I pulled my 3 credit reports
My three scores range anywhere from 490-502.
I have had many credit problems in the past, and I am working to rebuild my credit and raise my score.
With inquiries and other accounts falling off my report, can I somehow raise my score by 100 points within the next year? I am wanting to purchase a home within the next few years ( 2011-2012) and want to raise my score to 700 or more. Is that possible?
Is it Possible to raise my credit score
1.– I have many inquires from 2007 when searching for a car loan… will these drop off this year? I also have many inquires for 2008, so will those drop off next year? I want alot of these inquiries to drop off before I go house-hunting in the next few years. ( 2011-2012 )
– The only “new” credit I will be seeking soon is to apply for a secured credit card. Will that show up as an inquiry as well?
2.– I’ve been reading that collection accounts are keeping people from getting mortgages. I have collection accounts in the past, but they have all
been paid. Is it the unpaid accounts that prohibit people from getting mortgages, or the collection accounts all together?
3.– I have an old Express store credit card that I thought was closed… it is showing “closed” but that the status of the card is “current” on my credit report, but I don’t have the card anymore or use it. Should I call to make sure it’s closed, or leave it alone since it isn’t anything negative. This is my oldest card, from back in 2003.
4.– My Maurices account is still showing up, even though it is from 2001. Can I ask to have that removed?
5.– I have three charged off credit cards from 2003-2004… will those fall off in 2010 and 2011?
6.– I am looking at obtaining a Secured Mastercard through Bank of America… I would only deposit $500 for my limit, and charge gas to it each month (that’s my most frequent expense) and then pay it off each month as well. I called the bank, and they said that it would show up on my credit report as a credit card, and that the account would be reviewed after a year and I could possibly get an unsecured card, and receive my deposit back. Will opening this credit card hurt me? I have no other credit cards currently, but have in the past.
7.– I am currently paying on a bank loan since January, and I’ve been current will all of my payments and even made extra payments on the loan. I also currently pay on my student loans, which are current and never late since October 2008. I have paid all of my other credit card accounts off, and some of them did have late payments. By paying regularly and on time on my two loans, as well as on my secured card that I want to get, will this help my score improve significantly?
8.– A collection agency made three inquiries on my report… for three different accounts they had. I have paid them off, and they said that these inquires will come off after 30 days of the account being closed. Is this true? A credit counselor I talked to said he had never heard of this.
Current credit cards
Thanks in advance for all of your answers!
I already had an Orchard Bank card in the past. Not happy with them. I would like to go with something that is more established, like a secured card through Bank of America or Capital One.