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Sisters credit history

Senior Contributor

Sisters credit history

Okay my sister has American Eagle $900 CL  $174 balance, Old Navy $800 CL $130 balance, Sport Chalet VISA $3k (joint) $2.9k balance (I know its high will be paid very soon), Macys $300 0$balance, and Chevron $900 CL $790 balance (will also be paid off very soon). We played with the score stimulator and it said that once she reduces her credit utl to 2% it should raise her scores to 680 or 690. She has no installment or mortgage loans. If she only has revolving credit will this allow her to someday get a small car loan? We plan to raise her credit limits and convert the Sport Chalet VISA into a VISA Signature, upgrade AE and OLD NAVY to VISA, Macys into an AMEX, and just raise her chevron CL since they offer no upgrade to VISA. Once the regular store cards are conveted into major cards she wants to get the Chase Sapphire Preffered and apply for no more credit cards for that will be enough of credit cards. Would she need any installment or mortgage loans in order for this to happen? She's 18 just like me and will be 19 in january. Can she get a 9k car loan with a 680 score, and with only credit cards reporting on file? Thanks!! OH YEAH She curenlty has a 18k income will be going to college to get  better job as a LVN

Banking with CBofTV, BofH, and BBVA. All three are free checking accounts.
First Premier CC $500
Chapter 7 BK Discharged on 7/11/16
Equifax, Experian, Transunion, and ChexSystem are FROZEN.
Gardening Since 10/25/2017
12 REPLIES
Senior Contributor

Re: Sisters credit history

I think she's going to have a difficult time getting approved for Chase Sapphire Preferred. Chase is probably going to want to see a little more history, and having some experience with higher limits on her other cards.  I can't remember the general consensus on that card, but it's probably something like 2 years of history, and you would need to be able to be approved for an initial CL of $5K.  Without having another card at $5K, and with having a relatively low income, I doubt Chase would approve her for thart CL. 

 

As for the auto loan, you should post in the auto loan forum.  In general, I don't think the score is going to be an issue, but being a first time buyer, will likely need a good downpayment.  May need a cosigner. 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Senior Contributor

Re: Sisters credit history

Oh no the CHase sapphire would be in the future not right now she still needs to grow with her current cards, But you can't have another 5k credit card limit when applying for CSP? Hmm.

And yes maybe a co-signer will be needed, my parents can difinitely help her out.

But shes in the right track correct?

Banking with CBofTV, BofH, and BBVA. All three are free checking accounts.
First Premier CC $500
Chapter 7 BK Discharged on 7/11/16
Equifax, Experian, Transunion, and ChexSystem are FROZEN.
Gardening Since 10/25/2017
Established Contributor

Re: Sisters credit history


BearsAndTurtlesRtheBest wrote:

Oh no the CHase sapphire would be in the future not right now she still needs to grow with her current cards, But you can't have another 5k credit card limit when applying for CSP? Hmm.

And yes maybe a co-signer will be needed, my parents can difinitely help her out.

But shes in the right track correct?


anything is in the right track as long as she's good on her payments and avoid First Premier and Credit One etc. Don't let her app for bunch of useless cards they'll only hurt her AAOA. If you REALLY want to get her some good cards pay the balances down, and assuming since parents will help her out ask them to make her a authorized user on their cards so it'll get her into the 750's + assuming your parents credit is good. With a few high limits reporting the CSP is attainable within 14 months of history which was my experience.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Mega Contributor

Re: Sisters credit history


BearsAndTurtlesRtheBest wrote:

Okay my sister has American Eagle $900 CL  $174 balance, Old Navy $800 CL $130 balance, Sport Chalet VISA $3k (joint) $2.9k balance (I know its high will be paid very soon), Macys $300 0$balance, and Chevron $900 CL $790 balance (will also be paid off very soon). We played with the score stimulator and it said that once she reduces her credit utl to 2% it should raise her scores to 680 or 690. She has no installment or mortgage loans. If she only has revolving credit will this allow her to someday get a small car loan? We plan to raise her credit limits and convert the Sport Chalet VISA into a VISA Signature, upgrade AE and OLD NAVY to VISA, Macys into an AMEX, and just raise her chevron CL since they offer no upgrade to VISA. Once the regular store cards are conveted into major cards she wants to get the Chase Sapphire Preffered and apply for no more credit cards for that will be enough of credit cards. Would she need any installment or mortgage loans in order for this to happen? She's 18 just like me and will be 19 in january. Can she get a 9k car loan with a 680 score, and with only credit cards reporting on file? Thanks!! OH YEAH She curenlty has a 18k income will be going to college to get  better job as a LVN


Is the purpose of this post trying to get a car loan??

 

-How long have these accounts been open??

-When will her income change?? soon??

 

The income and high util. is going to hold her back for the car loan.

 




EQ FICO 548 3/3/16
Senior Contributor

Re: Sisters credit history


BearsAndTurtlesRtheBest wrote:

Oh no the CHase sapphire would be in the future not right now she still needs to grow with her current cards, But you can't have another 5k credit card limit when applying for CSP? Hmm.

And yes maybe a co-signer will be needed, my parents can difinitely help her out.

But shes in the right track correct?


No, what I am saying is that she is not likely to get approved by Chase for a $5K initial CL because she does not have any other cards with at least a $5K CL.  Chase is not likely to be the first one to offer her a larger limit, especially being a college student with a college student's income.  Credit unions are generally more willing to give out larger limits.  She might want to explore a credit union so that when she's ready to apply for the CSP in a couple years, she has experience with a larger limit.

 

As far as being on the right track, yes.  Just get those balances down and never be late.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Mega Contributor

Re: Sisters credit history


Walt_K wrote:

BearsAndTurtlesRtheBest wrote:

Oh no the CHase sapphire would be in the future not right now she still needs to grow with her current cards, But you can't have another 5k credit card limit when applying for CSP? Hmm.

And yes maybe a co-signer will be needed, my parents can difinitely help her out.

But shes in the right track correct?


No, what I am saying is that she is not likely to get approved by Chase for a $5K initial CL because she does not have any other cards with at least a $5K CL.  Chase is not likely to be the first one to offer her a larger limit, especially being a college student with a college student's income.  Credit unions are generally more willing to give out larger limits.  She might want to explore a credit union so that when she's ready to apply for the CSP in a couple years, she has experience with a larger limit.

 

As far as being on the right track, yes.  Just get those balances down and never be late.


This is good advice. Smiley Happy

 




EQ FICO 548 3/3/16
Senior Contributor

Re: Sisters credit history

Ohh okay good to know thanks! We just added her to my dads Lowes Credit card as an AU which has a $6k CL and will request it to 10k or even 12k in the next 3 months. Did this move help my sister's credit report?

Banking with CBofTV, BofH, and BBVA. All three are free checking accounts.
First Premier CC $500
Chapter 7 BK Discharged on 7/11/16
Equifax, Experian, Transunion, and ChexSystem are FROZEN.
Gardening Since 10/25/2017
Mega Contributor

Re: Sisters credit history


BearsAndTurtlesRtheBest wrote:

Ohh okay good to know thanks! We just added her to my dads Lowes Credit card as an AU which has a $6k CL and will request it to 10k or even 12k in the next 3 months. Will this move help my sister's credit report?


AU's past 2 or so reporting are more of a waste IMO. Does she have AU accounts already reporting before lowes?

 




EQ FICO 548 3/3/16
Senior Contributor

Re: Sisters credit history

@LS2982 Yes it is and it looks like she will be needing a co-signer which is no problem since my parents have great credit except the high debt but that will be tooken care of in the next coming up months. As to the new career she wants to begin yes it will give her possibly a 25k annual income which will raise after she gains more experience. 

Banking with CBofTV, BofH, and BBVA. All three are free checking accounts.
First Premier CC $500
Chapter 7 BK Discharged on 7/11/16
Equifax, Experian, Transunion, and ChexSystem are FROZEN.
Gardening Since 10/25/2017