Rebuilding My Credit Advice (AMEX Question)

[BlueNote504]

New to the forum! However, I've been a lurker for a while now and this is my first post. Just a brief background on me: Just turned 40 two weeks ago, divorced 5 years now, and finally decided to get serious about my credit as I have aspirations of buying a house hopefully by next year! I make decent money on average $105K a year, but my divorce set me back a lot in addition to my scores across the board. I had perfect credit before I got married 16 years ago, but after the last year of the marriage and after divorce I neglected it for a while. Nonetheless, I started my rebuild with a secured CC from my Credit Union here in New Orleans about 2.5 years ago. The CL is only $500.00, and current utilization is at 20-25%. Since then I've obtained a Cap 1 Quicksilver One Card this past July, they started me off with a $300.00 CL, after the 3rd Statement Cut I hit the "luv button" as recommended and received a $100 increase. This card is still in "credit steps" and due to increase again around Jan/Feb 2018. My actual FICO scores across the board aren't great but have improved vastly from the low 500's earlier this year. Currently they are as follows: EQ 629, TU 570, and EX 602. I truly only desire one more card: AMEX Blue Cash Everyday, and at that point I'm done with obtaining cards as I foolishly fell into the CC trap early on in my 20's with irresponsible use. From research it appears that AMEX pulls from Experian, what can I do to raise my score? Do you think getting a secured card from them will increase my chances of getting my foot in the door? I don't care if they give me a low SL, as I'm willing to do the work regarding future increases with them I just simply want my foot in the door. I've visited their website and to no surprise I don't pre-qualify for any of their cards. Additionally, I'm not trying to get any other sub-prime cards to boost my score even though my credit profile qualifies as such. Just looking for some ideas/tips to increase my score and get an estimate time-wise of when I should apply once my score hits a certian point. Other variables: The only debt I have is Student Loan Debt ($35K), consolidated with Navient about 7-8 months ago no lates since then.....but I do have some 90-120 day lates with Navient due to negligence and that I thought a couple of loans were under deferment........Collection accounts I currently have three: All still reporting late but are near the 7 year mark and due to fall off soon (about $1400 total), but haven't paid them as my mortgage specialist informed me at this point its pointless to pay them off since they're due to fall off soon.....but I would have to if I decided to get a mortgage loan now. Any advice/comments regarding this AMEX situation would be of great appreciation! Thanks!

[ChessChik47]

Welcome!  The best way to increase your scores is to get the baddies off of your reports and to have more good stuff reporting to counteract the bad stuff.  I know that sounds "simple", but I don't think there's any other way around it.  Since  you already have a mix of credit (cards and installment loan), I suggest working on the baddies and letting time do its thing.

Good luck to you!  

[MrDisco99]

Just addressing this one point, I don't think Amex offers secured cards, or any sort of rebuild credit. You'll want to get your EX score over around 650 before you apply with them.

[Anonymous]

I'd head over to the rebuilding section for your rebuild advice. I have an ex fico 8 score of 650 and only qualified for the prg and was denied the bce twice they told me to re apply 1 month later and it was still a denial. Work on your credit first worry about Amex later. Just my. 02. Dv

[Anonymous]

First, see my "11 Rules" signature link.  Specifically you want to check out the Alliant SSL loan which has NO hard inquiry, is super fast and cheap, and if you have no other open loans reporting will help your scores.

Also note the AZEO Method -- very important for boosting scores.

Lastly, you want to have 3 credit card open and showing good history.  So if you don't have 3, look at whatever other prequalifications are out there to get to 3.  Each of your first 3 credit cards opened gives you a FICO boost, while cards after 3 hurt your score for 6 months while they age.

[BlueNote504]

Thanks everybody for the info and insight! I appreciate it!