Help!! Need Advice Please

Anonymous · ‎09-03-2016

Hello, I'm helping my mother build up her credit and right now, her fico 8 scores are 555-557-559.

She has one card, a secured capital one that she received 6 months ago. It started at $200 and was increased to $500 about 2 weeks ago. I want to get her another card and was thinking the discover it secured card would be a good option since it eventually graduates. Do you think her scores are okay enough to app for it?

I was also wondering if I should add her as an AU to my QS or VS card? I have had both since the beginning of August and I PC my QS from a platinum.

Anonymous · ‎09-03-2016

Hi! I'm new to the forums but I can share my personal experience. I wanted to tackle my husbands credit. He was in the 600's. I added him as an AU to 2 cards, the age of the oldest was 8 years and 0 balances. His credit shot up to 720. Some people don't like adding AU but I think it helps. You can keep the cards when they're sent in the mail, she doesn't have to actually get them. The other thing you have to remember is that too many recent open accounts will affect your AAoA. Give it time and they will age.

What do you mean when you said the Discover it graduates?

I'm not sure about what scores you need to qualify for cards.

Hope this helps!

rmduhon · ‎09-03-2016

Have you checked the Cap1 prequal page? Depending on what else is on her reports she might be able to get a Cap1 QS1 or Platinum

rmduhon · ‎09-03-2016

A secured card that graduates becomes an unsecured card at some point and you get the deposit back

cjane1 · ‎09-03-2016

How long do you have to wait until they decide to give the money back? If they can't tell you specifically I wouldn't do it, they could hold on to the deposit for years before it is returned. I got a 500.00 secured credit card from my credit union that was good for a year after that time I got my deposit back and could reapply if I choose to but my credit is good enough now I was approved for Chase and captiol 1.

Anonymous · ‎09-03-2016

@Anonymous wrote:
Hi! I'm new to the forums but I can share my personal experience. I wanted to tackle my husbands credit. He was in the 600's. I added him as an AU to 2 cards, the age of the oldest was 8 years and 0 balances. His credit shot up to 720. Some people don't like adding AU but I think it helps. You can keep the cards when they're sent in the mail, she doesn't have to actually get them. The other thing you have to remember is that too many recent open accounts will affect your AAoA. Give it time and they will age.
What do you mean when you said the Discover it graduates?

I'm not sure about what scores you need to qualify for cards.

Hope this helps!

It does help. Thank you, so do you think I should only do one of them vs doing the both of them?

Anonymous · ‎09-03-2016

@rmduhon wrote:
Have you checked the Cap1 prequal page? Depending on what else is on her reports she might be able to get a Cap1 QS1 or Platinum

Hello, yes I have checked their prequal page. She qualified for another secured card with them. I believe she has 4 collections and 3 inquiries on all of her reports. The last inquiry was in February.

Anonymous · ‎09-05-2016

@Anonymous wrote:

It does help. Thank you, so do you think I should only do one of them vs doing the both of them?

If both cards are in good standing with a low utilization, I don't see why you shouldn't add both. The AAoA will be hurt regardless if you add one or both. Or you can do one and see how her score changes then do the other.

cjane1 · ‎09-05-2016

l applied 2 credit cards within 2 weeks of each other. I read you should have at least 3 revolving accts to improve your score so I took the chance. I qualified for Capitol but Walmart declined. I added myself to my husbands Walmart account as a authorized user to get a higer score since his credit was/ is better than mine. I tried again after my score went up to 620 then I was approved.

Anonymous · ‎09-05-2016

@Anonymous wrote:
Hello, I'm helping my mother build up her credit and right now, her fico 8 scores are 555-557-559.

She has one card, a secured capital one that she received 6 months ago. It started at $200 and was increased to $500 about 2 weeks ago. I want to get her another card and was thinking the discover it secured card would be a good option since it eventually graduates. Do you think her scores are okay enough to app for it?

I was also wondering if I should add her as an AU to my QS or VS card? I have had both since the beginning of August and I PC my QS from a platinum.

Yes, app for the Discover secured. Also app or a Cap One unsecured, even if the prequal does not indicate. Don't go the AU route. Your accounts are too new.

Let us know the results of those apps ans we'll go from there.