rebuild my credit.
I earn good money. I had no problem paying my old creditors $750/month through CCCS. I’d like just another $1700 in credit cards. How?
Perhaps I’ve been applying for the wrong cards. What creditors are appropriate for me? Should I try for a secured card? I have never been solicited for one, so I don’t know much about them.
Perhaps I should ‘falsely’ dispute my seven year old late payments in an attempt to clear up my credit report. I’d rather not sink to that, but I feel I should be doing something and I don’t know what else to do.
Answer: Applying for multiple credit card in short time frame works against you (all credit report requests are recorded with your credit history). Considering what u mentioned about past, I would advise that you not apply for every card that find application for. Best way to rebuild any credit is to get a secure credit card [and not debt card] from your bank or credit union. Other option to build credit history is get a store or gas card [they are easy to get] — bottom line be very selective as to what you apply for — at least for another year or so.
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