Fixed My Score In 11 Months / Not Sure What Card Is Next...

[Sagnew]

Hello -
Managed a 130 point increase in 11 months (upto 788 equifax fico). Couldn't be happier. But quite confused as to what to do next.

Prior to last year, I did not have much credit. Never had a credit card and had two accounts in collections (cell phone bills). Before heading out an extended trip w/ my my girlfriend - she added me as a joint user on her Amex Blue (we had no idea at the time that it would help with my cedit). She is/was typically carrying a zero balance on an 8k limit. 

In November of 2012 I applied and recieved a Capitol One Secured Master Card with a 2k balance (hence 2k placed in a deposit) and have been making payments on time ever since.

This month I finally managed to get both the two accounts in collections removed (they were incorrectly reporting). All three things have helped my score greatly. 

Now that my FICO score is prettu much "fixed" - I would like to :

a) apply for my own amex (one that is not connected with gf's account) 

b) move on from the secured mastercard and get my $2k deposit back 

in regards to the amex : I dont want a hard inquiry to appear on my credit report (especially after all that work). Am I likely to be able to get my own Amex now? That is a softpull correct? Any special advice as I still appear as a joint/cupplementary card member? Any reason why I should remove myself from the joint account? 

in regards to the secured Master Card (Capitol One) - Will it "look bad" if I close that account? Is there a way to transition that to a normal credit card / keep that account going and get some or all of my deposit back?

Any help is greatly appreciated. Thanks!

[09Lexie]

Unfortunately, you cannot receive an Amex without a hard pull. I believe you were referring to SP if declined and HP if approved- that benefit is only reserved for primary cardmembers.

I would suggest you go to card match.com and see if you get an offer for Amex. If you remove yourself, it will only hurt your util because the $8k CL. I would suggest keeping it until you've added the cc's you want including choosing a replacement for Cap 1. I'm unaware if Cap 1 unsecured the cc's.

What type of cc's are you looking for? Cashback, rewards? Do you travel?

[FinStar]

Concur with Lexie's comments. Unfortunately, Capital One does not PC secured cards into unsecured.

[Anonymous]

OP,

I think you are pretty golden.  Couple of questions and I can give you some suggestions as to plan.

1) What are you looking for in cards?  Rewards and what kind?  High limits?  etc.

2)  Are you sure you are joint user on AMEX vs.  ACM on AMEX.  Can you doublecheck this and let me know?  Also, can you create user id on AMEX website (if you haven't) and let me know your member since date?

[Sagnew]

Thanks for the advice 09Lexie (and FinStar)

Travel a great deal so travel rewards would be ideal.  I was looking at a Blue Sky Preferred amex.

As far as the hard pulls - I guess I'll live with it for now..It will be a year since I applied for the secured card in November (my last hard pull) - so maybe wait till then?

Does it make any sense to apply for the amex now (hopefully get it), then work to 3X CLI on the new card and THEN close the joint card when it gets close to that 8k imit that I currently have with my joint card

[09Lexie]

You keep saying, joint. Are you sure it reports joint or AU. Amex stopped with joint applications awhile back.

[Sagnew]

Crashem - 

Rewards ideal. No need for High limits yet..Dont want to risk a "no" this early in the game and have to apply for another card

Any idea on how I could check if I am an ACM (account manager?). I can and have created my own userid on the amex site. I have been a member since May 2012. However I do get messages such as "This feature is available to the Basic Cardmember only" when I try to look at PAST statements (i can review current activity)

[09Lexie]

I'm going to assume that you are an ACM with Amex. Do you participate in any loyalty programs? Favorite airline? Hotel? Do you travel frequently for work or pleasure?

[Anonymous]

OP,

From what you are saying, my guess is that you are a ACM/AU on your GF's Amex vs. a true joint account holder.  So as for steps, I recommend the following:

Nov 2013

1) App for GEMB card

2) App for one other card of choice.  How about Fidelity VISA or Quicksilver from Capital One to give you decent all around rewards card at 1.5% cash back.

Jan 2014

1) App for AMEX of choice which sounds like BCE

May 2014

1) One other card after 3X CLI on AMEX and maxing out CLI on GEMB card.

[Sagnew]

Hey 09Lexie - 

Sorry for the back and forth and thanks for sticking with me. Checked my last report (Oct '12) and the amex is listed as AU (not joint). I currently participate in loyalty programs outside of the states (Emirates airlines / Sirius hotel) for both work and pleasure