Thanks for the comment. Here are a few things I’d look into here:

1) I’d first identify why your credit score dropped. I couldn’t tell by your comment, but did the authorized user close the card you’ve been on for 17 years recently? It sounded like the case. If so, that explains the drop. If it’s not making sense, obtain a copy of your credit report from the three major credit bureaus (Equifax, Experian, and TransUnion) to identify any discrepancies or changes.

2) A good credit score is essential, but is there a reason you need to improve it fast? At 669, it’s okay, and a credit builder loan could help. Do you have an upcoming purchase where credit is required? I’d also look into getting a secured card to be transitioned to a major bank card. I’d prioritize this instead of the credit builder loan because you’ll earn a hard pull on your report once you take the loan.

Resource: https://www.thewaystowealth.com/money-management/best-first-credit-cards/

3) All that said have you tried applying for a major bank credit card? With a 669 score, you could get approved.

4) Lastly, unrelated but essential, consider the impact of receiving the settlement on getting government benefits. Might change what you do with the money.

I’m desperate to open a major credit card. The only 2 accounts I show are credit sesame and JCPenney (where I was an authorized user for 17 years in excellent standing).

I’m 60 years old and disabled on SSDI/SSI, with low income of $14,430 year. But I’m about to get $25,000 for the settlement of a case.

I need to improve my credit score fast, and I need a credit card and I want to open credit builder account at a credit union. How can get approved for a quality card? My score just dropped this week from 760 to 669 overnight and I don’t know why. Any suggestions would be much appreciated and thank you!

Good question. I don’t have this data point. If anyone can please chime in, please do!

Overall, most credit card issuers take around 30 to 60 days. But, then again, this isn’t a credit card. Sorry, I couldn’t be more helpful here.

I’d stay on your mother’s account, unless there’s a reason to get off.

Overall, you’re doing great. Once the collections gets pulled off your account, is when you’ll see the next jump. Don’t think applying for more cards is going to do much until that comes off. That’s the biggie.

Haven’t shopped for auto loans in awhile, but 690 isn’t a horrible score. So, it won’t be that high, but then again, that’s compared to current interest rates which are high.

And, yes, it’s frustrating. They all work a bit differently. Mine vary widely as well. You can try and research what card issuer (or even auto loan provider) uses what credit agency, which may help you apply for a card in the future. e.g. see what services use Equifax over Experian.

So in a year with a poor score I was able to obtain a PayPal $700 limit, Quicksilver $1000 limit, Self $560, Petal $2800. No fees or annual fee. High APR but I literally pay monthly full balance. I piggyback my Mothers AMEX and she’s at a 5% utilization but pays it off monthly as well. If she was to take me off her acct what do you think my score would do? I have no late fees and pay everything off in full via auto pay with each card. 5 inquiries in 1 year. Oldest acct is 14 months,

I want to get that Wells Fargo “active cash” card but idk if I’d be approved. Only bad mark on my credit is a Discover Secured card from 6 yrs ago in collections with Discover’s in house collections. It was written off and May2024 will disappear off my report. The balance is 280 of 400 limit. I was told if paid, it will stay on report as closed acct (even if pd in full). Not showing as collection but closed.

Also wanted to ask if I look for a car loan say 20K on a pre owned vehicle with 10% down what will be an acceptable interest rate you think?

And if you know of any high limit cards I’d qualify for (Like my Petal cc), I’m all ears. Id risk the dent on my report for an increase which increases my overall limit.

Finally, FICO question. My FICO is 683 via Experian. Thatsa huge difference from a 724 score I have with trans and Equifax isn’t it? I wish there was just one agency controlling my credit report vs 3 and they were all on same page.

Tks for the above advice and thanks for any future advice. Im learning a lot about all of this which I should have practiced in my early 20’s vs blowing off bills and essentially being a credit pig.

Ty!

It’s not something that’s going to immediately bump your score, but good for long-term credit health. You don’t lose your credit history when you transition, which is one of the primary benefits having a secured card over cred.ai and many other credit builder products, you lose the credit history once you leave.

Here’s a bit more info on it: https://www.capitalone.com/learn-grow/money-management/unsecuring-capital-one-secured-card-upgrade/

So I should get out of the secured card even though it’s my oldest account of all my cards? Does Capital One allow customers with a secured card to convert to unsecured using the same inception date of the unsecured?

So I should get out of the secured card even though it’s my oldest acct for all my card?. Does Capital One allow customers with a secured card to convert to unsecured using the same inception date of the unsecured? There is an unsecured version of my secured card with them. I have the quicksilver unsecured card also. I wonder if I can just use and be issued an unsecured card (same card but uninsured) and kick my secured to the curb.

Great job on the increase! While the Cred.ai card’s unique credit utilization feature can be beneficial for many, given your impressive 3% utilization and diverse credit mix, its impact on your score might be marginal.

Instead, prioritize maintaining timely payments across all your accounts. If you’re considering acquiring a new card or making a change, think about transitioning your secured card to an unsecured one. This would depend on the issuing bank, of course. Ensure it’s a quality card that you’d want to keep long-term.