Hi, this is my first post and I see how helpful everyone here is so I just needed a little help. So I am 22 and had some previous bad decisions in which I now have 2 charge offs from American Express. I just recently paid off one fully and have one left which is at around 1600. I am paying those because I want to get back with them eventually. I now have a discover secured with a deposit limit of 300. I want to apply for one more credit card but don't know if I should wait on it or not. My credit score is TU 650, equifax 647 and experian 630. I've gotten them up from what they were 4 months ago (about 6 points less each) so what should be my next steps?
Starting Score: 573
Ok thank you for the quick reply! I did the Apple Card (only because Ik it doesn't run hard inquiry) and the response was delinquent and high balances so I figure you're correct I'll probably finish paying off the Amex balance and then from there see where I stand. Discover should review my account in the coming months to graduate me to a secured and as I said I've went up almost 60 points since getting the secured so hopefully I graduate with them!
Ok groovy! Thank you for the reply! Yea I'm not going to add any HPs yet. I have 1 now so I'd like to keep it that way for the time being. And I have a car loan on my report so idk if the loan option would be necessary (kind of a question and a statement lol). And yea I wish I would've had this mindset two years ago to avoid all this trouble but hey better late than never hahah!
Since you already have an installment loan there would be little a SSL could do for you now in my opinion. And as stated above, Kudo's to you for being on top of this at such a young age. It should serve you well as your financial goals grow with time and age. Although it sounds like you made mistakes as most of us have, you figured it out much sooner than many.
@jgabriel2020 wrote:Ok thank you for the quick reply! I did the Apple Card (only because Ik it doesn't run hard inquiry) and the response was delinquent and high balances so I figure you're correct I'll probably finish paying off the Amex balance and then from there see where I stand. Discover should review my account in the coming months to graduate me to a secured and as I said I've went up almost 60 points since getting the secured so hopefully I graduate with them!
Just wanted to jump in and clarify, it doesn't run a HP to get you a preliminary offer (pre-approval), but if you get a pre-approval and accept the offer, then you DO get a HP as soon as you accept.
Also, I'll echo what others have said and say hold off and just pay down Amex. Once they're paid off, they *should* hopefully offer you the "Optima" card, and that will let you back in with them and give you your second card. After that you could try going for card #3.
Thank you! And thank everyone else for tuning in!! And yea so the representative offered the optima card which I plan on applying for once it comes in. I don't know if I should wait till I pay the other one off first though because I don't want to denied. But I agree with everyone, pay off this, get the optima and maybe wait till next year before getting another card.
@jgabriel2020 wrote:Thank you! And thank everyone else for tuning in!! And yea so the representative offered the optima card which I plan on applying for once it comes in. I don't know if I should wait till I pay the other one off first though because I don't want to denied. But I agree with everyone, pay off this, get the optima and maybe wait till next year before getting another card.
Well I don't think they'd offer the Optima card officially/send you the application/approve it until all your delinquent debt with them is paid off anyway.
But yes, that is a good plan. Good luck!