topic Re: Credit Cards in Rebuilding Your Credit

Credit Cards

credit8502020 — Sat, 05 Sep 2020 18:11:35 GMT

Hi All,

I have a client who needs to build their credit as soon as possible. They just applied for their 1 credit card with NFCU and need to get 2 others ideally. He was advised to get My Jewelers Card and New Coast Direct as well. While, I'm not a fan of those cards, I understand the strategy behind it.

While I know they may help with utilization, do these cards actually help with more quickly obtaining higher credit card limits?

Does anyone suggest other cards that would help him gain access to higher credit limits and not get stuck in the slower credit building by using smaller secured cards?

Because they have 5 medical collections on their report, he's also considering cards with an easier, almost guaranteed approval although it may come with an annual fee and not graduate.

Thanks in advance for your feedback.

Re: Credit Cards

AllZero — Sat, 05 Sep 2020 18:30:43 GMT

@credit8502020 What is the end goal? Is person going to apply for mortgage or?

Person could be eligible for another NFCU card in 91 days and 3 full statements from last approval date. 3 card max limit.

Have person check Discover website to see if there are any offers on the pre-qualification page.

Re: Credit Cards

credit8502020 — Sat, 05 Sep 2020 18:42:50 GMT

@AllZero wrote:
@credit8502020 What is the end goal? Is person going to apply for mortgage or?

Person could be eligible for another NFCU card in 91 days and 3 full statements from last approval date. 3 card max limit.

Have person check Discover website to see if there are any offers on the pre-qualification page.

@AllZero Thank you for your feedback. The end goal is to apply for a mortgage and to build credit overall as well since before yesterday they did not have any credit cards.

Based on his Identity IQ report, from June 2020, his scores were 508, 508, and 502. I sent him the tool for Discover, but based on what you've seen from others, how likely do you think he'll be able to get Discover? I thought Discover was a little more challenging to get, which is why I did not suggest it to him.

Re: Credit Cards

AllZero — Sat, 05 Sep 2020 18:48:37 GMT

@credit8502020 What time frame is person expecting to apply for mortgage?

I don't have an answer on Discover question. Person would have to try the pre-qual site. Discover also offers a secured card so that may be a route to take if no unsecured cards are offered.

Re: Credit Cards

credit8502020 — Sat, 05 Sep 2020 18:50:15 GMT

@AllZero wrote:
@credit8502020 What time frame is person expecting to apply for mortgage?

I don't have an answer on Discover question. Person would have to try the pre-qual site. Discover also offers a secured card so that may be a route to take if no unsecured cards are offered.

Ok. Thanks!

Re: Credit Cards

AllZero — Sat, 05 Sep 2020 18:51:47 GMT

I'm not familiar with Identity IQ. What is that? Is this them? https://www.identityiq.com/plans-pricing

$1 you can obtain your 3 bureau FICO 8 scores and reports at Experian or CreditCheckTotal (part of Experian). Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

AnnualCreditReport. Free weekly 3 bureau online reports through April 2021.

Free credit reports (disregard the VantageScore 3.0 score) at:
Credit Karma for weekly TU and EQ reports.
WalletHub for daily TU report.

Re: Credit Cards

credit8502020 — Sat, 05 Sep 2020 20:55:28 GMT

@AllZero wrote:
I'm not familiar with Identity IQ. What is that? Is this them? https://www.identityiq.com/plans-pricing

$1 you can obtain your 3 bureau FICO 8 scores and reports at Experian or CreditCheckTotal (part of Experian). Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

AnnualCreditReport. Free weekly 3 bureau online reports through April 2021.

Free credit reports (disregard the VantageScore 3.0 score) at:
Credit Karma for weekly TU and EQ reports.
WalletHub for daily TU report.

@AllZero Yes, that's the right link to their website. A number of credit repair companies use them. I'll be talking with him again about monitoring his score this week. Thank you!

Re: Credit Cards

credit8502020 — Sat, 05 Sep 2020 21:03:38 GMT

@credit8502020 wrote:
@AllZero wrote:
I'm not familiar with Identity IQ. What is that? Is this them? https://www.identityiq.com/plans-pricing

$1 you can obtain your 3 bureau FICO 8 scores and reports at Experian or CreditCheckTotal (part of Experian). Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

AnnualCreditReport. Free weekly 3 bureau online reports through April 2021.

Free credit reports (disregard the VantageScore 3.0 score) at:
Credit Karma for weekly TU and EQ reports.
WalletHub for daily TU report.
@AllZero Yes, that's the right link to their website. A number of credit repair companies use them. I'll be talking with him again about monitoring his score this week. Thank you!

@AllZero Have you ever seen heard of someone being denied the ability to be added as an Authorized User because of their credit standing?

Re: Credit Cards

AllZero — Sun, 06 Sep 2020 03:54:11 GMT

@credit8502020 wrote:
@AllZero wrote:
I'm not familiar with Identity IQ. What is that? Is this them? https://www.identityiq.com/plans-pricing

$1 you can obtain your 3 bureau FICO 8 scores and reports at Experian or CreditCheckTotal (part of Experian). Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

AnnualCreditReport. Free weekly 3 bureau online reports through April 2021.

Free credit reports (disregard the VantageScore 3.0 score) at:
Credit Karma for weekly TU and EQ reports.
WalletHub for daily TU report.
@AllZero Yes, that's the right link to their website. A number of credit repair companies use them. I'll be talking with him again about monitoring his score this week. Thank you!

@credit8502020 I see. I like using Experian and the other free sites myself.

Re: Credit Cards

AllZero — Sun, 06 Sep 2020 05:05:09 GMT

@credit8502020 wrote:
@credit8502020 wrote:
@AllZero wrote:
I'm not familiar with Identity IQ. What is that? Is this them? https://www.identityiq.com/plans-pricing

$1 you can obtain your 3 bureau FICO 8 scores and reports at Experian or CreditCheckTotal (part of Experian). Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

AnnualCreditReport. Free weekly 3 bureau online reports through April 2021.

Free credit reports (disregard the VantageScore 3.0 score) at:
Credit Karma for weekly TU and EQ reports.
WalletHub for daily TU report.
@AllZero Yes, that's the right link to their website. A number of credit repair companies use them. I'll be talking with him again about monitoring his score this week. Thank you!
@AllZero Have you ever seen heard of someone being denied the ability to be added as an Authorized User because of their credit standing?

@credit8502020 Perhaps, if AU applicant had prior unsatisfactorily relationship with said lender. However, since they are not the primary account holder, having them added as AU should not pose a problem.

Re: Credit Cards

dragontears — Sun, 06 Sep 2020 04:00:37 GMT

@credit8502020 wrote:
@credit8502020 wrote:
@AllZero wrote:
I'm not familiar with Identity IQ. What is that? Is this them? https://www.identityiq.com/plans-pricing

$1 you can obtain your 3 bureau FICO 8 scores and reports at Experian or CreditCheckTotal (part of Experian). Cancel in 7 day or less to avoid the re-occurring monthly charge. Wash, Rinse, and Repeat as needed.

AnnualCreditReport. Free weekly 3 bureau online reports through April 2021.

Free credit reports (disregard the VantageScore 3.0 score) at:
Credit Karma for weekly TU and EQ reports.
WalletHub for daily TU report.
@AllZero Yes, that's the right link to their website. A number of credit repair companies use them. I'll be talking with him again about monitoring his score this week. Thank you!
@AllZero Have you ever seen heard of someone being denied the ability to be added as an Authorized User because of their credit standing?

Yes, sort of. Amex is known to deny adding an AU if the AU has burned them in the recent past. Other lenders don't care as the AU is not responsible for the account.