In my Late 30s last August I decided I wanted to build/re-build my credit history. After a very rough patch in my life during my late 20s into my early 30s where I annihilated my credit I found myself several years later with a blank credit report and essentially no CS. So, In early August of 2019 I asked my father to put me on as an AU on one Cap One Plat card, and, taking mercy on me after many years of credit irresponsibility and borderline malfeasance, he agreed. I never used the card and just rode his credit journey until I established a score of my own around March 2020, when I applied for my first and very own Credit One Platinum card with some Cashback rewards. With a CS of ~630-650 I was approved wit a CL of $400. In that same month he added me as an AU on a Cap One Quicksilver One card. Sidenote: the QSO was recently given a CLI, and the Cap One Plat was upgraded to a Quicksilver, so now I am an AU on both Cap One QS cards; I also just a few days ago was sent a mailer from Cap One for my own Quicksilver, but I'm fairly certain I can't take advantage of this offer at this time because of the bank's restrictions on upgrades and CLIs. Unless someone has some kind of way whereby I could, or rather whether I even *should* take up that offer.
Regardless, rewinding a bit, in May he agreed to put me on yet another (I'm thinking this one was a mistake) as an AU on another card, but after some issues between us he removed me after about 1.5 months.
My scores started climbing. I still remember that euphoric feeling of hitting an exact 700 FICO 8--this was the beginning of the summer of this year. Last month I received a pre-qualified mailer in my own name from Cap One. As an AU on two cards already I wondered whether I wold even be approved, but I was, and I was approved for my very *own* Cap One Plat with a $1k limit. Man! What a feeling that was. Aroud that time Experian was reporting a 733 FICO8, with EQ at ~741, and TU had me at 763. It felt incredible.
My Experian FICO 8 score took a 17 point dip after that Cap One $1k account reported, but even with the dip (down to a EX 716 FICO) I still went ahead and applied for the Chase Freedom Unlimited just a few days ago and was approved for an $1,800 CL. The inquiry brought my CS down to 712, with account yet to even hit. When it does I'll have $4,000 in revolving credit, 3 of my own cards, and Experian reporting 4 open accounts (TU and EQ have me at roughly half those numbers, somehow), with 6 INQ. It won't be until March that 12 months will have lapsed since that first inquiry. TU has me at 3 accounts currently opened with 2 INQ, and EX has me at 3 and 3, with EXP showing 4 accounts, but the CFU has yet to be reported, of course, while the INQ has.
My next step, as I see it, is to apply for a SSL loan or something like Self or CreditStrong to establish installment history. I use Afterpay, Quadpay, Klarna on occasion, and recently Affirm prequalified me for loans for $7k and ~$2500. I don't really know how those factor in at all, but I have never missed a single payment, usually paying the installment a couple days before it's due.
With a 712 FICO 8 ( FICO 8 bankcard at 730-740 on EXP), 1% UTI, and similar DTI, and no Insallment loan history, 100% payment history, no baddies like any CO, no collections, no lates, or anything like that, my issue is I have no idea where to go from here. My oldest account is coming up on 14 months, and this is the card that was upgraded to a Quicksilver, and of course I still have AU status on the QSO, which is ~6 months old. (btw, apologies for not using the acronyms a are customary around here but I'm still learning them) my Average Age of Accounts is now down to ~6 months, with the newest one (CFU) approved, but not yet even activated.
I am okay with standing pat, or going into the garden, with my procuring an SSL with a CU like Pen Fed, with whom I recently opened a checking account with, or obtaining a personal loan, or really any credit builder with a CU. And reaping the rewards of that. Unfortunately, I'm not eligible for NFCU.
My plan was to open a few bank accounts and accounts with a few Credit Unions to "establish a relationship" and try to land an SSL or even personal loan, but I don't really know where to even begin. I'm based in New Jersey so I was thinking PNC bank might help me in my SSL goals whereby I'd look to pay it down to 8.9% almost immediately, but again, I just don't know where this is possible. I was thinking of trying to do Credit Strong first, and when that "loan" was paid off I'd look at my options at that time.
So, I really don't know we're to go from here--I really feel like I'm in no-man's land. My father offered to put me on as an AU on his Disco IT Cash Back card ($2k CL), bu I don't know if this would be ideal. Really lost on what to what to do here. The truth is I feel my $4k in total revolving credit is just so low that I should perhaps take that offer and try a few more credit apps with banks like Wells, HSBC, BoFA, etc, all of whom I have several pre-qualified offers that I could try, so I wouldn't just be blindly applying for more CC. Also, I was really close to taking one of those Affirm loans for something I'd like to finance, but I've since heard that may be a terrible idea--Does anyone have any thoughts this one?
Witout any guidance I'd likely look to open some bank and CU accounts with Citi, BoFA, US Bank, USAA, Huntington, Schwab, Fidelity, etc, as well as some other Credit Unions, sign on wi Self or Credit Strong and re-evaluate in 6 months or so. I feel like I'm a crossroad here and that my next couple decisions are going to have a significant effect on my credit journey. I realize I've made many mistakes along the way, some even cringeworthy, but I think I've done a lot better since discovering FicoForums. So, thanks to all of you who take the time to help out people who don't really know wha they're doing. This information is worth a lot of money, so I'm just extremely grateful to have all of you here to look to for advice
