building thin file cant get approvals

[Anonymous]

so im new to credit fico 8 are 601ex 615eq 623tu i have a bunch of subprime acct  500 first premeir, 600 fingerhut, 500 victoria secret, 300 cap one platinum and 300 credit one and 2,000 genesis fs card services current utilization is 47% and i have a ton of inquiries due to trying to build my credit file. I will be paying down to under 15% utl in the next month. AAOA is only 5 months. the longest card i have is cap one which will be 1 yr in dec. score simulator estimated increase in fico once utl goes down. i currently have no baddies and 100% on time payment history. My grandmother is going to add me as authorized user to a 10 yr old cap one card which will increase my AAoa. How can i get approved for better credit cards and personal loans? im looking to get care credit 7,000 for a procedure. 

[Jnbmom]

Time, since your file is so new it is going to take time.

Are you sure there are no negatives, your scores seem very low for a clean file? What is your utilization on your current cards?

[Anonymous]

hi, when your credit is brand new you have to be careful with everything you do. the utilization is hurting your score very very badly. at this point your scores would be between 720 - 740 if you had kept low utilizations and didn't go crazy on inqs. my credit is brand new and 8mo old and you can see what cards i have and my scores in my sig line.

apping for a bunch of subprime accts all at once doesn't build your credit score faster so that actually has hurt you a little bit because now it's going to look like you're over-extending yourself when you app for the cards you do want. it would be better if you didn't app for anything else right now if you can avoid it.

getting the au card should help you become approved for carecredit, but i hope you understand how carecredit works or you'll be paying an incredible amount of money in interest fees.

the way to get better cards is simple: keep your util low, pay on time, and wait. also search the forum for "azeo" it can help.

[Anonymous]

yes no negatives no lates 

[Anonymous]

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@Anonymous wrote:

hi, when your credit is brand new you have to be careful with everything you do. the utilization is hurting your score very very badly. at this point your scores would be between 720 - 740 if you had kept low utilizations and didn't go crazy on inqs. my credit is brand new and 8mo old and you can see what cards i have and my scores in my sig line.

apping for a bunch of subprime accts all at once doesn't build your credit score faster so that actually has hurt you a little bit because now it's going to look like you're over-extending yourself when you app for the cards you do want. it would be better if you didn't app for anything else right now if you can avoid it.

getting the au card should help you become approved for carecredit, but i hope you understand how carecredit works or you'll be paying an incredible amount of money in interest fees.

the way to get better cards is simple: keep your util low, pay on time, and wait. also search the forum for "azeo" it can help.

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In general you should be very careful about deferred interest. If you take out 12 months of deferred interest (don't let 0% marketing fool you. It's deferred interest unless you pay in full by their terms) or have a mishap you will be charged interest for all of those 12 months. At 27% this is going to be horrible. 

I may be wrong but I highly doubt you'd be approved for 7,000 in CareCredit right off the bat. 

[Anonymous]

yes i know care credit has high fees that is why i plan on paying down everything else and just focusing on paying my care credit card once approved. approx how long should i wait before applying?

[CreditInspired]

Hi and welcome

The way to get approved for better credit cards is to stop applying for credit until your newest card is a minimum of 12 months. In your case, I humbly suggest 2 years. The reasons: you have way too many retail and subprime cards and with toy limits. Your utilization is too high and I'm guessing you have a balance on either all or the majority of your cards. 

So over the next year, here's what you should focus on:

*Do not apply for any more credit. 

*Stop using your CCs. Sock drawer (SD) them. 

*Work on paying down all your credit cards balances to $0 except one. 

*That one card with a balance should be <8.9% of the credit limit (CL). 

*Understand that building credit doesnt equate to getting CCs. Only 3 CCs are needed for optimal scoring. 

So wait on applying for a Care Credit card. I don't believe you would be approved anyway because of your overall credit history, which includes tons of inqs, high UT, and AAOAs.

I hope you follow this advice to create a credit profile that creditors want and like to see. 

Also, you should get all 3 credit reports from www.annualcreditreport.com and go thru them with a fine-tooth comb

because there's something that's depressing your scores. 

GL2U. 

[Anonymous]

thank you

[M_Smart007]

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@CreditInspired wrote:

Hi and welcome

The way to get approved for better credit cards is to stop applying for credit until your newest card is a minimum of 12 months. In your case, I humbly suggest 2 years. The reasons: you have way too many retail and subprime cards and with toy limits. Your utilization is too high and I'm guessing you have a balance on either all or the majority of your cards. 

So over the next year, here's what you should focus on:

*Do not apply for any more credit. 

*Stop using your CCs. Sock drawer (SD) them. 

*Work on paying down all your credit cards balances to $0 except one. 

*That one card with a balance should be <8.9% of the credit limit (CL). 

*Understand that building credit doesnt equate to getting CCs. Only 3 CCs are needed for optimal scoring. 

So wait on applying for a Care Credit card. I don't believe you would be approved anyway because of your overall credit history, which includes tons of inqs, high UT, and AAOAs.

I hope you follow this advice to create a credit profile that creditors want and like to see. 

Also, you should get all 3 credit reports from www.annualcreditreport.com and go thru them with a fine-tooth comb

because there's something that's depressing your scores. 

GL2U. 

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+100

[Anonymous]

^^^ yup, I’ll add another +100 to that too.