Helping a friend! CC Application Advice...

[Anonymous]

Hello,

I just had a friend check her credit on creditchecktotal for the 1$ trial to find out her scores and circumstances that made up her credit. So here is her basic profile...

Auto Loan - Loan Paid - Aged 6 yrs 9 months
Wells CC - Closed - Aged 6 yrs 7 months
Owes 548 on it and making payments. Was originally a 2,500 CL before closed for non-payment.

1 ~ 60 day late - Wells Fargo CC 3 yrs 4 mths old

She has no open credit accounts but it says their AAOA is a little over 6 yrs. Im personally new to credit so not sure how that works out when accounts are closed.

Chase gives her prequal for Freedom Unlimited, Slate and CSP.

AMEX - Only the Green Charge Card

Citi and BOA say can't find anything and Discover gives a large APR range.

She is a student like me but has a lower income of about 15k a year.

She knows nothing about credit so I'm helping her by getting her on the boards but it's a bit confusing for her at the moment. I just want to help her apply for a card to get her started on her credit journey.

Any suggestions or advice would be very much appreciated. Thanks in advance 😃

Also she has no inquires or new accounts as of yet.

[JR_TX]

I suggest she start with the Chase FU since she already got the prequal from them. Has she tried the Cap1 prequals? QS is a good and very versatile card to have in terms of rewards and cash back. I probably would stay away from Citi as they're too derog sensitive and too SL stingy so the upside might not be worth the hp at this time. She might get in with Disco and Amex as they like thin files and can grow exponentially over time so they're worth the hp.
To sum it up, here's the CCs I would app for if I was her ;

1. Chase
1.a Cap1 QS ( if she prequals)
2. Discover
3. American Express

[Anonymous]

Thank you!!!!!!! 😃😁

No, we didn't have time to check Capital One yet. I'll suggest she check there then app for Chase Freedom Unlimited and then Cap1 QS if it shows up for her.

I really appreciate the advice! Thanks for taking time to outline the cards for me so I can help her.

[CreditInspired]

What's her scores?

[Anonymous]

She has 661 for Ex, 655 for TU and 651 for Eq. I can't believe I forgot to add those.

[JR_TX]

Typically, EX 661 is a good score to get in with Amex Delta Gold (thought might be a minimal SL). 650+ with thin file is also ok with Disco with no recent derog (3+ yrs). As always YMMV.

[Anonymous]

Okay cool!! Yep her 60 day late is over 3 years so maybe I'll try that and see. I wanted to do a app spree with her and get her at least 2-3 cards to build with and just have her garden with them. So Ill have her app...

Chase - Freedom Unlimited
Discover It
AMEX - Delta Gold and Maybe PRG [Have to ask her if she wants a charge card]
Then if she prequalifies then a Capital One QS

Hopefully she can get something because she really wants to start building her credit again and didn't know where to start. She doesn't have any immediate need for extra funds so that'll help with her being responsible with the new credit.

Thanks for the awesome advice. I really do appreciate it!!!!

[medicgrrl]

Also, it appears she has no installment loan. She may want to consider the SSL technique with Alliant to give her a better credit mix.

[Anonymous]

Okay! I'll look into how that works and let her know. That would help for sure. Thanks!!! I didn't even think of that.

[Anonymous]

Id hit Chase Freedom, and Discover It and BoA Cash Rewards. I had similar scores and a very thin profile and approved for all three.

I had two collections too. One was paid and one in dispute.

Cap 1 hit last they ding HP's from all three CB's instantly. Others took time to hit so she shows no inquires.