Now good credit. So what should I do now?

[Anonymous]

I've had a Capital One Standard Platinum with a $750 CL since June 08 (new immigrant).

I didn't have a credit file with Equifax a couple months ago. Since then, after reading this forum, I found out that I could improve my credit by getting my wife to add me as an authorized user on her 7 year old Citi AAdvantage credit card.

Well thanks guys, because now I have a report with Equifax and the FICO score at my astonishment is 781. My score with Experian is apparently lower (checked it with Quizzle and it was 724), I believe because I applied for 3 credit cards (unsucessfully) a few months ago (all pulled Experian apparently).

Now I'm wondering what I should do. My wife actually has terrible credit (she has delinquant medical bills) and I am worried that with the credit crisis, Citi may simply close her account. Here's my question: would her account still show up on my credit file in that event?

Should it be safer that I apply for a new credit card (if possible one that pulls Equifax, not Experian)? What would be the impact on my score?

Also, I'm going to need to apply for an auto loan in around 2 months, and soon apply for phone/dsl service with AT&T (which pulls Equifax, apparently). BTW, would AT&T decrease the average age of my accounts?

Thanks

Message Edited by xav on 02-14-2009 02:22 PM

[marty56]

Never heard of Quizzle.  Are you sure they dont provide a FAKO score.

[Anonymous]

It's FAKO

I know that I have 4 hard pulls (in 5 months) on my experian file, and only 1 with Equifax.. so I assumed that would explain the score difference..

[Anonymous]

So does anybody knows how a credit check from ATT is going to affect my score with Equifax?

Thanks

[Scamp]

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xav wrote:

So does anybody knows how a credit check from ATT is going to affect my score with Equifax?

Thanks

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It won't decrease your AAoA, but if it's a hard inq (and it was for me when I switched to them for long distance service), you'll get the usual score ding for that.

[Anonymous]

What is the usual ding for that?

For instance, I have 4 inquiries on my experian credit report (in about 4 months) vs only one on equifax.

How would that impact it?

Thanks

[Anonymous]

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@Anonymous wrote:

What is the usual ding for that?

Thanks

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5 points or less

I would make the best of the situation by applying for some prime cards right now. If you apply for credit card who use Equifax, mainly credit unions, you should do very well.

Otherwise I'd apply for a Discover card (genuine, not merchant for the best limits), a Citibank Card, a Chase Card(Amazon may be easier) and a BOA card for the highest credit line potential. You might need to freeze your Experian, which costs money, but if you wait until those inquiries on EX are over 6 month old you can skip freezing it. Hard to know what a FAKO 724 actually is in FICO, could actually be as high as 750+

Get your Transunion FICO score, as that and Experian are pulled the most for Credit Cards. If you do end up freezing Experian, most everyone but a Credit Union will probably pull Transunion instead.

I'd aim to get about 4-5 Prime cards (Not Store cards that can only used at the stores that issued them), and if you do get them, go ahead and consider closing the Capital One as its not old enough to really help much, unless you like paying them annual fees.

And if you want to help out the wife for helping you, transfer some of the unpaid medical debts, after negotiating them PFD, to your new cards temporarily, to give her a chance to improve her credit. Then transfer them back to her new cards. If they are super high though, it may just be best for her to wait it out.

If it will be awhile before your wife's credit gets better you can put her on as an AU on your new Prime cards, if Citibank cancels her account. It won't help her credit score, but at least she'll be able to use credit cards that are not subprime

Message Edited by reots on 02-19-2009 06:58 AM

[Anonymous]

i'd apply for the credit cards before the car loan and the DSL, as the credit cards will care more about the inquires than a car dealer or a telecom

One last thing, don't let more than $75 report as a balance on that Capital One before you apply for those Prime cards; you don't want to make it easy for them to deny you your just desserts.

Message Edited by reots on 02-19-2009 07:10 AM

Message Edited by reots on 02-19-2009 07:11 AM