Using share secured loans and secured credit cards to rebuild credit?

Answers:0   |   LastUpdateAt:2012-10-01 07:02:03  

Question
Amelie
Asked at 2012-10-01 07:02:03
BACKGROUND : My Equifax score is 516 .. I just raised 61 points to 455 in the last 30 days for " clean " , my total credit outstanding is 24,000 to 17,000 .. or about 74 % at maximum .. 12,000 of that balance is a car loan that I was late in beverages and have had it for 10 months MedlinePlus MedlinePlus Now my question is : I want to lose my reason for using credit .. below 50 % this increase my score ? And if so to what extent? MedlinePlus My plan is this : use my credit union share secured loans .. I just got one for $ 1,000 and can reach as many as you want essentially the same $ 1,000 .. I want to get at least 10 of them ( $ 10,000 ) to pay one or two months after posting bail my back and pay the next and so on until all pay off in the second month .. MedlinePlus I am also receiving a $ 2,000 secured card next week .. thus bring about maximum credit to $ 36,000 and ill be below 50 % usage .. MedlinePlus Any comments questions or ideas are appreciated .. MedlinePlus ( Note : I can not use my money to pay down the balance directly because I have anindoor flea market and needs the funds to pay suppliers and invoices at the end of the month .. but I can not use it in the mean time and this situation is no risk)
Answers

This Question:"Using share secured loans and secured credit cards to rebuild credit?" No answers yet. Be the first!
Related Questions
1
  • Answer This Question:Using share secured loans and secured credit cards to rebuild credit?