topic Re: Help Needed. in Credit Cards

Help Needed.

vanie1989 — Mon, 18 Feb 2013 04:08:51 GMT

Income	26,000
Car Loans	42,000
MyFico Credit Score	620
Utilization	52%
Oldest Account	3.3 years
AOA	1.2 years

Credit Portfolio
	Credit Limit	Balance
Bank of America	5000	2000
Capital One	4000	500
Amex Blue Cash	6000	2000
Discover	4750	3000
USAA	1500	0
Barclays	2500	0	New Account
Amex Gold	NPSL	0
Total My Credit Use	23750	7500

Authorized User
Amex Blue Sky	25000	22000
Amex Clear	2000	0	New Account
	27000	22000
Retail
Macy's	2600	0
Best Buy	3000	0
	5600	0

Total CL & Balance	56350	29500
Utilization	52.35

Please feel free to provide any advice. I am looking to improve my wife credit score and I know by this time next month all credit card balance will be reporting 0 balance except for the authorized accounts of $ 22000. I will probably have Amex remove her as an AU but I am not certain how it will affect her since this is the largest trade line reporting. Should I try to request credit line increase before or after removing her as AU and what are the chances that she will be approved for credit line increase with current score. I know my wife has no lates or no baddies on any account this far. The oldest accounts are Bank of America and Capital one with CLI last month. Most of the other accounts was open between June through October of 2012. Barclay was open this month and Amex Clear Added this month. What can we do different to increase the credit score and credit card limits. I am hoping to buy a house by the end of this year and lastly, even though I have a auto loan with Penfed I was not approved for their credit card. What can we do get Penfed. All credit reports are reporting about 12 inquires on average.

Any Advice would be greatly appreciated and many thanks in advance.

Thank you.

Re: Help Needed.

Creditaddict — Mon, 18 Feb 2013 04:16:47 GMT

@vanie1989 wrote:
Income 26,000
Car Loans 42,000
MyFico Credit Score 620
Utilization 52%
Oldest Account 3.3 years
AOA 1.2 years

Credit Portfolio
Credit Limit Balance
Bank of America 5000 2000
Capital One 4000 500
Amex Blue Cash 6000 2000
Discover 4750 3000
USAA 1500 0
Barclays 2500 0 New Account
Amex Gold NPSL 0
Total My Credit Use 23750 7500

Authorized User
Amex Blue Sky 25000 22000
Amex Clear 2000 0 New Account
27000 22000
Retail
Macy's 2600 0
Best Buy 3000 0
5600 0

Total CL & Balance 56350 29500
Utilization 52.35

I'm confused am I looking at your credit or hers?

Who's income and who's score are you listing?

and if your cards, then who's amex if you are asking about removing her as AU?

CLI on Amex $25k limit with $22k Balance? and with $22k balance on $25k limit they just approved you for $2k Clear?

How many Cars and what? and who financed with?

Re: Help Needed.

vanie1989 — Mon, 18 Feb 2013 04:22:58 GMT

I am sorry for the confusation. The Income is my wife, with one car finance through penfed @ 1.99 and the other through USAA @ 8.49. The credit score is hers. The 22000 Amex is my sister account. Amex Clear and Amex Blue Sky is both my sisters account.

Re: Help Needed.

Creditaddict — Mon, 18 Feb 2013 04:29:09 GMT

@vanie1989 wrote:
@I am sorry for the confusation. The Income is my wife, with one car finance through penfed @ 1.99 and the other through USAA @ 8.49. The credit score is hers. The 22000 Amex is my sister account. Amex Clear and Amex Blue Sky is both my sisters account.

ANYONE on a $22k balance on amex should get off that boat unless it's SOON to be reduced by at least HALF.

She has 500's credit and 1.99 car??

the other credit that you talk of is hers or yours?

Re: Help Needed.

vanie1989 — Mon, 18 Feb 2013 04:33:11 GMT

Every credit card on here is hers except where is says AU. Penfed approved her when her scores was in the low 700's about a year ago. The only accounts that is not hers is the Amex Blue and Amex Clear. The 22000 will be reduce in about 2 months time. Thanks for you input.

Re: Help Needed.

vanie1989 — Mon, 18 Feb 2013 04:35:12 GMT

My Scores are listed in my sig line. My wife Scores are 620 as per MyFico.

Re: Help Needed.

Creditaddict — Mon, 18 Feb 2013 05:02:18 GMT

Well then if you are paying off $7500 this month in credit cards I would think you would see a pretty good jump. Do you just want some larger credit limit cards with great rewards or what is purpose? you don't need more cards to increase score if you are going to be at $0 balance.

I would still get off the AU, you just don't need it and I bet is bringing you down. (her)

Re: Help Needed.

E150GT — Mon, 18 Feb 2013 05:09:56 GMT

The scores will go up big time when the balances are paid off. Id keep my name off any card that gets that kind of util on a regular basis.

Re: Help Needed.

firstladyd — Mon, 18 Feb 2013 05:11:12 GMT

+1 on canceling AU. Definate increase in score once balances paid off. Finally TIME my is your bf right now. Let accounts age and inquiries fall off. Especially since you are looking to app for mortgage later this year.

Re: Help Needed.

nicholasyud — Mon, 18 Feb 2013 05:12:19 GMT

Remove her on the authorize user with $$22k balance on it.

You should see a big jumb on credit score.

Re: Help Needed.

vanie1989 — Mon, 18 Feb 2013 05:19:03 GMT

I am thinking increasing the credit limit will help to boast her credit score and over time I hope it will help when we are ready to buy our first home. Our combine income is about 65000. My score probably will not be any better than it is right now since I file BK in 2010. I know paying off the credit card will definitely increase her score somewhat but I want it to atleast be in the 700 again to secure a good interest rate when we apply for the mortgage in about 1 year. Most of her credit card will be atleast 1 year when we apply for the mortgage but I want to see what are her chances she could increase the credit line to build a good report. The reason why I was inquiring about Penfed was because I have heard they are really good to work with and their card will grow with time.

Re: Help Needed.

vanie1989 — Mon, 18 Feb 2013 05:29:23 GMT

It will be almost 6 months for the Discover account. Before I have her request for a credit line increase should she remove her name on the Amex blue before or after the request. See the Amex blue is the largest trade line and it was always paid in full but for now its going to be like this for another 2 statement.