Help! No not really, just need some direction

[W0MACK]

As many others do, I've been lurking here for the last month working up the courage to face my credit head on!

I need to begin to establish revolving credit, and as a result need some help to know which direction to take.

Current Scores are:

EX : unknown.

725 EQ FICO

681 TU FICO

No inquiries on either, absolutely 0.

No collections, no Charge off's.

Newest Account; 1 month (see below AmEx).

AAoA is 7 years with EQ and 3 years with TU. This is due to EQ pulling up a number of AU type accounts that really were not me, but my father/mother. Is this something I should dispute since the accounts are not mine? One of them in particular has 17 thirty-day late's up until 01/2013 at which point it shows "paid as agreed" from then on. Let's just say that my parents poor decisions are one of the main reasons it took me so many years to jump into the "revolving account" pool.

I only have 1 revolving account, AmEx Gold that I opened last month. Instant online approval, and I've completely resisted the urge to mash the "will my charges be approved" button. So far I've charged a couple relatively large purchases with no issues.

Before that the only credit bearing account was a 72mo. auto loan (this account is now closed as I paid it off the same month as I app'ed for my AmEx. I have 1 30-day late on this loan showing about 4 years ago.  

My TU shows the balance of my AmEx account as being $2,644 since I let the statement close at that amount earlier this month. I've since paid off that balance, a week before "please pay by" date, and in full of course. Should I pay off the balance to 0.00 before it closes?

Income is decent: $90k, Employment is 5+ years at same firm so very stable. My wife and I rent an apartment (which is our primarly monthly expense). I'm in my late 20's.

My question is this: What should my next step be? Should I app for a revolver of some type in a few months to maximize approval chances? Or wait and let my AmEx age a little before?  Should I pull EX to see what's there?

Just looking for suggestions regarding aging my current AmEx or apping for something now and then letting both age. Thanks!

[Anonymous]

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@W0MACK wrote:

As many others do, I've been lurking here for the last month working up the courage to face my credit head on!

I need to begin to establish revolving credit, and as a result need some help to know which direction to take.

Current Scores are:

EX : unknown.

725 EQ FICO

681 TU FICO

No inquiries on either, absolutely 0.

No collections, no Charge off's.

Newest Account; 1 month (see below AmEx).

AAoA is 7 years with EQ and 3 years with TU. This is due to EQ pulling up a number of AU type accounts that really were not me, but my father/mother. Is this something I should dispute since the accounts are not mine? One of them in particular has 17 thirty-day late's up until 01/2013 at which point it shows "paid as agreed" from then on. Let's just say that my parents poor decisions are one of the main reasons it took me so many years to jump into the "revolving account" pool.  If any of the AU accounts have large balances or that many lates, absolutely get them off your report.  Dispute as not yours and that should be that. These are not helping your score and you may see it go up with all those lates gone,.

I only have 1 revolving account, AmEx Gold that I opened last month. Instant online approval, and I've completely resisted the urge to mash the "will my charges be approved" button. So far I've charged a couple relatively large purchases with no issues.

Before that the only credit bearing account was a 72mo. auto loan (this account is now closed as I paid it off the same month as I app'ed for my AmEx. I have 1 30-day late on this loan showing about 4 years ago.  

My TU shows the balance of my AmEx account as being $2,644 since I let the statement close at that amount earlier this month. I've since paid off that balance, a week before "please pay by" date, and in full of course. Should I pay off the balance to 0.00 before it closes?  For optimum scoring, let a small balance report, 9% or below, then pay it off before the due date to avoid interest charges.

Income is decent: $90k, Employment is 5+ years at same firm so very stable. My wife and I rent an apartment (which is our primarly monthly expense). I'm in my late 20's.

My question is this: What should my next step be? Should I app for a revolver of some type in a few months to maximize approval chances? Or wait and let my AmEx age a little before?  Should I pull EX to see what's there?  I would apply for another one then let them both age.  Let one report a 0 balance, the other at 9% or below.

Just looking for suggestions regarding aging my current AmEx or apping for something now and then letting both age. Thanks!

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[takeshi74]

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@W0MACK wrote:

AAoA is 7 years with EQ and 3 years with TU. This is due to EQ pulling up a number of AU type accounts that really were not me, but my father/mother. Is this something I should dispute since the accounts are not mine? One of them in particular has 17 thirty-day late's up until 01/2013 at which point it shows "paid as agreed" from then on. Let's just say that my parents poor decisions are one of the main reasons it took me so many years to jump into the "revolving account" pool.

Are you still an AU on those accounts?  If so, get off them.  Once you're not an AU you can dispute.

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@W0MACK wrote:

I only have 1 revolving account, AmEx Gold that I opened last month.

AX Gold isn't a revolver but a charge card.

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@W0MACK wrote:

My TU shows the balance of my AmEx account as being $2,644 since I let the statement close at that amount earlier this month. I've since paid off that balance, a week before "please pay by" date, and in full of course. Should I pay off the balance to 0.00 before it closes?

I wouldn't worry about it unless you're immediately apping.  There's no record of utilization.  Your utilization is current utilization.  Additionally, I'm not sure how utilization is impacted by charge cards off the top of my head.

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@W0MACK wrote:

My question is this: What should my next step be? Should I app for a revolver of some type in a few months to maximize approval chances? Or wait and let my AmEx age a little before?  Should I pull EX to see what's there?

I'd suggest getting a revolver to thicken your credit a bit.  Definitely check your reports before applying for anything to make sure it's all good.

[W0MACK]

Thank you for the help! I think I'll get EX report just to make sure nothing is incorrect there, then investigate the AU status on this delinquent account that my parents carried. If possible I'd love to get removed from that particular account. Then, I'll app for a new revolver.

Thank you guys,

[Anonymous]

The suggestion of a revolver makes sense. Take a look at what your needs are such as a travel card, cash back, airline or hotel. Chase has great cards with Visa Signature options or their Freedom for cash. Discover's cash back at 5% 2% and 1% is great. Citi has a good selection of all kinds of cards and they are loyal to good card holders. Bank America rolled out some pretty powerful card options and truth be told, there are several smaller banks that have good cards but tend to keep a lower profile. In my portfolio I have several card options (big and small banks) and your scores would match some of the cards. Research them and then go after one or two. You might think about a mix (mastercard, visa, ax and discover maybe with a global chip for travel). Food for thought.