Should I wait or should i apply?

[Anonymous]

So Hi everyone!

I have been on this forum reading a lot and thought I would take some time and post and ask questions.  So I am rebuliding my credit after hard times in the early to mid-late 2000's.  I havent had a credit card in years and I want to buy a home in the next year and I know i need trades lines and payments.  My credit was horrible in 2010 with a repo and charge offs.  Never filed BK though.  I was in the mid 400 range.  

Well fast forwad to now and I have been in the same home for more than 3 years and have been at this job for more than 15 months.  Prior I owned my own business.  So I bank with USAA and did not even try to get a regular credit card with them. I went the secured route and put down $500.  I waited a month and then applied for a Cap one QS1 and was approved for $300.  Boy was i surprised. I was at 544 TU and 510 EQ.  I make more than $5K per month and so I was running a lot through my QS1.  I didnt realize that it needed to have no balance on it at a certain time of the month or I would be too high in my utilization.  So it was hurting my score by having too much on there.  Even this second it is telling me that 71% utilization is hurting my score.  So this month my payment was due by the 12th on one card so on the 10th I paid both cards all the way off.  Cap one due the 25th. I will keep them both that way until janurary 9th as that date is what i am shown for next update.

 I also contacted a mortgage lender and she explained quite a few things.  She explained in her system if i paid them down to a certain amout or all the way of ity would raise my score by 40 points and make my mid score in the 650s.  She told me my EQ is 628 currently. I was super suprised as that is a lot higher than my CK scores state.  But since i make 20K in commission a year i have to have a full 2 years before they factor it into my mortgage DTI.  In the mean time I want to raise my credit and get some new cards.  Currently I am at 553 EQ 557 TU( just jumped 43 points today!!) and 598 EX.  When i started my QS1 i got an email stating my limit would be raised $500 more after the 5th payment.  My mortgage lady told me CLI's would also help out my score. So i called in to ask about it and they told me to just wait until the 6th month and then it would be raised.  While they told me this I hit the CLI button and immediately raised to a total of $800.  He told me that I am prequaled for another one and I could get a journey or a platinum or another QS1.

 I went to discover and put in the prequal info and it showed me the IT card for which I applied and was denied for.  I am going to call in and see if i can get it reconned and I also have a cosigner if needed.  So my question is should I wait till jan 9th (when i figure that my credit scores will be fully updated) or apply now for cap one qs1 again? I want a higher limit and i feel that by raising my score I may get a better limit.  Also went to AMEX site and it prequaled me for the Everyday card.  I have used serve prepaid card for almost 2 years and I dont know if that impacts my prequal.  So should I even apply for it Jan or otherwise?  I was turned down last month for a Best buy card as well.  I dont want a ton more hits either.  I dont mind the annual fee so should I also get a Credit one card as well?

 I also am starting an account with Navy fed and I hear they are pretty good for CC's. I had a BOA credit card (secured) years ago that i closed down in 2009.  I am also pre qualed for a cash rewards card with them and I have a cosigner for that if needed.  My mom just got approved for a BOA cash rewards card with a $5K limit today and with a EQ of 654 a TU of 586.  She also has a recent paid off car and a car reporting current with 19K balance.  She has no lates on report at all but no other credit cards of any kind.  So she was surprised.  She banks with them and on her banking page had a pre-selected offer.  So she filled it out and whalla.  Also she offered to AU me on it to help out my credit.  Thoughts on that? She wont hardly use it beyond $200 a month.

I really want a larger credit limit.  15k is goal and I will do what it takes to achieve this.  I feel like I have already come a long way buit there is still so much to learn.   I also got a pre qual for vehicle financing with cap one in the mail a few days ago.  But I have no need for it at the moment. 

So to recap 

1) should I recon discover and offer the cosigner?

2) Wait until janurary to get another Cap one card?

3) Use mom as cosigner  for BOA cash rewards card that I could already qualify for or even apply?

4) even bother with applying for Amex everyday?

5) apply or get other credit cards?

6) can someone tell me when in the credit card cycle does a credit card report the balance to the Credit Bureau?

7) am i crazy in this pursuit? Lol 

8) should i send a letter to the cap one EO and explain I am running up to 1k- 2K a month through my cap one card and see if I can get a better CLI?

Sorry I didnt mean to write a book!!! Just wanted to explain myself a bit and see what other people think.  

[Anonymous]

I still don't understand. So, is your score 500 something or 650? Also your not able to have cosigner for credit card. Credit card isn't like a loan. Car loan and house loan they have something to take back. If your asking should you apply? Of course keep applying until you get denied. Best to have on profile is at least 3 credit card and an installment loan. Stay away from credit one since you already got other cards. Try for chase, Amex, discover, cities bank, Barclay and even the capital one quicksilver and venture

[Anonymous]

OP, your post is difficult to read because it is long and doesn't have paragraphs. It would really help if you divided it into paragraphs. 

[TrialByFire]

Welcome to the forums! Some credit card issuers do allow a joint applicant. I agree this post was difficult to sort through and I have some confusion over your exact credit standing and current goals.

Your mom's other credit history will have no impact on yours, only the history of the AU account you're added to.

If you haven't already, you might consider signing up for 3B monitoring offered on this site. The scores shown will be FICO 08 among others. We're not really sure what version the scores are you mentioned. The following will be helpful info for us to be able to answer your questions (if you're willing to divulge):

1. EX TU and EQ FICO scores
2. Average age of accounts
3. Negative info in your files, if applicable
4. Inqs

Then let us know what card(s) you're looking for, what your goals are, and we'd be delighted to try and point you in the right direction

[LadyJEsq]

I agree with others, OP your post is a little hard to follow and understand. And I used my cursor to try and help me keep my place and it was still difficult. I understand about unintentionally writing a book, I did that with one of my first post here, but you gotta help us out so we can help you.

[gdale6]

I helped you out OP and broke the text out into paragraphs so its easier for the members to read and help you. Welcome to myFico

[TrialByFire]

Thanks for that gdale. Sorry OP I don't know how to multi quote so I'll try to answer a few things that jumped out at me.

1. STAY AWAY from Credit One. You don't need them anyways.

2. Try not to do too much at once. I have that problem sometimes too. 15k is obtainable but it's gonna take some time. CU aren't a bad route to go. But definitely don't app for anything else right now until you're certain your new util % is reporting. Then evaluate where your scores are at vs what you want to apply for.

3. Discover is difficult to recon with IME but it won't hurt to try.

4. Amex prequal is pretty good. Are you certain you were preapproved and not "recommended" to apply for? I've never had a bofa prequal, instead I always get the "recommended for you" message. Pay close attention to the language.

With all that said, if your scores are still in the 500s-low 600s I wouldn't count on apping for anything else. You're just gonna add unnecessary HP. Get the util down and see where you're at. Address whatever is keeping your scores down while waiting for cli. Sometimes the best thing to do is nothing at all. Let your current accounts get some good history behind them.

[Anonymous]

1. From what I have seen(there have been a few exceptions) discover won't even consider you until most if not all of your scores are in the mid 650's, so I wouldn't bother.

2. You've got a good rep going with cap1, so getting a platinum card would be well within reach.

3. You could do that I suppose, but I'd just stick to what you have and save a credit pull.

4. Amex everyday is probably out of your reach with your current scores. I wouldn't bother applying.

5. From what I've read you've gotten a few denials already. I'd stop. In my experience once you get 2 denials, it's likely that's all you'll see from others. And stay far, FAR away from Credit One. They are predators who prey on those trying to rebuild their credit by tacking on all types of fees and rates. First premier is the same way from what I've seen. Stay away from those two.

6. Not sure. From my own experience it's mid month, but it may be different for everyone.

7. Nah, not crazy. Over eager to improve, maybe. Which is not a bad thing, but it takes time to rebuild. Believe me I know. Post divorce 2008, my credit scores were in the 475 range. Took me 6 years and a lot of patience to get to the scores I'm at now(high 600's, low 700's).

8. You could do that, I'm just not sure how far it would get you. From what I've seen, the things they care about most is utilization(below 30% is good, below 10% is optimal) and on time payments. Keep those limits low and make the payments and the increases WILL come. As an example, my cap1 platinum went from $300 to $3,300 after 6 months by going by those principles.