What should my second step in Rebuilding - focus on AAOA, CL, or more CC?

[Anonymous]

Thank you everyone. I made some bad credit mistakes a few years ago that have ruined my score. In the pas few weeks, I learned how to start rebuilding from this forum. But I am now stuck on what my second/third steps should be. PROBLEM: I have 600 score now, and need to get to 670-700 so I can refinance my home at an okay rate. 

I have no Credit Card and have a 600 score. So in the past 2 weeks, I have started the following: 

1) Got a secured card from Cap One

2) Ask my wife to add me as AU on her oldest CC (10+ years, $3k CL)

3) GW-ing baddies  (unfortunately no response so far)

QUESTION: What should I do next? 

a) Get more accounts - by opening more Revolving accounts e.g. scured card/ store card (low CL, but give me more accounts on file) 

b) Get higher CL - ask family to add me as AU, at the expense of having younger accounts on file

c) Get a new scured Loan - but I have a mortgage already so this may have minimal impact

d) Wait/Garden --? 

e) The only saving grace is that I have a good income (130k) - is there anything else I can do? 

[Anonymous]

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@Anonymous wrote:

Thank you everyone. I made some bad credit mistakes a few years ago that have ruined my score. In the pas few weeks, I learned how to start rebuilding from this forum. But I am now stuck on what my second/third steps should be. PROBLEM: I have 600 score now, and need to get to 670-700 so I can refinance my home at an okay rate. 

I have no Credit Card and have a 600 score. So in the past 2 weeks, I have started the following: 

1) Got a secured card from Cap One

2) Ask my wife to add me as AU on her oldest CC (10+ years, $3k CL) Instead of AU, see if they will make it a joint account instead.

3) GW-ing baddies  (unfortunately no response so far)

QUESTION: What should I do next? 

a) Get more accounts - by opening more Revolving accounts e.g. scured card/ store card (low CL, but give me more accounts on file) Yes, get a couple more bank cards going - sooner rather than later.

b) Get higher CL - ask family to add me as AU, at the expense of having younger accounts on file No. forget the whole AU thing and build on your own.

c) Get a new scured Loan - but I have a mortgage already so this may have minimal impact Only if you have no auto or student loans.

d) Wait/Garden --? 

e) The only saving grace is that I have a good income (130k) - is there anything else I can do? Keep your UTI% in check.

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[Anonymous]

Thanks for your help!

Unfortunately, found out that Chase (my wife's oldest CC) stopped offering Joint CC option. So any critique if I do these following steps?

1) Apply for BOA and Discover secured card

2) Ask wife to add me as Joint account on her BOA rewards card - Question: Could I be denied given my low score? 

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@Anonymous wrote:

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@Anonymous wrote:

Thank you everyone. I made some bad credit mistakes a few years ago that have ruined my score. In the pas few weeks, I learned how to start rebuilding from this forum. But I am now stuck on what my second/third steps should be. PROBLEM: I have 600 score now, and need to get to 670-700 so I can refinance my home at an okay rate. 

I have no Credit Card and have a 600 score. So in the past 2 weeks, I have started the following: 

1) Got a secured card from Cap One

2) Ask my wife to add me as AU on her oldest CC (10+ years, $3k CL) Instead of AU, see if they will make it a joint account instead.

3) GW-ing baddies  (unfortunately no response so far)

QUESTION: What should I do next? 

a) Get more accounts - by opening more Revolving accounts e.g. scured card/ store card (low CL, but give me more accounts on file) Yes, get a couple more bank cards going - sooner rather than later.

b) Get higher CL - ask family to add me as AU, at the expense of having younger accounts on file No. forget the whole AU thing and build on your own.

c) Get a new scured Loan - but I have a mortgage already so this may have minimal impact Only if you have no auto or student loans.

d) Wait/Garden --? 

e) The only saving grace is that I have a good income (130k) - is there anything else I can do? Keep your UTI% in check.

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And, how many bank CC is enough? Should I aim for 2-3, or more? 

[mamatried]

I applied for Discover It today and was denied, similar scores to yours. I called and asked about secured and they told me they only offer that to some people. Boo.

[Anonymous]

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@mamatried wrote:
I applied for Discover It today and was denied, similar scores to yours. I called and asked about secured and they told me they only offer that to some people. Boo.

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Some people seem to report that they get the Secured Discover Card offer only after apping for the Discover Student card. I have not tried that yet, I'm waiting another couple of months before I try Discover.

[Anonymous]

Try Cap One prequal.  You can also try for the Sportsman's Guide, Camping World, and Total Rewards Visas all via SCT.  I've gotten all three in the past week.

[Anonymous]

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@Anonymous wrote:

Thanks for your help!

Unfortunately, found out that Chase (my wife's oldest CC) stopped offering Joint CC option. So any critique if I do these following steps?

1) Apply for BOA and Discover secured card

2) Ask wife to add me as Joint account on her BOA rewards card - Question: Could I be denied given my low score? 

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@Anonymous wrote:

---

@Anonymous wrote:

Thank you everyone. I made some bad credit mistakes a few years ago that have ruined my score. In the pas few weeks, I learned how to start rebuilding from this forum. But I am now stuck on what my second/third steps should be. PROBLEM: I have 600 score now, and need to get to 670-700 so I can refinance my home at an okay rate. 

I have no Credit Card and have a 600 score. So in the past 2 weeks, I have started the following: 

1) Got a secured card from Cap One

2) Ask my wife to add me as AU on her oldest CC (10+ years, $3k CL) Instead of AU, see if they will make it a joint account instead.

3) GW-ing baddies  (unfortunately no response so far)

QUESTION: What should I do next? 

a) Get more accounts - by opening more Revolving accounts e.g. scured card/ store card (low CL, but give me more accounts on file) Yes, get a couple more bank cards going - sooner rather than later.

b) Get higher CL - ask family to add me as AU, at the expense of having younger accounts on file No. forget the whole AU thing and build on your own.

c) Get a new scured Loan - but I have a mortgage already so this may have minimal impact Only if you have no auto or student loans.

d) Wait/Garden --? 

e) The only saving grace is that I have a good income (130k) - is there anything else I can do? Keep your UTI% in check.

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And, how many bank CC is enough? Should I aim for 2-3, or more? 

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3 bank cards is whats recommended for rebuilding. You usually get a score boost immediately for establishing the first two, the third may initially cost a handfull of points but will help out over the long haul.

[Anonymous]

Thanks EVERYONE for your help. Road to credit rebuld is lonely, glad to get help here.

For Discover, I am not sure if it means anything. But the Discvoer site says I'm pre-qualified (https://www.discovercard.com/application/fmo?execution=e1s1). I also got a mail-in pre-qualify frm them last month. I am tempted to try, but afraid of being denied.

And, should I wait to apply for Joint account card, after I get the secured cards?

[mamatried]

Discover said I was pre-qualified as well. :.. (

[Anonymous]

With the discover pre-qual site, if it gives you a range of possible interest rates its not a legit prequal offer, however if it shows just a single possible rate then you should be good to go.