How Many Tradelines Can I Apply For, Without Looking "Desperate", in a Short Time Frame?

[CreditInspired]

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@thornback wrote:

Welcome to the forums!

Your brother is right -- but I'd go a step further and say not to apply to any of those tradelines you've listed.   Stick to bank-issued cards.  Start off with secured if necessary, wait 6 months to build a solid, positive payment history, then apply for an unsecured card.    You need bank-issued credit cards on your reports; I'm not sure how the tradelines you've mentioned code - whether as store cards or consumer finance accounts - but neither reflect as well on both your scores and to lenders as bank-issue cards.    You can save the money you'd spend on all the fees involved with those types of accounts and instead open one or a few decent limit secured cards -  at least that way you'll eventually get your money back instead of essentially throwing it away. 

3 credit cards and an installment loan is all you need to begin (re)buiilding.   And credit limits mean nothing as far as FICO scoring; a $200 credit limit will have the same effect on your scores as a $20K limit provided utilization remains low and under control.   Creditors will issue higher limits if your income, debt-to-income ratio (DTI), and overall credit profile supports it -- in other words, just because you have a few random $15K limits on your reports doesn't mean a bankcard issuer will match or exceed that amount.  

And as stated by the previous poster,  you should get your FICO scores if you have not already done so.    Also - what negatives are currently on your reports?  You stated you were in the process of disputing several items -- and inquiries (?) - is there fraudulent info on your reports?  Why are you disputing inquiries? 

EDIT:  Just saw one of your replies.   So you only have one negative on your reports?  An unpaid charge-off?    If you can take care of that charge-off (either have it removed or pay / settle it), then you may be able to obtain an unsecured card without going the secured route at all.  

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+100

OP, please just forget about all those tradeline you listed. The way to create a

great profile is to go the traditional route as stated in @thornback post. 

Slow and steady wins the race. 

[myfavoritehue]

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@thornback wrote:

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@myfavoritehue wrote:

There are several credit forums/groups I am apart of and this practice has worked well for others. Reading this confuses me as to what the correct answer is.

I understand your reasoning behind a bank not offering a specific limit of credit strictly based off the limit on my report. That makes sense. What I don't understand is, if these tools are available, why shouldn't I be using them?

I have seen multiple people use the tradelines I listed above as a way to increase their utilization, which in turn improved their scores, somewhat significantly, then receive better interest rates or higher limits of credit, from banks, not long after those tradelines posted.

All of my scores are in the 520-530 range. This is before my car loan will post, which is through Chase.

I am currently disputing the charge off and the collection now. Neither creditor has been able to provide evidence that the account is mine which deems it removable by law.

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Because quality over quantity.    Can these types of tradelines help you (scorewise) initially? Yes.    Do you need them to help you? No.    

A random $15K credit line can certainly help with utilization -- if you already have high revolving uiltlization.  But you don't have any utilization other than the outstanding balance on that charge-off (which you can eliminate by either paying it or having it removed if it's fraudulant).   So you do not need a useless $15K tradline to help with utilization.    A $200 secured card will have the same exact effect on your FICO scores as a $15K Jeweler's club card.   You just need to have a revolving account reporting. 

Put it like this --- if you were a lender manually reviewing an applicant's credit report would you be more comfortable extending credit to the person with a bunch of random online-store-only cards that LITERALLY ANYBODY CAN GET REGARDLESS OF CREDIT HISTORY with high, unearned credit limits, OR the person with a couple of reputable bank cards that are used for everyday expenses in the real world with lower limits that have the potential to grow over time with responsible use...?   (Hint: it should be the latter...).

You can, obviously, do whatever you want... I'm just giving you my opinion since you asked for advice.    Credit is long-term, not short-term, so you should be looking at long-term solutions as opposed to quick-trick fixes.    You don't need those tradelines.

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I'm not, outright, disputing what you are saying. The points you make are valid, I'm just trying to fully wrap my head around it, especially after seeing this method work for others. Maybe a factor I am missing was already having some sort of, positive, credit limit on my report. 

Also, I do understand that credit is a long game, not a short one. That may appear to be my intent in the OP, but not my overall game plan. I was trying to use these resources to provide a foundation but I will take heed to your advice.

[thornback]

All those tradelines will do for you is prove that you are willing and able to pay a bunch of fees in exchange for a high, but essentially useless, credit limit.   It's just a waste from a personal finance perspective.  

But again -- your decision to make.     

How about this, since you seem bent on paying for a high credit limit --  get only one of those tradelines -- the Jeweler's Club I think has been around the longest so, I guess, is likely the most reputable, and also get a secured card.   Keep both for 6 months to show decent payment history, then app for an unsecured card.  

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@myfavoritehue wrote:

I'm aware of that. Even with the tradelines I mentioned, they take time too.

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[myfavoritehue]

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@CreditInspired wrote:

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@thornback wrote:

Welcome to the forums!

Your brother is right -- but I'd go a step further and say not to apply to any of those tradelines you've listed.   Stick to bank-issued cards.  Start off with secured if necessary, wait 6 months to build a solid, positive payment history, then apply for an unsecured card.    You need bank-issued credit cards on your reports; I'm not sure how the tradelines you've mentioned code - whether as store cards or consumer finance accounts - but neither reflect as well on both your scores and to lenders as bank-issue cards.    You can save the money you'd spend on all the fees involved with those types of accounts and instead open one or a few decent limit secured cards -  at least that way you'll eventually get your money back instead of essentially throwing it away. 

3 credit cards and an installment loan is all you need to begin (re)buiilding.   And credit limits mean nothing as far as FICO scoring; a $200 credit limit will have the same effect on your scores as a $20K limit provided utilization remains low and under control.   Creditors will issue higher limits if your income, debt-to-income ratio (DTI), and overall credit profile supports it -- in other words, just because you have a few random $15K limits on your reports doesn't mean a bankcard issuer will match or exceed that amount.  

And as stated by the previous poster,  you should get your FICO scores if you have not already done so.    Also - what negatives are currently on your reports?  You stated you were in the process of disputing several items -- and inquiries (?) - is there fraudulent info on your reports?  Why are you disputing inquiries? 

EDIT:  Just saw one of your replies.   So you only have one negative on your reports?  An unpaid charge-off?    If you can take care of that charge-off (either have it removed or pay / settle it), then you may be able to obtain an unsecured card without going the secured route at all.  

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+100

OP, please just forget about all those tradeline you listed. The way to create a

great profile is to go the traditional route as stated in @thornnack post. 

Slow and steady wins the race. 

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Since that has been established, let's say I spread $600 across 3 secured cards from reputable banks. Use them on and off, keeping the utilization extremely low for about 3-4 months. Should I apply for authorized users when it comes time to apply for funding from say, Navy Federal (I am a member)?

This statement is a bit of a contradiction: I understand that credit is a long game but I am looking the quickest way, and correct way, to build my credit so that I can obtain business credit without a personal guarantee when the time comes (hopefully within the next 6 months). 

[CreditInspired]

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@myfavoritehue wrote:

I'm aware of that. Even with the tradelines I mentioned, they take time too.

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It almost appears as if you have your mind made up. I just want to reiterate this is not the route to take. I suggest trying the prequel page for Cap1 and Discover. You just may qualify for a secured card. Also, ask a family member or friend if they can add you as an AU to a bank card that has some age on it and low UT. This will really help. 

[myfavoritehue]

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@thornback wrote:

All those tradelines will do for you is prove that you are willing and able to pay a bunch of fees in exchange for a high, but essentially useless, credit limit.   It's just a waste from a personal finance perspective.  

But again -- your decision to make.     

How about this, since you seem bent on paying for a high credit limit --  get only one of those tradelines -- the Jeweler's Club I think has been around the longest so, I guess, is likely the most reputable, and also get a secured card.   Keep both for 6 months to show decent payment history, then app for an unsecured card.  

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@myfavoritehue wrote:

I'm aware of that. Even with the tradelines I mentioned, they take time too.

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That was my next question. Read my last post.

[myfavoritehue]

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@CreditInspired wrote:

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@myfavoritehue wrote:

I'm aware of that. Even with the tradelines I mentioned, they take time too.

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It almost appears as if you have your mind made up. I just want to reiterate this is not the route to take. I suggest trying the prequel page for Cap1 and Discover. You just may qualify for a secured card. Also, ask a family member or friend if they can add you as an AU to a bank card that has some age on it and low UT. This will really help. 

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My mind is not made up. If it was, I wouldn't be seeking counsel and asking questions.

That was my next question. I may take a few hundred dollars and spread them across 3 secured cards. I'm pretty confident that I can get approved for them.

[CreditInspired]

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@myfavoritehue wrote:

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@CreditInspired wrote:

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@thornback wrote:

Welcome to the forums!

Your brother is right -- but I'd go a step further and say not to apply to any of those tradelines you've listed.   Stick to bank-issued cards.  Start off with secured if necessary, wait 6 months to build a solid, positive payment history, then apply for an unsecured card.    You need bank-issued credit cards on your reports; I'm not sure how the tradelines you've mentioned code - whether as store cards or consumer finance accounts - but neither reflect as well on both your scores and to lenders as bank-issue cards.    You can save the money you'd spend on all the fees involved with those types of accounts and instead open one or a few decent limit secured cards -  at least that way you'll eventually get your money back instead of essentially throwing it away. 

3 credit cards and an installment loan is all you need to begin (re)buiilding.   And credit limits mean nothing as far as FICO scoring; a $200 credit limit will have the same effect on your scores as a $20K limit provided utilization remains low and under control.   Creditors will issue higher limits if your income, debt-to-income ratio (DTI), and overall credit profile supports it -- in other words, just because you have a few random $15K limits on your reports doesn't mean a bankcard issuer will match or exceed that amount.  

And as stated by the previous poster,  you should get your FICO scores if you have not already done so.    Also - what negatives are currently on your reports?  You stated you were in the process of disputing several items -- and inquiries (?) - is there fraudulent info on your reports?  Why are you disputing inquiries? 

EDIT:  Just saw one of your replies.   So you only have one negative on your reports?  An unpaid charge-off?    If you can take care of that charge-off (either have it removed or pay / settle it), then you may be able to obtain an unsecured card without going the secured route at all.  

---

+100

OP, please just forget about all those tradeline you listed. The way to create a

great profile is to go the traditional route as stated in @thornnack post. 

Slow and steady wins the race. 

---

Since that has been established, let's say I spread $600 across 3 secured cards from reputable banks. Use them on and off, keeping the utilization extremely low for about 3-4 months. Should I apply for authorized users when it comes time to apply for funding from say, Navy Federal (I am a member)?

This statement is a bit of a contradiction: I understand that credit is a long game but I am looking the quickest way, and correct way, to build my credit so that I can obtain business credit without a personal guarantee when the time comes (hopefully within the next 6 months). 

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Since you’re a NFCU Member, have you tried applying for a card through them?

[thornback]

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@myfavoritehue wrote:

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@CreditInspired wrote:

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@thornback wrote:

Welcome to the forums!

Your brother is right -- but I'd go a step further and say not to apply to any of those tradelines you've listed.   Stick to bank-issued cards.  Start off with secured if necessary, wait 6 months to build a solid, positive payment history, then apply for an unsecured card.    You need bank-issued credit cards on your reports; I'm not sure how the tradelines you've mentioned code - whether as store cards or consumer finance accounts - but neither reflect as well on both your scores and to lenders as bank-issue cards.    You can save the money you'd spend on all the fees involved with those types of accounts and instead open one or a few decent limit secured cards -  at least that way you'll eventually get your money back instead of essentially throwing it away. 

3 credit cards and an installment loan is all you need to begin (re)buiilding.   And credit limits mean nothing as far as FICO scoring; a $200 credit limit will have the same effect on your scores as a $20K limit provided utilization remains low and under control.   Creditors will issue higher limits if your income, debt-to-income ratio (DTI), and overall credit profile supports it -- in other words, just because you have a few random $15K limits on your reports doesn't mean a bankcard issuer will match or exceed that amount.  

And as stated by the previous poster,  you should get your FICO scores if you have not already done so.    Also - what negatives are currently on your reports?  You stated you were in the process of disputing several items -- and inquiries (?) - is there fraudulent info on your reports?  Why are you disputing inquiries? 

EDIT:  Just saw one of your replies.   So you only have one negative on your reports?  An unpaid charge-off?    If you can take care of that charge-off (either have it removed or pay / settle it), then you may be able to obtain an unsecured card without going the secured route at all.  

---

+100

OP, please just forget about all those tradeline you listed. The way to create a

great profile is to go the traditional route as stated in @thornnack post. 

Slow and steady wins the race. 

---

Since that has been established, let's say I spread $600 across 3 secured cards from reputable banks. Use them on and off, keeping the utilization extremely low for about 3-4 months. Should I apply for authorized users when it comes time to apply for funding from say, Navy Federal (I am a member)?

This statement is a bit of a contradiction: I understand that credit is a long game but I am looking the quickest way, and correct way, to build my credit so that I can obtain business credit without a personal guarantee when the time comes (hopefully within the next 6 months). 

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You cannot speed up time.  Either way -- whether you obtain all those other random tradelines or a few secured lines -- you still have to age those accounts for 6+ months for them to be considered as 'history'.     

I suggest you do the secured cards, but look for cards that will eventually unsecure, like Discover and/or Cap One.  This way, after showing responsible use, they will return your deposit and switch the secured line to an unsecured line -- without opening a new account.  This will allow those cards to grow while keeping the age / history. 

AU cards with a long, excellent history, decent limits, and low utilization will help your FICO scores,  but please understand that they are generally ignored by lenders when considering your application because you are not legally responsible for the debt / payments.    They're pretty much just a score booster - especially for young / thin files. 

[Anonymous]

Unfortunately, your car loan added to the diversity (mix) of your trade lines.  Your score may drop even though the loan was paid in full.

Get a Lowes card.  Watch it climb to $25k in no time with minimal purchases.  Other than Lowes, stick to major bank cards with the lowest APRs you can get.

Don't go buying crap you really don't need.