I have a bad credit score and am in the process of fixing it.
One of my credit account was closed due to the change in their ownership, and now I only have an account with 0 limit and hurting my overall score. I am thinking about getting a secure credit card with perhaps 00-00 deposit.
Is it a good idea? What happens if I want to close the account? What the best thing to do to improve my score?
BAD IDEA!…. since your score is already low, the ONLY thing you can do to help it is pay off debt. if you already have a credit card that has a limit of 500, then how much of that limit are you using? if its any thing more than 40% you’re using tooooo much of your credit. pay that down and leave it there. this will add lots of points to your score. if you have any c/o accts on your cbr, settle them instead of pying the blnce. pying a settled acct in full or settling it makes no difference, if it’s c/o and paid, it’ll reflect that whether u settle or py it off. if there is anything on your cbr that is delq and open, then bring it current. dont take on more debt, just py off and bring current what you have.
Visit this website @ http://credit.about.com/od/creditrepair/tp/improvecredit.htm
It should give you some important tips to improve your credit score.
I read somewhere that a secure acredit card with a low deposit is a good step to take. Seems to me your deposit is awful high.
You must be commended on this effort. Keep going… Good luck!
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-free.totalh.com