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New Member
Posts: 3
Registered: ‎06-10-2013
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Rebuilding Credit Score - Discover IT Pre-approval, AMEX? Help!!!

hi myFICO community, I'm looking to diversify and increase my revolving credit lines. I had a few mishaps with student loans and collections but I was able to square away loans (current, 180+ past due) a year + ago. Everything is reporting green! Only baddie was from student loan and did 2 PFD on personal loans. I currently only own 1 WF secured CC w/ $300 CL. I received a pre-approval letter for a Discover IT CC. I'm looking to add 1 or 2 more credit cards and do not know if I should apply for AMEX Gold or Discover IT (since I'm already pre-approved) or both or consider other cards? Income: $99K+ EXP FICO: 655 MyFICO EQ FICO: 645 TU FICO: ?? CK FAKO: 710 Loans 1 Student: $12K Utilization: 20% AoAA: 5.8 Years 1 FIA CC Closed by Grantor (But reports as paid as agreed) Cheers!
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
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Re: Rebuilding Credit Score - Discover IT Pre-approval, AMEX? Help!!!

How recent is the only baddie left in your CR?

 

IMO, I would pay down the debt to lower your utilization first.

You should be okay with Discover once your utilization is lower, though the CL might be on the low end. 

I wouldn't advise applying for any Amex with a 650

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
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Senior Contributor
Posts: 26,694
Registered: ‎02-07-2013
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Re: Rebuilding Credit Score - Discover IT Pre-approval, AMEX? Help!!!


jmlCA212 wrote:
hi myFICO community, I'm looking to diversify and increase my revolving credit lines. I had a few mishaps with student loans and collections but I was able to square away loans (current, 180+ past due) a year + ago. Everything is reporting green! Only baddie was from student loan and did 2 PFD on personal loans. I currently only own 1 WF secured CC w/ $300 CL. I received a pre-approval letter for a Discover IT CC. I'm looking to add 1 or 2 more credit cards and do not know if I should apply for AMEX Gold or Discover IT (since I'm already pre-approved) or both or consider other cards? Income: $99K+ EXP FICO: 655 MyFICO EQ FICO: 645 TU FICO: ?? CK FAKO: 710 Loans 1 Student: $12K Utilization: 20% AoAA: 5.8 Years 1 FIA CC Closed by Grantor (But reports as paid as agreed) Cheers!

Welcome to the forum 

How long have you had the secured card?

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/13


New Member
Posts: 3
Registered: ‎06-10-2013
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Re: Rebuilding Credit Score - Discover IT Pre-approval, AMEX? Help!!!

hi enharu!

 

the only baddie left is from my student loan which was 14 months ago (last showing 120+ late). 

 

I thought installment loans have little effect on the utilization (i know it still plays a factor!)

 

Let me know!

New Member
Posts: 3
Registered: ‎06-10-2013
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Re: Rebuilding Credit Score - Discover IT Pre-approval, AMEX? Help!!!

hi myjourney!

 

I've had the Secured WF for 9 months. I saw that the Discover IT Pre-Approval App asked for the rent expenditure, (it's $0 given my current living situation, work covers it).

 

Will that make an impact?  

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Senior Contributor
Posts: 26,694
Registered: ‎02-07-2013
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Re: Rebuilding Credit Score - Discover IT Pre-approval, AMEX? Help!!!

[ Edited ]

jmlCA212 wrote:

hi myjourney!

 

I've had the Secured WF for 9 months. I saw that the Discover IT Pre-Approval App asked for the rent expenditure, (it's $0 given my current living situation, work covers it).

 

Will that make an impact?  


It will help for sure 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/13


Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Rebuilding Credit Score - Discover IT Pre-approval, AMEX? Help!!!


jmlCA212 wrote:

hi enharu!

 

the only baddie left is from my student loan which was 14 months ago (last showing 120+ late). 

 

I thought installment loans have little effect on the utilization (i know it still plays a factor!)

 

Let me know!


any kind of late is going to hurt regardless of account type.

i would recommend holding off on the apps for at least 10 more months.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).

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