Posted on: 07th Sep, 2012 12:15 am
I have two positives on my credit report and 10 negatives. All 10 of those negatives are medical collections and out of them, 6 will drop off next year. 4 of them are recent medical collections in the neighborhood of $1200 dollars. It may get removed from my credit report in 2018. I want to do everything right to build my credit back up to eventually buy a home in about 2 to 4 years. Just today I applied for a Secured Credit card with a $300 limit. In addition to clearing up these collections however, should I open any kind of revolving credit line such as at a furniture store or jewelry store? Most of those bargain basement places will pretty much let you walk out with a watch or dresser just for putting half down. I'm wondering if that will help my credit at all in the long run or if I just should stick with secured credit cards. Thanks so much in advance.
I personally feel that secured credit cards are one of the best ways to improve your credit scores. Paying off your secured credit cards on time will help you in improving your scores to a large extent.
Look at the negative items more seriously and put in efforts to remove those. I am also agree with the suggestion made by Niicss to take out secured credit cards to improve your score.
Secured credit card is one of the best tools which can help you improve your credit. However, you will also have to try and pay down the medical debts in collection, which are there to stay till 2018. As or the ones which are supposed to fall off next year, and if you aren't having any problems with the same, you can wait for those to just fall off. But, be sure that do not get sued for the same.