Feb
02
2010
How Long Does It Take To Build Your Credit Score With A Secure Credit Card?
Posted by: Alan in Credit Score, tags: Build, Credit, Does, Long, Score, Secure, Take, With, Your
I need to build my credit again and plotting on getting a secured credit card. My credit score now is 550 so i want to raise it up to 700+. Just curious as to how long will it take to build my score up again? How much points does a person gain in a month? Thanks.
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February 2nd, 2010 at 4:57 pm
Check out information on http://www.americanloansearch.com
Most vital thing is never have late payments or over drawn. Web site will give suggestions that may help get some derogatory marks off you report.
February 2nd, 2010 at 8:43 pm
Does that secured card report to a credit bureau? Which one? How often? Most don’t, so if this one doesn’t, it won’t help your credit at all.
February 2nd, 2010 at 10:20 pm
Secured credit cards generally do not report to your credit report.
There is no way you can predict on how long it will take it to build back up….and something significant had to have happened for your score to be lowered that much.
As far as how many points per month it will raise, NO ONE can give you that information. Credit scoring methods are propriatory information, and are not published nor made available to the public by the credit repositories that compile the scores.
I wish you luck.
February 3rd, 2010 at 12:21 am
You need to get a store credit card
with a small credit limit like:$250 – $500.
1) Use only 50% of your credit limit, never pass 50%.
2) Pay on-time everytime! even few days before the due date.
3) Wait 6 Months, Check your credit score again.
Excellent luck.