Secured Card or AMEX, Help Needed

[Anonymous]

I'm trying to rebuild my credit and really want to do so with AMEX, but I was denied when I applied for the Green Card and apparently the Gold Delta Skymiles card isn't available right now.  I have a FICO score of 653, due to 1 paid charge off and 2 collections.  Otherwise, I have an $800 Visa CC and a $1900 Nordstrom revolving card, both always having current payments.  So I need to get another CC to help increase my FICO score.... Is there an AMEX I can get?  I've applied for a secured Bank of America Visa CC and deposited $2,000.  Do you think the secured BoA card is going to help?  Should I do something else instead and/or keep trying for an AMEX, and if so, which one? 

I'm 26 years old and have no student loans or car loans as I've always paid cash.  I want to buy a house within the next year so I need to fix my credit ASAP.  Unfortunately during 2010 I was unable to pay some bills and they were reported negatively on my CR.  They have now been paid and I'm trying to get them removed, but in the meantime, I want to try using CCs.

[trumpet-205]

Unfortunately, you are out of luck with AMEX mostly. Now if you can keep up the postive behavior for couple more months you may have a chance with AMEX Zync.

Just keep what you are doing right now. I would postpone house buying if I were you, since low credit score = high interest rate.

[Anonymous]

I will guess another CC will help credit score a little once the temporary effects drop off, but it won't help a ton.  I probably would have gone for Zync in first place with your scores.  Can you give us some more details on your credit file?  AAoA, oldest tradeline (both installment and revolving), income etc. 

[LS2982]

Is wait 6 months with no new INQ's then go for Zync.

[Anonymous]

AAoA is 8 years.

Oldest tradeline is 18 years (my mom added my onto her Nordstrom account so that helped me a lot!)

Income is $60,000/yr.

Clearly the 1 CO and 2 collections are killing me.

Should I not use the BoA card and apply for a Zync?  I have checked my credit history 2x in the last 3 weeks and I'm worried about having too many inquiries now too. 

[trumpet-205]

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@Anonymous wrote:

AAoA is 8 years.

Oldest tradeline is 18 years (my mom added my onto her Nordstrom account so that helped me a lot!)

Income is $60,000/yr.

Clearly the 1 CO and 2 collections are killing me.

Should I not use the BoA card and apply for a Zync?  I have checked my credit history 2x in the last 3 weeks and I'm worried about having too many inquiries now too. 

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No. Keep BofA and wait at least 6 months before applying for Zync. Zync has the lowest approval criteria for AMEX (if you get denied with Zync you have no chance with all other AMEX cards). Why are you so fixated on AMEX?

[injustifiiable]

For what its worth, checking your own credit will never lower your credit score or show hard inquiries.

[Anonymous]

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@injustifiiable wrote:

For what its worth, checking your own credit will never lower your credit score or show hard inquiries.

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+1 here and +2 to try and go for the zync

[Anonymous]

Whatever you do, make sure to do it a year before apping for mortgage. Otherwise hold off. Another cc of any sort won't help fico score enough to be worth the risk in my opinion.

[CreditScholar]

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@trumpet-205 wrote:

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@Anonymous wrote:

AAoA is 8 years.

Oldest tradeline is 18 years (my mom added my onto her Nordstrom account so that helped me a lot!)

Income is $60,000/yr.

Clearly the 1 CO and 2 collections are killing me.

Should I not use the BoA card and apply for a Zync?  I have checked my credit history 2x in the last 3 weeks and I'm worried about having too many inquiries now too. 

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No. Keep BofA and wait at least 6 months before applying for Zync. Zync has the lowest approval criteria for AMEX (if you get denied with Zync you have no chance with all other AMEX cards). Why are you so fixated on AMEX?

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+1. Why are you so focused on Amex?