I want to start paying back my debt (about 3500) after it’s all paid off could I expect my score to go up to the point where i could get a credit card again? My score right now is 474 I think for a small credit line with my monthly income it has to be around… actually I really don’t know but if anyone has any idea if I pay my debt off I should def. be able to get another line of credit I’d vastly appreciate it.

I can’t find any place online but I assume it should go up enough to get a credit card… right? Thanks again

This is a very loaded question with a lot of different variables. First of all, 474 is exceptionally low so I assume you were missing several credit card payments, right? If so, I would call the credit card companies and try to have them reduce the amount you owe. They’ll often work with people because they’d rather get something than nothing.

Secondly, your credit score likely won’t increase much as having some debt that you regularly make payments on and having room for more debt (i.e. not maxing out your credit cards) shows you are being responsible with your spending and drives your score up. If you just pay it off and have no other credit cards or anything, I wouldn’t expect much of an immediate increase. But I think those debts you defaulted on or were late on will come off your record after seven years although I could be wrong on that.

Thirdly, I don’t think your focus should be another credit card. You should be able to get one but it will be with a low limit and extraordinarily high interest rate. More importantly, you don’t seem financially responsible enough to have one without getting yourself into more trouble. The only reason you should possibly want one is to hide it from yourself in the hopes you don’t use it and the mere fact of having it will raise your credit score.

Still, you should pay off your debts. Not only is it the right thing to do but the sooner you get started, the sooner you can repair your credit score. But it won’t magically get better over night. Good luck.

You should start by being honest, with yourself at least, as to why your credit score is so low. That didn't happen just because you have $3500 in debt, and it didn't happen overnight.

Time and being financially responsible (paying your bills) are the only 2 things guaranteed to raise your credit score. And they work in concert with each other, they are not mutually exclusive.

Suddenly paying your $3500 debt won't magically make you eligible for a cc that you can't get right now. It's a step in the right direction but there's no quick fix.

You could find some outfit that would give you a cc right now. It would probably need to be a secured card. And you most certainly won't like the interest rate and fees that come with it...but you could get one.

I suspect, however, that you would be better served by seeking some expert credit and financial counseling. There are a lot of FREE agencies that can provide assistance. If you're paying someone to help with your credit you're getting ripped off.

Good Luck.

about tree fiddy

If you search, there's a really good credit card thread on here, I think in OOT. It hasn't been bumped in a looong time, but you might get some good info in there.

When I was getting started with credit cards I had to get a secured card to begin with. Won't let you spend what you can't pay and still reports to the credit reporting agencies.

Pay off your existing debt and don’t ever think about a credit score again.

Nobody ever needs a credit card. Credit cards are an acceptable tool for someone that will never carry a balance. That is not you.

Debt is a terrible thing to be in. Stop borrowing money. The only exception is a mortgage. And don’t let anyone tell you that a credit score is needed. You’ll need to look a little harder for a mortgage but there are plenty of lenders that will do manual underwriting.

FICO is one the most evil things ever. Don’t be a slave to a score. Who the hell would want to be known as a good debtor?

Debt is neither good nor bad. It is a tool.

Thanks for all the advice. Appreciate it very much.

So you're card is already closed and in collections? **** it bro, take the money you borrowed and run.