- Posts: 1
- Joined: Sun Dec 22, 2013 11:48 am
- Location: Michigan
Here is the situation. My wife and I are trying to rebuild credit. We are on a land contract with our home so no reporting there. No car loans. No loans whatsoever. We have debit cards and pay cash. I have pulled reports on both of us.
My situation. I have an old CC from Capital One that went to collections(and has been sold off to another collector) but this debt $541 will be off of my report in May 2015. I have no other positive or negs in my report.
My wife literally does not even have a report. She does not even have a score. She works fulltime and makes 30k a year. She has tried to get store cards in the past with denials(been a while since she has done this), I have a small business that by the time tax time comes makes 7k a year. Combined we make 37k on paper.
Looking for advice. I feel I should get us into some secured cards(2 for each of us) and pay on time and keep the debt under 25% on the cards. My hope is to build our scores so we can finance the house after the May 2015 date when my report will have no negatives. What is the best plan of attack and what cards do you recommend will be the best for our situation. Also, with a secured card, what dollar amount would be the best. I appreciate all input as I want to start 2014 on my way up the credit ladder.