Re: Company Credit card- AMEX
11-20-2012 05:15 PM
Question from the spouse:
I filed BK in 9/2009. I have since had a company credit card through American Express. I am an authorized user and make frequent purchases up to 7k and pay the balance monthly. Shouldn't this be building my credit? It did not show up on my TransUnion report.
Also, I have a few items on my report that are paid/charged off. Do I really have to wait for the "date to be removed" or is it worth sending in a letter requesting deletion sooner?
My credit score is 632. Do you think I should apply for a CC even if it carries a high interest rate? Or should I wait until these other items are removed (4/13-7/13)?
I currently have a small $6k car loan with a 22% interest rate at Wells Fargo JUST to build some credit. I was told I should have 3 lines of credit. My fiancee added me as a user to one of his longer standing credit cards. Hopefully that will help?
I'm not sure about the AU question. I will have somebody else chip in.
The paid/charged off items will remain on your credit report until 7.5 years after the date of first deliquency (DOFD). The only way you can have them deleted is to call/email/mail the creditors and request (more like beg) that the paid items be deleted. It is worth giving it a shot but check your credit reports for the DOFD of those items.
Wow..the interest rate you have is crazy. If you have funds available, pay that baby off ASAP. Use the money you would save and get a secured card through Capital One or your local credit union. I won't pay that much interest just to buid credit. I definitely recommend applying for a credit card. Check Capital One's pre-approved site to see if they have an offer for you. Go to your local credit union. Try Barclays too. I don't think your credit score is too shabby. Capital One gave me an unsecured card 2 months after my BK.
Finally, it shouldn't matter what the interest rate of your credit card is. Once you get your statement in the mail, pay it off completely. You won't get charged interest if you pay off in full every month. I'm almost five years post BK and I haven't paid a dime in interest all that time.
Credit recovery is possible and fun. Good luck!!!
FICO Scores: TU 735 EQ 695 EX 740 (Feb 2013, all pulled by lender)