App Spree... WHICH to App...?

[Charmante]

Below are screenshots of my roommates credit. This is the BEST credit in our household and I want to make SURE I do this correctly!!!

He currently only has ONE Open Account: A CapitalOne opened May, 2007 with a $1,300 CL (This used to be the Wal-Mart Discover card, but converted over)...

ALL OTHER ACCOUNTS ARE CLOSED... There are about 6 or 7 closed -- all due to Non-Usage.

The NEWEST account (which is closed) was opened April, 2011.

There is ONE Installment, which is a PAID and CLOSED Auto Loan from Huntington Bank opened August, 2009 and paid off August 2013.

GOAL: Optimize Credit... Hopefully break the 800 mark AND get the LARGEST Limits Possible...

He is NOT eligible for NFCU.

Please walk me down the best path...

We are trying to not open more than 2 or 3 accounts...

Where might he get the LARGEST SL...?

[AverageJoesCredit]

Im gonna regurgitate the good ol fico forum recs🤮🤑😝 check out Discover and Amex. With a thin file, in this i mean no major active accounts and only 1 cc, your friend wont get super high limits from anyone, those usually take time,  but if he/she can pull off a Disco or Amex, the possibilty exist for a rather high first limit card as these lenders can be  thin file friendly.  Look more to getting cards you want that will grow than for an instant gratification  of a high limit which  isnt likely right now.

[Charmante]

@AverageJoesCredit Question: I SP Pre-Qualified him with Upgrade. They offered $12,500 SL on their Visa...

Should I accept it...?

Is Upgrade respectable, reputable, and a good account to have on file...?

Does it report to ALL 3 CB's?

[Jnbmom]

I would advise not going on a "spree " in these current times , however a card or 2 is doable.

Also it's fine to ask advice and pass it along to your roommate, but HE should be the one applying not you on his behalf .

[Charmante]

@Jnbmom Do you know anything about Upgrade? I'm not at all familiar with it and have never saw a post about it...

I'm doing the applying. Only 2 of us in the house even know how to use the internet. But I of course run it by him and get permission before I do anything set-in-stone.

[longtimelurker]

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@Charmante wrote:

@Jnbmom Do you know anything about Upgrade? I'm not at all familiar with it and have never saw a post about it...

I'm doing the applying. Only 2 of us in the house even know how to use the internet. But I of course run it by him and get permission before I do anything set-in-stone.

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Upgrade is a no-rewards card, so if your friend usually pays in full (as is ideal!) there are better choices.   IIt is not a traditional credit card, it is really redesigned to reduce interest costs by making users pay off their balance quicker, by "converting" the balance to a installment loan each month.

Also, think about what goals make sense.   There is no great advantage in having a credit score of 800+ over say 760-780, and having high SL isn't all that neccessary, even a smallish SL will improve total credit in this case.   Decide if rewards are important and if so, what kind.

I agree with @Jnbmom , it seems that you are driving this and while there may be good reasons, you need to make sure you are getting informed consent (i.e. friend understands fully the implications of everything).   Make sure it's not the blind leading the blind at this point!

[Charmante]

@longtimelurker LOL! I will admit, I feel we are 4 blind mice truthfully... The roommate I'm posting about in this particular post has had nearly 2 decades of perfect credit history, BUT, never used it for more than a grocery purchase, or a weekend getaway... I personally have only about 4 years of history, with some dents and dings along the way due to being stupid and not caring... The other 2 have, literally, BLANK files (except 1 does have a 6 month old Dell on his @$3,000 and the other is AU on my 6 month old Macy's) and have never in their lives financed anything -- period -- or had a single credit card.

That's why I'm so actively on this forum... Trying to REPAIR mine. Optimize and expand/grow (the one who's credit I screenshot), and START the other two to having credit -- doing all four of us THE RIGHT WAY...

But I must admit, it's soooo confusing. But I understand it better than the others... Like, I now fully understand the utilization tiers, AZEO concept, Mix bonuses, etc...

I just DON'T understand WHERE to go or how best to start... I mean, I HATE to put Inq. on any of us -- if it's not for the right account or denials come from it.

None of us will benefit from rewards. We do not travel, or carry massive balances.

Basically we all 4 are home-bodies. We OCCASIONALLY go out to eat, or a movie -- but even that's rare... 95% of the time, if we are not working, we are at home...

I guess I just need to know what cards would best solidly build the credit for us... EXAMPLE: I learned RETAIL CARDS are NOT good...

Also hear Cap1 are considered SUB-Prime and look bad...

So it's confusing me...

Whatever we open, will receive just enough usage to maintain and grow it: fuel, groceries, cellphone bills, car insurance, etc...

We can PIF or carry -- whichever would best help us...?

SIDE NOTE: (To save from posting additional threads) my other roommate has a BLANK FILE (except he has my 6 month old Macy's on his file -- as AU)... I need to get him a PRIME card (or 2) to get him started... To get at least 12-24 months of aging started... Should I do a Secured Card (or 2)? Would a Discover or Citi/BoA SECURED Card still be considered PRIME (OR at least graduate to prime)?

Thanks!!!

[Jnbmom]

Cap one has sub prime cards but also prime cards not sure where you are getting your info.

Again you can guide your roommates but let them apply and maintain their own credit files , I am all for helping out friends and family but they should be doing this themselves .

[AverageJoesCredit]

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@Charmante wrote:

@AverageJoesCredit Question: I SP Pre-Qualified him with Upgrade. They offered $12,500 SL on their Visa...

Should I accept it...?

Is Upgrade respectable, reputable, and a good account to have on file...?

Does it report to ALL 3 CB's?

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No clue about this card though it seems Lurker addressed it.  Just know hard pulls are part of credit growth but if you take it slowly and build off cards that normally get approved on where your current profile resides, and dont app for everything under the stars, your chances of getting most bang for the hp buck rise. 

[Charmante]

@AverageJoesCredit Thank you! Yeah, that's what I'm unfamiliar with, is what cards fit this Category of Credit. Lol I don't want to apply for a card that requires 4+ Open TL or require $50,000 limits LOL... NOR do I want to apply for a card Far BELOW where we fit! Lol...

I think Discover would be a solid Medium. They Pre-Qualified him, too -- but did NOT advise how much of a SL they'll offer...

AMEX also Pre-Qualified him -- for 3 cards I think it was... Blue, Gold, and Platinum. But did not specify a SL...

Do you know Discover and AMEX's Minimum SL's...?