Will I be able to improve my credit score?
I admit I have bad credit. At one time 5 years ago I had a very nice vehicle and some small credit cards. I was able to upkeep all of them and my credit was excellent. Over 730. Well my parents and my sister needed new vehicles. My parents supported me all my life and college along with me having a son at the age of 16. I felt since they helped my succeed I should return the favor. My parents were very old school and never financed anything before. They always bought with cash and never had credit cards. So they had no credit. I signed for a vehicle for them almost 5.5 yrs ago. About 7 months later my older sister with 2 kids was getting a divorce and moving back home. She needed a car so she could work. Here I went again, got my sister a car too. It felt really good. Well needless to say, my sister started working and payed the car note, but never on time. She always was over 30 days late. After two yrs she traded it in for another vehicle her new boyfriend was signing for. And as for my parents, everything was good for about the same time and then my mom lost her job. so they were on a 1 income basis. Ever since then they haven’t paid for the truck in under 30 days. For the past 3 years, all the payments are 30, 60, and even 90 days late. Well just as my credit suddenly dropped dramatically to the low 500’s my credit card interest rates skyrocketed through the roof. What was once $ 15-20 payments turned into $ 200-300 payments. I couldn’t afford it. Needless to say all my credit cards eventually went to collections and I lost my vehicle trying to stay afloat. Well my own situation was almost three yrs ago. I am now paying all my bills on time. I have paid off a personal loan and keep paying on my federal student loans on time. But my parents still don’t pay on time. They are currently over 90days late and my credit score is 498 now. The repo people have come to my house 3 times for their truck, and I have to pretend I am not home. I would really like to improve my credit score. I was thinking of getting a secured credit card and using that and paying in full every month to raise my credit score. My question is will that help or will my parents continually being late on their truck just keep my credit down? They have less then 1 yr left on the payments. Should I wait and rebuild after they are done paying off the vehicle? Or will a small credit card help me prior to? Sorry for the long story but I thought it would help everyone understand my situation. thank you for your help.