I have poor credit currently (580-600) and have finally paid all lines off. I am debt free now, which is great, but how do I go about rebuilding? I find it impossible to have new lines opened, so I'm at a standstill.
I suppose I should look into secured cards, but I'd like some recommendations.
8 years ago my credit score was 585. I opened a secure credit card (yes they cost money, but when your credit sucks, nothing is cheap). Then after a year I was able to open an unsecured credit card account using the same company (capital one). From there, I worked on getting everything paid off and on time. My Equifax and Transunion scores are now 770 and my fico/experian score is 796. Nothing is going to happen overnight, it took years to get collection accounts and defaults (my student loan) off of my credit. I've even had a couple of car loans, one I paid off completely, the other I've almost got paid off.
The factors that will increase your credit score in order of impact:
Do all of this for about 5-6 years and your credit rating will continue to increase. Keep in mind, credit ratings are just the billboard for creditors to see if you're worth looking into. Once they get into your credit report, especially if you are applying for a mortgage, there's much more than score that determines your credit worthiness.