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Thread: Re-Building Credit (secured credit card + secured loan)

  1. #16
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    Default Re: Re-Building Credit (secured credit card + secured loan)

    You definitely want to use the card (and pay it off on time).

    As for there being an optimal % to use, that's a good question and I'm not sure. It probably won't make that much difference in the long run, so I would just use it regularly. I don't think you could go wrong putting $200/month on it every month as a good baseline, but like I said I'm not 100% sure what is optimal for improving credit.

  2. #17
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    Default Re: Re-Building Credit (secured credit card + secured loan)

    Gotta use the card, it’s the payments you make on it that will build your credit as far as I know, can’t make payments if it isn’t being used. And use whatever you need too, as mentioned, the key thing is keeping it paid off regularly.
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    Default Re: Re-Building Credit (secured credit card + secured loan)

    Thanks guys I will do all this. Man, being denied for this and that makes one feel like a real scum bag lol. Being denied at this point was probably a blessing but part of me wanted to do payments so I would have more money at hand. All good though. I do have 15k to buy a truck right now.

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    Default Re: Re-Building Credit (secured credit card + secured loan)

    If you want unbiased/helpful information to understand credit reports, credit scores and how to improve your credit score, I would recommend visiting the Financial Consumer Agency of Canada website, and specifically their section on credit reports / credit scores: https://www.canada.ca/en/financial-c...rts-score.html.

    In short the only thing that will help your credit score is time (to get the junk off your report, which takes 6 years in BC). And make sure you pay at least the minimum balance each month (although the full balance is much better).

  5. #20
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    Default Re: Re-Building Credit (secured credit card + secured loan)

    In addition to als_revenge's point about the fed's website, would really suggest going and talking to a registered insolvency/credit trustee. Most of them also offer credit counselling. A lot of what you hear on the internet is garbage advice (not referencing anything specifically), and if you're drowning in bad debt, a consumer proposal or something similar might be worth a look. I went through the process roughly three years ago, and I managed to get my credit from the mid 400's to ~700.

    That loan sounds predatory though, and probably unnecessary. I'd try and get out of that as quick as I could.
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    Default Re: Re-Building Credit (secured credit card + secured loan)

    Thanks again guys. Predatory might be a good term for it. I was clouded with my judgement as I was getting frustrated and want to turn this ship around as quickly as possible. I have 2 secured credit cards now ($300 limit + $200 limit), and 1 unsecured credit card ($300 limit).

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    Default Re: Re-Building Credit (secured credit card + secured loan)

    Quote Originally Posted by StuntMan12 View Post
    Thanks again guys. Predatory might be a good term for it. I was clouded with my judgement as I was getting frustrated and want to turn this ship around as quickly as possible. I have 2 secured credit cards now ($300 limit + $200 limit), and 1 unsecured credit card ($300 limit).
    I guess the lesson is to take your time with financial decisions. There are no quick fixes. If you had something go to collections, that will be in your credit report for six years. Paying for a credit history via that loan you took out is not going to help your credit score very much, and is very expensive.

  8. #23
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    Default Re: Re-Building Credit (secured credit card + secured loan)

    Quote Originally Posted by als_revenge View Post
    I guess the lesson is to take your time with financial decisions. There are no quick fixes. If you had something go to collections, that will be in your credit report for six years. Paying for a credit history via that loan you took out is not going to help your credit score very much, and is very expensive.
    Yes so true. This reminds me of how I deal with fantasy hockey. Quick to make decisions without fully thinking it through. I'll be patient from here on out. I don't plan on purchasing a home for another year, maybe two so by then my credit should have recovered a fair amount. I built up a decent amount in savings and am protecting it good so far so I'm not really worried about spending a whole lot. Thanks again for your guys advice.

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    Default Re: Re-Building Credit (secured credit card + secured loan)

    takes time to recover but you will eventually get there stunt . we went in the hole 30 k(drained nest egg) when my wife battled cancer back in 05 and slowly climbed out of the other end .

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