Credit reports says There are not enough premium bankcard accounts on your credit report

[techgirl]

Hello, I am new to this, but here I go...

My history:

Okay, I have no negative credit, nothing late, but.... I have high credit credit card limits that I never worried about because I never use my credit cards, and I have student loans. One right now is at 16.75 with Sallie Mae (almost done paying it off), and a couple at $5,000 each at 11.5% interest with Sallie Mae. Then both my husband and I have Federal Student Loans at 6% interest that we will need to be paying soon. My plan of action is to pay the 16.75% off first - only have $1,500 left on it, then pay down all of my credit cards to bump up my score. We have three credit cards, one with a $10,000 limit at a 7.9% interest rate and two at $5,000 limit - 11.75% interest.  I am throwing about $1,300 on the student loan each month and my husband is paying down the credit cards a little at a time.

My credit scores are:

TU: 734 (I think they are missing my $10,000 credit card)

Experian: 659

Equifax: 683

When I pull my credit they say this is where I can improve:

There are not enough premium bankcard accounts on your credit report. [TransUnion, Experian, Equifax] - if I got another card this would help my percentages, right? I would really love an AmericanExpress card. What credit bureau score needs to be where?

There are not enough revolving accounts on your credit report. [TransUnion] - I don't know if I want to tell TransUnion about this card right now 'cause it could bring down the score.

There are too many personal finance accounts on your credit report. [Experian, Equifax] - would that be student loans or credit cards???

Help!

[Creditaddict]

Amex pulls Experian. Maybe apply for the Delta Gold Card then product change it once you get it to any amex card you like. your scores should be good enough.

[Anonymous]

Wow techgirl Where did you pull your credit report from? I have never heard of the not enough premium cards.

[techgirl]

I pull from TrueCredit. It is $14.00 a month and you can see all three scores and all three credit reports as often as you would like.

Should I apply for more credit even though my credit is maxed out??  I currently have 4 inquiries on two and 6 on the other...

[techgirl]

Okay, I found the Gold Delta Skymiles Credit Card - American Express right?  Why would they take me and not some other American Express card??? Just curious.... never had an Amex card...

[Creditaddict]

the Delta Card just seems to be easier to get based on posts on here. but then you can product change it to anything you like.

[techgirl]

Cool.. Okay, I just looked at that card and I like it... After I have that card for a while and all of my debt is down, What would you product change up to?

Also, should I be looking for a 0% transfer for lower interest rates on my other credit cards - at least the two $5,000 at 11.79%, although I think I can get them paid off quickly... ummmmmm, would really love to own am Amex card though.... It seems crazy I would be accepted with my credit limit maxed. And it would have to be the case that my lowest score is what they are looking at! Hopefully, by getting this card it will take care for two birds with one stone?!?

[Anonymous]

TrueCredit scores are not true FICO scores.  Those types of scores are completely made up and are commonly referred to here as FAKOs.  There is no correlation between FAKOs and true FICO scores.

I also use TrueCredit, but only for the report monitoring.  The scores are useless.

If you want to know your true FICO scores, the easiest route is to purchase them from myFico.

Also, TrueCredit's "advice" is less than helpful, and in some cases can be downright counterproductive.  TrueCredit also tells me I don't have enough premium bankcards, but it's nonsense.  FICO makes no distinction between prime CCs and subprime CCs, as long as they are major cards (Visa/MC/Amex/Discover).  Getting an Amex won't help your scores just because it's an Amex.

If you want an Amex for other reasons (not because TrueCredit said to get one), then I agree that the Delta Skymiles seems to be the easiest to get.

[Anonymous]

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techgirl wrote:

I pull from TrueCredit. It is $14.00 a month and you can see all three scores and all three credit reports as often as you would like.

Should I apply for more credit even though my credit is maxed out??  I currently have 4 inquiries on two and 6 on the other...

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Just my opinion:  You are not likely to be approved for any Amex card if your other cards are currently maxed out.

I would suggest you try to pay your balances down to between 1-9% of each card's CL, then check your real FICO scores, and go from there.

Again, JMO.

Message Edited by cheddar on 12-28-2007 09:30 AM

[techgirl]

Wow, Thanks!  I would like one because I am going to start traveling, and I am at that age that I probably should have at least one premium bankcard. Right now all of my credit cards are coming from Federal Credit Unions - and they are all maxed out. Okay, on my way to purchase my true credit score - be back - I don't want to hurt my score, so I am not applying for anything until I am absolutely sure - my main focus is to pay off all high interest rates balances:

Student loan 16.75% first

Both (2) $5,000 11.75% credit card next

One $10,000 credit card at 7.9%

Two Student loans at $5,000 at 11.79% interest last

Is that a good game plan?  Once my credit line is down I will apply, unless it makes sense to get another card due to the percentage of credit limit versus balance.....