Rebuilding Credit Score - Discover IT Pre-approval, AMEX? Help!!!

[jmlCA212]

hi myFICO community, I'm looking to diversify and increase my revolving credit lines. I had a few mishaps with student loans and collections but I was able to square away loans (current, 180+ past due) a year + ago. Everything is reporting green! Only baddie was from student loan and did 2 PFD on personal loans. I currently only own 1 WF secured CC w/ $300 CL. I received a pre-approval letter for a Discover IT CC. I'm looking to add 1 or 2 more credit cards and do not know if I should apply for AMEX Gold or Discover IT (since I'm already pre-approved) or both or consider other cards? Income: $99K+ EXP FICO: 655 MyFICO EQ FICO: 645 TU FICO: ?? CK FAKO: 710 Loans 1 Student: $12K Utilization: 20% AoAA: 5.8 Years 1 FIA CC Closed by Grantor (But reports as paid as agreed) Cheers!

[enharu]

How recent is the only baddie left in your CR?

IMO, I would pay down the debt to lower your utilization first.

You should be okay with Discover once your utilization is lower, though the CL might be on the low end. 

I wouldn't advise applying for any Amex with a 650

[myjourney]

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@jmlCA212 wrote:
hi myFICO community, I'm looking to diversify and increase my revolving credit lines. I had a few mishaps with student loans and collections but I was able to square away loans (current, 180+ past due) a year + ago. Everything is reporting green! Only baddie was from student loan and did 2 PFD on personal loans. I currently only own 1 WF secured CC w/ $300 CL. I received a pre-approval letter for a Discover IT CC. I'm looking to add 1 or 2 more credit cards and do not know if I should apply for AMEX Gold or Discover IT (since I'm already pre-approved) or both or consider other cards? Income: $99K+ EXP FICO: 655 MyFICO EQ FICO: 645 TU FICO: ?? CK FAKO: 710 Loans 1 Student: $12K Utilization: 20% AoAA: 5.8 Years 1 FIA CC Closed by Grantor (But reports as paid as agreed) Cheers!

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Welcome to the forum 

How long have you had the secured card?

[jmlCA212]

hi enharu!

the only baddie left is from my student loan which was 14 months ago (last showing 120+ late). 

I thought installment loans have little effect on the utilization (i know it still plays a factor!)

Let me know!

[jmlCA212]

hi myjourney!

I've had the Secured WF for 9 months. I saw that the Discover IT Pre-Approval App asked for the rent expenditure, (it's $0 given my current living situation, work covers it).

Will that make an impact?  

[myjourney]

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@jmlCA212 wrote:

hi myjourney!

I've had the Secured WF for 9 months. I saw that the Discover IT Pre-Approval App asked for the rent expenditure, (it's $0 given my current living situation, work covers it).

Will that make an impact?  

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It will help for sure 

[enharu]

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@jmlCA212 wrote:

hi enharu!

the only baddie left is from my student loan which was 14 months ago (last showing 120+ late). 

I thought installment loans have little effect on the utilization (i know it still plays a factor!)

Let me know!

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any kind of late is going to hurt regardless of account type.

i would recommend holding off on the apps for at least 10 more months.