My credit score is in the low 500s right now and both of my only credit card lines I had for like 3 years were closed by the credit card company (Capital One). I was really far into the hole when these accounts were closed but I paid off the secured one with a $200+ balance last year. Then, this month I finally paid off the other one with a $2000+ balance, this account was the one that was derogatory for nearly a year.
My question is, how can I improve my credit score now when I can’t get approved for any secured credit cards with that derogatory account still on my record? I’ve applied for three different secured credit cards with three different companies and was denied by all of them. I read that derogatory accounts don’t fall off of your record for 7-10 years, so I’m assuming getting a credit card again and being more responsible with it this time isn’t an option for rebuilding my credit.
I don’t have any utility bills or anything like that to prove I can make payments. I live at home with my parents, so I don’t have a renting record either. All I have is a phone bill that I’ve paid consistently for almost two years. I also have student loans that I’m paying down, but that’s it. I don’t have a car and don’t have cash for a down payment or car loan to start that sorta record either.
What are my options here?
original posted by lostgirl3000 to r/personalfinance on Sun, 03 Mar 2024 15:47:32 GMT.