How do I get back on track?

[ficoladder]

Hello All

I had three charged off credit card accounts on my file for seven years which recently got removed. The only credit I have on my account now is a $500 credit card from a local credit union. Had that card for a few years now, started as a prepaid credit card and then they converted it into an actual credit card two years ago. I am also an authorized user on a couple of my wife's accounts. So that is about the only credit that is showing up on my report. All three of my FICO scores are in the 750 range. I am happy to see that kind of bump in my score. But ofcourse I know I will have a hard time getting approved for a mortgage with such less credit ($500) on my report. 

What is the best route I can take right now to make myself more credit worthy. I make an ok amount of money (about 90k/year). Should I apply a few credit cards? Should I take a personal loan? So I take a small car loan? I am confused as to how to get started on this. Please let me know. 

Thanks

Vam

[Anonymous]

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@ficoladder wrote:

Hello All

I had three charged off credit card accounts on my file for seven years which recently got removed. The only credit I have on my account now is a $500 credit card from a local credit union. Had that card for a few years now, started as a prepaid credit card and then they converted it into an actual credit card two years ago. I am also an authorized user on a couple of my wife's accounts. So that is about the only credit that is showing up on my report. All three of my FICO scores are in the 750 range. I am happy to see that kind of bump in my score. But ofcourse I know I will have a hard time getting approved for a mortgage with such less credit ($500) on my report. 

What is the best route I can take right now to make myself more credit worthy. I make an ok amount of money (about 90k/year). Should I apply a few credit cards? Should I take a personal loan? So I take a small car loan? I am confused as to how to get started on this. Please let me know. 

Thanks

Vam

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So you're score is around 750, and you have a clean but thin file?  Just apply for some credit cards atleast.  Should be easy day.

[newhis]

Try pre-qual site from Chase, Amex, Capital One.

If you want to go for a good secured card, go with BofA. If you have some money you can put up to 10K on it. My DW was able to put 5K and after that she is getting good cards with good limits.

Good luck.

[SOGGIE]

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@newhis wrote:

Try pre-qual site from Chase, Amex, Capital One.

If you want to go for a good secured card, go with BofA. If you have some money you can put up to 10K on it. My DW was able to put 5K and after that she is getting good cards with good limits.

Good luck.

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^ ^ ^ ^ ^ Good advice newhis!

[Bman70]

Good scores, limited credit.. You should be able to get some prime cards. See what Amex offers you have, then let us know:

https://www.americanexpress.com/us/credit-cards/tools/25330

By the way, anyone who has an Amex, you won't find the pre-qual link unless you open a new browser that you've never used to log in to Amex. Even the above link won't work.

[Anonymous]

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@Bman70 wrote:

https://www.americanexpress.com/us/credit-cards/tools/25330

By the way, anyone who has an Amex, you won't find the pre-qual link unless you open a new browser that you've never used to log in to Amex. Even the above link won't work.

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Google Chrome's incognito mode always works for links like that. Right-click => Open link in incognito window

[ficoladder]

Checked the Amex site and I have an offer for Amex Green Card. Not sure if that card is what I need. Is it any good?

Vam

[Anonymous]

Amex green is actually a charge card where you are expected to pay the balance in full with any statement.  They also have a gold card like that.

The Amex Every Day card is a revolving card, probably more what you need. and the have a BCE, Blue Cash Everyday, I think.

I would also suggest Capital One's prequal site and that you consider the Venture card, and maybe also applying for the Quicksilver right after that.  Cap1 almost always pulls all 3 CRs and you can usually get two cards with one set of HPs.

GL