topic Re: credit card recomendations in Credit Cards

credit card recomendations

Anonymous — Wed, 15 Apr 2015 01:34:20 GMT

My FICO credit scores:

Equifax: 722

Transunion: 690

Experian:675

cc utilization: 96%. (Discover Card)

As I mentioned in a previous thread, I am an authorized user on this Discover Card. I rarely use the card. At the suggestion of several forum members, I am looking to apply for my own cards now.

I just don't want to start applying at random running up inquiries with a bunch of rejections. Could someone recommend credit crads where I have a high chance of approval. I would really like to get my AMEX Gold back. I don't think I'm there yet. Perhaps by Summer, I will try for that.

Thanks again for the help.

Cheers

Mohawk

Re: credit card recomendations

Pway — Wed, 15 Apr 2015 01:39:19 GMT

Is your Discover card your only card? If it is I would work on getting your utilizaion down before going on a app spree. Give us a glimpse of your credit profile.

Re: credit card recomendations

Anonymous — Wed, 15 Apr 2015 01:51:40 GMT

Yes, the Discover is the only card. My credit report is clear except for one item that is 5.3 years old. A late payment on a car loan. Only 30 days. I'm technically debt free since I am an authorized user on the Discover and none of the charges are mine. I was told not to remove my name from Discover as it might lower my credit score since I have nothing current on my credit report. No mortgage, installment loans etcetc. Only Discover Card.

Re: credit card recomendations

Anonymous — Wed, 15 Apr 2015 02:38:29 GMT

@Anonymous wrote:
Yes, the Discover is the only card. My credit report is clear except for one item that is 5.3 years old. A late payment on a car loan. Only 30 days. I'm technically debt free since I am an authorized user on the Discover and none of the charges are mine. I was told not to remove my name from Discover as it might lower my credit score since I have nothing current on my credit report. No mortgage, installment loans etcetc. Only Discover Card.

How long have you been an AU on this Discover and what's the limit? 96% util is pretty bad

Re: credit card recomendations

Anonymous — Wed, 15 Apr 2015 02:57:41 GMT

I have been an AU since 2008. Never any late payments. I guess these credit card issuers do not look at the fact that I am an AU, therefore, I am not responsible. Kind of stuck between a rock and a hard place here. The primary holder was late 1 day and Discover cut the limit which increased the utilization. I may have used the card 5 or 6 times out of the 7 years I have been on AU. Used only for emergencies. The goal here is to remove myself from this card as an AU. I know one member mentioned Cap 1. I was wondering are there any others? I do have a banking relationship with BOA.

Re: credit card recomendations

gdale6 — Wed, 15 Apr 2015 02:57:20 GMT

Try the Cap-1 prequal site and see what comes up.

Re: credit card recomendations

Anonymous — Wed, 15 Apr 2015 03:15:42 GMT

I actually just tried. It came back with "we couldn't match your records to a card offer. But based on your answers, we think you might like this card".

I assume this is not good and perhaps the high util is hurting me. <sigh>

Re: credit card recomendations

gdale6 — Wed, 15 Apr 2015 03:41:29 GMT

@Anonymous wrote:
I actually just tried. It came back with "we couldn't match your records to a card offer. But based on your answers, we think you might like this card".

I assume this is not good and perhaps the high util is hurting me. <sigh>

It very well could be the reason. You might try looking at some secured cards to get you started, the faster you can get that AU off your report the better it will be.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Secured-Cards-Database/td-p/3846302

Re: credit card recomendations

NRB525 — Wed, 15 Apr 2015 03:53:34 GMT

OP, have you done any apps at all? If you have no HP now, you know what I would do? Go ahead and app for the AMEX that you want. It sounds like you had an AMEX before? Your scores are not so far out of range for a first AMEX, and if you had a card before, it might be OK.

Best case scenario: Approval, you get the AMEX.

Worst case scenario: You get a Reasons letter with your latest score, you know for certain that you didn't get the AMEX (no speculation and second guessing).

You then start, with no doubts and a clear mind, looking into secured cards or CapOne, or your own Discover card, three decent options to build your file up.

Re: credit card recomendations

takeshi74 — Wed, 15 Apr 2015 13:22:52 GMT

@Anonymous wrote:
cc utilization: 96%. (Discover Card)

I wouldn't recommend anything even it utilization was lower than 96%. Get it down as soon as possible and as low as possible. The advice on optimizing utilization for applying is "only one balance reporting at 10% or less".

It is possible to get approvals with high utilization (<30%) but APR's will be high and limits will be low. However, with one or more maxed out (>90%) cards it's not advisable to even attempt applying.

@Anonymous wrote:
Yes, the Discover is the only card. My credit report is clear except for one item that is 5.3 years old. A late payment on a car loan. Only 30 days.

We always recommend addressing derogs first since they can have a significant impact and hold one's scores down. A 5.3 year old item may have less impact but it will have mre impact than not having any derogs. Hit the Rebuilding subforum and see what you can do about it. With this and the maxed card on your report you really shouldn't be applying for anything unless you want to add a secured card that does not require a credit check.

@Anonymous wrote:
I'm technically debt free since I am an authorized user on the Discover and none of the charges are mine.

Do some research on whether or not Discover TL's are removed when one is no longer an AU. If you can get it off your reports that would be even better unless the utilization can be drastically dropped immediately. Whoever holds the account needs to address that for his/her own credit as well.

@Anonymous wrote:
I guess these credit card issuers do not look at the fact that I am an AU, therefore, I am not responsible. Kind of stuck between a rock and a hard place here.

People count on being an AU to help credit but it really cuts both ways. Whether being an AU helps or not all depends on the condition of the tradeline and whether or not the creditor and scoring model factor in accounts where one is an AU.

@Anonymous wrote:
The primary holder was late 1 day and Discover cut the limit which increased the utilization.

This person also needs to understand that payments must be 100% on time. Set up automatic payments to cover at least the minimums to ensure that the account is kept current, if needed. Payment History is the biggest risk and scoring factor.

Re: credit card recomendations

baller4life — Wed, 15 Apr 2015 13:20:57 GMT

+1 on secured card route. BOA to be exact. Best hands down. That high Discover util is definitely hurting you and I would remove myself ASAP. Even though your Fico scores are decent, you will be hard pressed to find a lender to approve you with such high util.

Re: credit card recomendations

Anonymous — Thu, 16 Apr 2015 00:26:43 GMT

Everyone,

Thank you very much for your help. It is greatly appreciated. I plan to obtain 2 secured credit cards. 1 from BOA & the other with a credit union who I plan to do business with in the future such as mortgages, car loans etc etc I will most likely put about $2K on each card. I will charge about $300 on each and pay a little more than the monthly required to strengthen my credit more.

My question is how long should I wait after I start making monthly payments on secured cards can I take my name off the Discover and have it not affect my credit score?

Also, are secured credit cards considered the same as unsecured when calculating FICO scores etc etc.

Takeshi - You mentioned the following: "Do some research on whether or not Discover TL's are removed when one is no longer an AU". What is TL?

Cheers

Mohawk