What to do next?

[Anonymous]

A little about my credit history first....

Oldest account-11.8 years.

AAOA-4.9Exp&Equ and 5.1 TU.

No baddies...just had a 30 day late removed that should hit by next report.

I was sitting at 90% Util (before reading this forum I actually thought it was BUILDING my credit carrying a balance) I tried to pay them of before statement date....however I missed one so last statement I was still sitting at about 50% Util....so I suspect my scores will go up a bit this month.

I paid cash for most things for years but in 2012 I really started trying to obtain credit to give myself some. I took out a home equity loan on a home I purchased cash in order to build my credit...and took out an auto loan and quad loan that I have held onto. Prior to that I would only keep cars a year to 18 months before paying them off or selling them.

I have:

Home equity Loan.

Car Payment.

4 wheeler. 

CC-

VS-(2009)-$1885 (Never requested a CLI-Realized it was a SP and CLI'd it from 1250 to 1885 last night)

USAA-(2012)-$5000 (Never CLI)

Credit Union-(2013)- $7500 (Never CLI)

BofA-(2012)-$300 (Started secured....have never CLI'd when I went to unsecure they gave me another $6,000 card. I really want to CLI this)

BofA-(2013)-$6000 (Have never CLI'd)

Kohls-(2013) $300 (Never CLI'd)

Income $156,000-$300,000. Self employed but incoorperated. I pay myself a W2 wage and recieve dividends. I also have consistent income from the government and rental income monthly.

5 inquiries in 2 years across the board. 0 on TU in the last year. 2 on Eq/Exp both from April/May of last year.

I really want to apply for the Sallie Mae card...poking around I think its my best option (though I am open to other ideas) I know I need to wait until my CC payoff hits...which I will be around 9% on 1 card. I also want to up my BofA cards....especially the $300 one....I get an extra 75% on the 123 reward cards (which both of mine are) because of the balance I carry in my accounts. What order should I do this in? What income amount should I use? Will BofA use 1 HP to CLI both my credit cards with them?

Current scores are TU-726 EQ-736 Ex-712.

I tried to do as much research as I could before asking...so thank you in advance for any help/advice you are willing to give.

[sunkissed]

Ashley, your plan sounds solid.  What exactly is your question?  Sorry if I missed it. 

[Anonymous]

 What order should I do this in? What income amount should I use? Will BofA use 1 HP to CLI both my credit cards with them?

It was inside my long post...sorry! I just wanted to make sure I put all the info in there.

Also I'm wondering if the Amex Blue Cash might be a better option.

[sunkissed]

What order?

Request your CLI’s first, let them report, then apply for a new card.

What income?

The income reported on your personal tax return

Will BoA use 1HP?

I don’t know, but I wouldn’t count on just one unless you ask them to use the same HP.  They'll let you know if they cannot.

Blue Cash instead of Sallie Mae?

I don’t know.  What type of spend are you trying to get rewards on?  It looks like you are interested in cashback, is that correct?

[Anonymous]

Yes...
Monthly
$300 groceries.
$200 gas/I work from home.
$1000 Cable/internet/util/insurance.
$1000 Shopping/Clothes/Daughter/Mostly Amazon.
$2000 Travel/Eating/outdoor activities.
I take 2-4 vacations a year...typically $5-$10k. In addition I typically cover expenses for family members. Utilities and sending items via Amazon.

[sunkissed]

Ashley, hold tight.  I'm not an expert about all the cashback cards available.  I'll let some of the more seasoned member come to your aid.

You've given us a great information about where you're at creditwise and what you're hoping to get.

[go_FICO_self]

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@AshleyAng wrote:

Income $156,000-$300,000. Self employed but incoorperated. I pay myself a W2 wage and recieve dividends. I also have consistent income from the government and rental income monthly.

a little off topic, but why do you double-tax yourself? You should be paying yourself entirely in wages. 

[Anonymous]

I am actually preventing myself from being double taxed.
S-Corporations are a ‘pass-through’ entity, which means all the profits of the corporation pass through directly to me as a shareholder....on my tax returns. S-Corps do not pay corporate income taxes. Meaning I only pay self employment taxes on my wages...not my dividends. My dividends are taxed as unearned income. Per IRS guidelines I just have to pay myself a "reasonable salary".

[Anonymous]

Thank you Sun

[sunkissed]

No problem!  Sorry I couldn't be of more help to you.  Good luck!