My credit jumped 164 points in 10 days (I have a question)

[Anonymous]

This is my First post ,so hello to you all.

Okay so here's some background info

•My score a month ago was 527,

I had about 1800 dollars in collections on my report ,

•1 charged off credit card from 2010 with a $675 balance

• 4 doctors bills totaling $1100

• about 6 hard/soft inquiries

And that's it I had no credit card or any loan activity reporting for about 5 years. About a month ago the charged off capital 1 credit card finally fell off my report so ok cool that gave me a 25 point boost via CREDIT KARMA. I do a little research and persuade my mother to make me an AUTHORIZED USER on her CC. She's had it 10 years 2700 dollar balance never late ,she's using like 78% of the balance ,so ok boom long story short a week after I got my mom to put me on her card , my scores with TU for from 551 to a 715 and my equifax jumped from a 551 to a 700 in literally 10 days .

Now I need a little help ,me having a second chance I know to get a card and use less than 30% and not go crazy

But my question is , ....can I go crazy ? Like will an auto loan be within reach now or a mortgage loan or a unsecured cash loan ? Or no ? Thanks in advance

[Anonymous]

If those are Credit Karma scores they're not a true FICO score and may be falsly inflated. 

Get your true FICO scores from CCT or here. 

[medicgrrl]

I highly suggest you obtain your FICO scores as you will have a difficult time finding a lender that actually uses Vantage scores (the ones on Credit Karma)  Credit Karma is a useful tool to monitor your report for changes, but the scores really have no use.

[Anonymous]

Yes I agree you should use my fico to find out the truth 

[Anonymous]

Thank you all I started to not believe it so the letdown wouldn't be so hard

I just ordered my fico scores

EXPERIAN-600
TU-643
EQ-617

Still very good considering where I was, but it says by my mothers utilization being at 78% is hurting what would any of you advise next as far as building onto what I have?

[medicgrrl]

Cap 1 to start.  You want 3 cards with only 1 reporting a small balance.  Once you get 2 cards, I would remove yourself from moms card.

[Anonymous]

Well my previous charged off card was capital 1 , would there be any problems? I never paid the balance it just fell off after so many years

[Anonymous]

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@medicgrrl wrote:

Cap 1 to start.  You want 3 cards with only 1 reporting a small balance.  Once you get 2 cards, I would remove yourself from moms card.

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+1 on Cap 1 ... might want to try Discover too, though your scores are pretty borderline for an unsecured Discover. Possibly a WalMart or an Amazon card if you would use them. But don't go app crazy. I'd app for three max right now. Use them smart and wise and your scores will increase, OVER TIME. That 164 point jump is pretty mythical in terms of true FICO scores. 

You're not quite ready for a mortgage, but with responsible use you'd be in the neighborhood after six to eight months. You could likely get a car loan, but your rate won't be good. 

[Anonymous]

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@Anonymous wrote:
Well my previous charged off card was capital 1 , would there be any problems? I never paid the balance it just fell off after so many years

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Research here to see what the general consensus is on Cap 1's blacklist ... though it seems they're pretty forgiving

[medicgrrl]

Try the prequal sites for Cap 1, Discover and Amex.  Research the prequal's though.  Some may appear to be a prequalification, but they're not.  If you get an offer with a solid APR and not a wide range of APR's (like 13%-23%) then it is usually a pretty good prequal.

Cap 1 is pretty forgiving.  Usually (but not guaranteed) they will take you off their blacklist after 1 year.