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!
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?
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.
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
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.