Hey I got Fico Score, what now

[Anonymous]

I am rebuilding my credit and started out at zero credit. 

You have 3 Open Accounts (THD/CBNA AU from mom she is member of 850 club) also have petal but its still new so not showing yet. You have 0 Closed AccountYou have 0 accounts in CollectionsYou have 0 Public Records

Score Range is from 300 to 850

FICO® SCORE8 data 7/29/2019

Experian 701Good

Equifax 763 Very Good

Transunion nothing yet still waiting on that one. 

Account NameBalanceCredit LimitUsageTypeStatusOpened On

CAPITAL ONE BANK USA N	$60	$300	20%	Revolving	Current	May 2019
CREDIT ONE BANK NA	$77	$300	26%	Revolving	Current	Jul 2019
THD/CBNA	$52	$10,500	0%	Revolving	Current	Apr 1994

What's hurting your score?

 No Revolving Activity

 Few Accounts Paid On Time

 Seeking Credit

Issue is it looks like my account is hurting because i have to few accounts but if i seek credit it also hurts my credit what should i do now?

[Anonymous]

Start by not blindly appoint for credit. You have “credit seeking behavior” listed which usually indicates a lot of applications, so if this is the case, it should stop.

Try out the prequalification for Discover, CapOne, and Amex and see what they say. You may we’ll qualify for their cards. If so, I would open one (Disco would be my pick for the first one), and wait 3-6 months before checking prequals again to take a second card of your own. I’d also look into some sort of installment account such as a share-secured loan, as there is a bonus of sorts for having credit diversity.

After that, just garden for a year. Tend your accounts, use your cards and pay them in full each month (since your AU cards are reporting balances, let yours report zero). Let time do its thing and in a year you should be sitting pretty.

[Anonymous]

What’s the history on those AU cards? Perfect payments? Do you have any negatives of any type on your reports? You have “few payments made on time” in there, which indicates payment issues in the past, either of your own or on the AU cards.

[Anonymous]

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@Anonymous wrote:
What’s the history on those AU cards? Perfect payments? Do you have any negatives of any type on your reports? You have “few payments made on time” in there, which indicates payment issues in the past, either of your own or on the AU cards.

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on the AU it shows on the credit report since 2012 to current and all green not one late payment.

I think issue is i have to few accounts as I have nothing bad on credit other than HPs

The summery when i make it bigger states this

You have few accounts that are in good standing.

Number of your accounts currently being paid as agreed

accounts

The FICO® Score considers the number of accounts showing on time payments. In your case this number is too low either because you have very few accounts or you've missed payments recently on some of your accounts or have accounts with derogatory indicators reported.

FICO High Achievers have an average of 6 accounts currently being paid as agreed.

[Anonymous]

I was think of doing self lender loan

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@Anonymous wrote:
Start by not blindly appoint for credit. You have “credit seeking behavior” listed which usually indicates a lot of applications, so if this is the case, it should stop.

Try out the prequalification for Siscover, CapOne, and Amex and see what they say. You may we’ll qualify for their cards. If so, I would open one (Disco would be my pick for the first one), and wait 3-6 months before checking prequals again to take a second card of your own. I’d also look into some sort of installment account such as a share-secured loan, as there is a bonus of sorts for having credit diversity.

After that, just garden for a year. Tend your accounts, use your cards and pay them in full each month (since your AU cards are reporting balances, let yours report zero). Let time do its thing and in a year you should be sitting pretty.

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I don't need home loan as i paid cash for my house. I also have a car that is just 10 years old so i don't need auto loan also.
I wanted to garden for a while and not apply for more credit to build on what i already got, so i will take your advise and just sit on what i have and and build up history, hopefuly that will help. 

[Anonymous]

Ah I missed the mention of the Petal card - I was thinking you had only AU cards. Since that one is new, give it 6 months of low reported usage and then hit the prequals.

As for the loan, the SSL loan isn’t like a normal loan. Essentially you pay each month and your payments go into an account or a CD. When you finish the terms of the “loan” they send you a check for your funds minus a processing fee. They report as an installment loan to all three bureaus and you’ll get your score boost for having credit diversity.

[Anonymous]

Yup self-lender is the type of loan I am talking about. It’s solid and reliable and will definitely help.

[Remedios]

*Few payments* is there because of limited history 

While AU accounts are good for artificially inflating AAoA, they still do not over ride the fact there are literally "few" payments that can be attributed to primary card holder, in OP's case, three to four at most based on account opening dates. 

If score increase is a goal, I guess SSL would help, but bottom line is always the same for those with limited history....let the accounts age. You increase the score by not applying for new credit. 

There is no way around the time factor. 

In most cases, lender's algorithm will separate AU accounts and base approval/denial on profile's own merit, not presence of AU account. 

Wait at least 6 months to a year and you'll be in much better place otherwise you'll end up with cards you'll be closing in the near future. 

If it was me, I'd wait with future applications till you're in a better position and have more options. 

Good luck

[Anonymous]

Thanks so much I am going to hangout in the garden for a while, I didn't want to have to add more cards until score is better wanted to save space for Chase since I can't have more that 5 new accounts in 2year period.