takeshi wrote:See if you can address the derogs first then worry about apping.
It is true that if you can get derogatory marks off your report - and prevent them from later reappearing - then that will probably raise your score more quickly than getting a secured card and making regular payments in full on it.
I don't know much about the ins and outs of getting genuine (non-fraudulent) derogatory marks removed from a credit report. I do know, though, that if you dispute derogatory marks, they will be temporarily removed while the credit bureau investigates the situation. In some cases (I'm not sure how often) a creditor that has been paid won't bother to send an answer to the credit bureau's inquiry. That result would improve your credit score.
What could be a bad outcome, though, would be:
1. You dispute the derogatory marks.
2. The credit bureaus remove the marks while they investigate the claims.
3. You apply for and get a Discover with your 'juiced up' FICO scores.
4. The creditors do
reply to the credit bureaus, and they credit bureaus find the marks are legitimate and put them back on your report.
5. Your FICOs fall.
6. Discover sees the bad marks reappear and closes your account. Also, your credit history says the lender (not the borrower) closed the account and your credit history looks worse.
More information will help. My main point is: don't be suckered into paying for some service that claims it can fix your credit and get you a Discover quickly.