A screenshot or screencap would really help us figure out what you're trying to do. Likewise, a more thorough description of what you want, and the steps you're employing to try to get there, would also help. But let me take a guess:
After typing a letter and creating ounlines I get my anchor points.
Are you creating outlines of text that you've selected with the Text tool? Or outlines of text in a frame, which you've selected with the Selection tool? Two different outcomes; when text is selected with the Text tool and you choose Convert to Outlines, it creates your object as an inline anchored object. So instead of trying to anchor it (it's already anchored) you'd want to select it and use the Anchored Object Options to do whatever it is you're trying to do. If you select the frame with the Selection tool, and then convert to outlines, then you'd be creating an object that you could then anchor someplace.
holding the shift key im able to move the seletcted anchor point, but only vertically
The fact that you can only move the object vertically is what makes me think that you're creating outlines with the Text tool, as that's the typical behavior of an inline anchored object.