705 score on my credit one credit card secure $300.?

Question

so should I get one more card

Answer 1

Yes, you should. Absolutely.

You need to get higher, unsecured credit lines.

Are you sure your 705 is a FICO score? If so, you shouldn't have much trouble getting credit lines. Post a question at http://www.creditboards.com/forums and check out the credit approval database there so you know what cards you will most likely be approved for.

Answer 2

Number 1 doesn't do much one way or another. At best it is providing long credit history. Number 2 is hurting you: Medical debts do count aginst you. (If the name of a creditor reveals that it is a health thing, like "Cancer Center", then the CRAs will just replace the name with "Medical Debt" when other lenders pull your report. They still count.) Having collections shows creditors you let bills go so delinquent. The only thing for those is just to let time pass. Number 3 is hurting you: get that balance as close to zero as possible. Although the FICO formulas are secret, it appears when your utilization goes above 30% the score goes down. Number 4 is hurting you: Charge offs are like collections; doesn't look good to lenders. Time is your friend (or enemy) for credit scores. You need a long time with good payments. You also need accounts to be open for a long time (not one account per year for 10 years, but rather one account open for 10 years). The company you have the secured card with should convert it to a regular after 12 months of good payments (not a guaranteed thing but common). Get a store card or another secured card. Pay things on time and wait. Don't live and die by the credit score. There's no reason to worry about the impact revolving utilization (number 3) has on your score every month; you only need to care when you are applying for credit. Do pay your debts on time and let pass. Good luck.

Answer 3

Opening a new account will lower your score until you have proven a good payment history with the new card. Long-term it will help. You may also consider asking your current credit company to switch you to an unsecured card with a higher limit so that your account age doesn't take a hit. If your spending habits don't change with a higher limit, you will raise your score by using less of your available limit.

Answer 4

if you cerdit score is 705 you don't need a secure card. that is more than good enough for an unsecrued card

Answer 5

With a 705 you can get any card or loan you choose !!

Answer 6

The best way to improve your credit score is to attain an installment loan (ie. car loan or mortgage payment) and pay that on time/everytime. That is the most powerful way to raise your score. Credit cards are one of the least powerful ways to do it.