I recently pulled my credit report after being declined for an Auto loan 7 months ago and a Best Buy Card 2 months ago. I have 3 accounts in collections $540 COX Cable ( I am returning my cable box and phone modem will be cleared ) $37 Doctor bill ( paying this weekend ) $56 Library bill ( paying this weekend ). In addition to this I am thinking about trying to open a secured credit card with Navy Federal Credit Union and TD Bank.
My questions are do I have a chance of being denied for the secured credit card? With the collections on my credit report going from 3 - 0 is this going to now allow my score to increase? With having the two secured cards reporting to the Bureau would this speed up my "recovery time"?