topic Re: Secured Card or AMEX, Help Needed in Credit Cards

Secured Card or AMEX, Help Needed

Anonymous — Mon, 23 Jul 2012 21:22:37 GMT

I'm trying to rebuild my credit and really want to do so with AMEX, but I was denied when I applied for the Green Card and apparently the Gold Delta Skymiles card isn't available right now. I have a FICO score of 653, due to 1 paid charge off and 2 collections. Otherwise, I have an $800 Visa CC and a $1900 Nordstrom revolving card, both always having current payments. So I need to get another CC to help increase my FICO score.... Is there an AMEX I can get? I've applied for a secured Bank of America Visa CC and deposited $2,000. Do you think the secured BoA card is going to help? Should I do something else instead and/or keep trying for an AMEX, and if so, which one?

I'm 26 years old and have no student loans or car loans as I've always paid cash. I want to buy a house within the next year so I need to fix my credit ASAP. Unfortunately during 2010 I was unable to pay some bills and they were reported negatively on my CR. They have now been paid and I'm trying to get them removed, but in the meantime, I want to try using CCs.

Re: Secured Card or AMEX, Help Needed

trumpet-205 — Mon, 23 Jul 2012 21:00:31 GMT

Unfortunately, you are out of luck with AMEX mostly. Now if you can keep up the postive behavior for couple more months you may have a chance with AMEX Zync.

Just keep what you are doing right now. I would postpone house buying if I were you, since low credit score = high interest rate.

Re: Secured Card or AMEX, Help Needed

Anonymous — Mon, 23 Jul 2012 23:24:59 GMT

I will guess another CC will help credit score a little once the temporary effects drop off, but it won't help a ton. I probably would have gone for Zync in first place with your scores. Can you give us some more details on your credit file? AAoA, oldest tradeline (both installment and revolving), income etc.

Re: Secured Card or AMEX, Help Needed

LS2982 — Mon, 23 Jul 2012 23:47:26 GMT

Is wait 6 months with no new INQ's then go for Zync.

Re: Secured Card or AMEX, Help Needed

Anonymous — Tue, 24 Jul 2012 00:09:59 GMT

AAoA is 8 years.

Oldest tradeline is 18 years (my mom added my onto her Nordstrom account so that helped me a lot!)

Income is $60,000/yr.

Clearly the 1 CO and 2 collections are killing me.

Should I not use the BoA card and apply for a Zync? I have checked my credit history 2x in the last 3 weeks and I'm worried about having too many inquiries now too.

Re: Secured Card or AMEX, Help Needed

trumpet-205 — Tue, 24 Jul 2012 01:17:20 GMT

@Anonymous wrote:
AAoA is 8 years.
Oldest tradeline is 18 years (my mom added my onto her Nordstrom account so that helped me a lot!)
Income is $60,000/yr.

Clearly the 1 CO and 2 collections are killing me.

Should I not use the BoA card and apply for a Zync? I have checked my credit history 2x in the last 3 weeks and I'm worried about having too many inquiries now too.

No. Keep BofA and wait at least 6 months before applying for Zync. Zync has the lowest approval criteria for AMEX (if you get denied with Zync you have no chance with all other AMEX cards). Why are you so fixated on AMEX?

Re: Secured Card or AMEX, Help Needed

injustifiiable — Tue, 24 Jul 2012 01:22:00 GMT

For what its worth, checking your own credit will never lower your credit score or show hard inquiries.

Re: Secured Card or AMEX, Help Needed

Anonymous — Tue, 24 Jul 2012 05:45:03 GMT

@injustifiiable wrote:
For what its worth, checking your own credit will never lower your credit score or show hard inquiries.

+1 here and +2 to try and go for the zync

Re: Secured Card or AMEX, Help Needed

Anonymous — Tue, 24 Jul 2012 05:50:50 GMT

Whatever you do, make sure to do it a year before apping for mortgage. Otherwise hold off. Another cc of any sort won't help fico score enough to be worth the risk in my opinion.

Re: Secured Card or AMEX, Help Needed

CreditScholar — Tue, 24 Jul 2012 05:55:59 GMT

@trumpet-205 wrote:
@Anonymous wrote:
AAoA is 8 years.
Oldest tradeline is 18 years (my mom added my onto her Nordstrom account so that helped me a lot!)
Income is $60,000/yr.

Clearly the 1 CO and 2 collections are killing me.

Should I not use the BoA card and apply for a Zync? I have checked my credit history 2x in the last 3 weeks and I'm worried about having too many inquiries now too.

No. Keep BofA and wait at least 6 months before applying for Zync. Zync has the lowest approval criteria for AMEX (if you get denied with Zync you have no chance with all other AMEX cards). Why are you so fixated on AMEX?

+1. Why are you so focused on Amex?

Re: Secured Card or AMEX, Help Needed

Anonymous — Tue, 24 Jul 2012 16:18:02 GMT

@Anonymous wrote:
AAoA is 8 years.
Oldest tradeline is 18 years (my mom added my onto her Nordstrom account so that helped me a lot!)
Income is $60,000/yr.

Clearly the 1 CO and 2 collections are killing me.

Should I not use the BoA card and apply for a Zync? I have checked my credit history 2x in the last 3 weeks and I'm worried about having too many inquiries now too.

You should use the BofA. You have enough CC now, with good limits, good AAoA. There is nothing special about AMEX w.r.t. credit score and it would only hurt you now (inquiry and new account). Keep yoiur history clean and watch your utilization when approaching mortgage application time. You should not apply for any more credit until you have closed your mortgage, that is the most important.

Re: Secured Card or AMEX, Help Needed

bostonte — Tue, 24 Jul 2012 19:23:07 GMT

So is the $1900 Nordstrom card yours, or are you an AU? While AU's help, they aren't the same as cards that are your responsibility. So if that's an AU account, that would mean you only have one account left. The secured BoA should definitely help. Just keep your reporting balances low and let all the accounts age.