cancel
Showing results for 
Search instead for 
Did you mean: 

I've Been Rebuilding My Credit... Lost Now. What Next?

Auto Loans for ANY Credit Situation. Immediate Response.
Advertiser disclosure

I've Been Rebuilding My Credit... Lost Now. What Next?

Hey guys,

 

This is my first post, but I've lurked around for quite some time. I'm really stuck, and I don't want to mess up.

 

FICO 8  (EQ = 789 TU = 798 EXP = 753)

FICO Bankcard 8 (EQ = 782 TU = 812 EXP= 760)
Inquiries (EQ = 0 TU = 1 EXP = 1)

AAoA = 2yrs 3 mon

Oldest Account 6yrs Closed Chase with $300 Limit

 

No baddies, No credit cards, No Mortgages.

Just rentreporters, new coast direct, my jewelers club, Capital One AU ($2500 Limit), & a closed Chase CC.
I have a friend willing to allow me to be an AU on a their card which has been opened for 10 years and has no balance or derogs.

I also opened an account with Penfed about 3 months ago.

 

I want to build my personal credit so I can establish credit in my business name. Also obtain a mortgage for my first home. So I'm looking for the highest possible starting limits with my situation.

 

I've had issues with Discover and Amex in the past. Currently paying off old debts from an old failed business. Nothing derog currently reporting, but yes I am still settling my debts.

That's my situation, my question, is what credit cards should I apply for to continue this momentum and help establish my credit goals while still paying AMEX and Discover off? If there are already topics that can help me, please point me in that direction.

Please help, it is all appreciated. Thank you!

Message 1 of 24
23 REPLIES 23
Established Contributor

Re: I've Been Rebuilding My Credit... Lost Now. What Next?

I don't know enough to to tell what cards you should be looking at, but I would say try the pre-qual pages of all the biggie CCC's and see if any pop up.
You have a great score, you look to have managed your debt well. You are just lacking that last step which is a CC history.
Good luck.





~~ Former Royal Navy Submariner - Proud to have served ~~
Message 2 of 24

Re: I've Been Rebuilding My Credit... Lost Now. What Next?

Thanks for the reply. 
I'll do what you suggested. 
Is there any other information I could give to help you guide me in this situation? 

 

 

Message 3 of 24
Established Contributor

Re: I've Been Rebuilding My Credit... Lost Now. What Next?

What is your time frame on getting the debt with Discovery and Amex paid off?
Possibly look at Cap1 and apply for one of their starter cards, like the QS1 or platinum.





~~ Former Royal Navy Submariner - Proud to have served ~~
Message 4 of 24

Re: I've Been Rebuilding My Credit... Lost Now. What Next?

I plan to have Discover and Amex paid off within the next 12-24 months.

I'm also willing to get a personal loan (if I could qualify) to pay them off in full as well as get an installment loan on my credit profile to add more depth. 

This is something I've been thinking about, but it's also another reason I made my post. Because I have good momentum, and maybe access to opportunity that could synergize with what I'm trying to accomplish, and get out of debt quicker. Which may in turn allow me to continue building a positive relationship with Discover and AMEX. 

 

Any thoughts?

Message 5 of 24
Highlighted
Senior Contributor

Re: I've Been Rebuilding My Credit... Lost Now. What Next?

Need some more info on the Disco and AMEX stuff. Were they maxed out and your paying them down? Getting a loan and just paying it off quick wont do much good. Have to let it report for a while with a low balance after paying a chunk off first. Your scores are good with the Disco/AMEX problem. Somethings missing. Need more deatils. List your cards with CL's and balances. Then we can go from there.

Side note: Dont apply for anything until we get more info





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 6 of 24

Re: I've Been Rebuilding My Credit... Lost Now. What Next?

Thanks for the reply @FireMedic1

Discover and Amex are not on my credit report. I'm in a position to settle my debt with them outside it effecting my file. Which is why I was considering the loan to pay them off, and just make payments on a personal installment loan to thicken my file.

I only have my Jewelers club and new coast direct which both are 5k limits. I'm an AU on a friend's Capital One ($2500)
I don't carry any balances currently. Just planning my next move.

Most of the details are in my original post.

Is there anything else you need? Just lmk.
Message 7 of 24
Senior Contributor

Re: I've Been Rebuilding My Credit... Lost Now. What Next?

Others may chime. I'll get back tonight. Working right now.




My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 8 of 24
Contributor

Re: I've Been Rebuilding My Credit... Lost Now. What Next?

Hey Leverage King,

 

Welcome to the forums!

 

I'm currently rebuilding as well but will share an opinion with you.

 

With a FICO score as good as yours, I would personally avoid the risk of being added as an AU on an account you have no control over.

I could see if your score was in the 500-600's. I wouldnt take the risk if I were you.

 

Good Luck

Last Inquiry 9/26/2019 (Amex Everyday approved $1,000.00)
Fico Score Progression :
10/1/2018 EQ 530 TU 535 EX 540
9/5/2019 EQ 669 TU 806 EX 712
In the garden till 10/1/2020
Message 9 of 24

Re: I've Been Rebuilding My Credit... Lost Now. What Next?

You don't think I need the age to get a higher starting limit @tparks5961

Message 10 of 24
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.