Helping a friend Rebuild (so far 1 approval)

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Centium
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Helping a friend Rebuild (so far 1 approval)

Postby Centium » Wed Oct 26, 2016 8:12 pm

Hi. I'm helping a friend of mine rebuild his credit. So far, I've added him to my Amex Skymiles Gold as an AU (he doesn't have access to the card, however) and it has increased his available credit and improved his score. His score is around 630-650, but it fluctuates throughout that range. He has lates with an old loan, which is dragging down his score. I managed to get him a Capital One Secured card with a $300 limit. Then, 5 months later, he was approved for a Capital One Mastercard (unsecured) with a $1k limit. I tried for a CLI, but it was denied. What's our next step? Should we try to apply for a different card? If so, which would be best? Thank you.
Chase Sapphire Preferred - $20,400 | Citi Dividend World Elite Mastercard - $19,600 |Amex Delta Skymiles Gold - $14,000 | Chase Amazon Visa Signature - $6500 | Dell Preferred Account - $2,500 | Kohl's Charge - $2500 | Amex ZYNC - NPSL


Tubpbs
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Re: Helping a friend Rebuild (so far 1 approval)

Postby Tubpbs » Wed Oct 26, 2016 8:24 pm

Centium wrote:Hi. I'm helping a friend of mine rebuild his credit. So far, I've added him to my Amex Skymiles Gold as an AU (he doesn't have access to the card, however) and it has increased his available credit and improved his score. His score is around 630-650, but it fluctuates throughout that range. He has lates with an old loan, which is dragging down his score. I managed to get him a Capital One Secured card with a $300 limit. Then, 5 months later, he was approved for a Capital One Mastercard (unsecured) with a $1k limit. I tried for a CLI, but it was denied. What's our next step? Should we try to apply for a different card? If so, which would be best? Thank you.


How long ago was the $1K approval? Waiting 6+ months may be the next step for him. Let some positive history report and some inquiries and new accounts age a bit.
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Centium
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Re: Helping a friend Rebuild (so far 1 approval)

Postby Centium » Wed Oct 26, 2016 8:49 pm

Tubpbs wrote:How long ago was the $1K approval? Waiting 6+ months may be the next step for him. Let some positive history report and some inquiries and new accounts age a bit.


Thanks for the reply. The $1k approval was 6 months ago actually.
Chase Sapphire Preferred - $20,400 | Citi Dividend World Elite Mastercard - $19,600 |Amex Delta Skymiles Gold - $14,000 | Chase Amazon Visa Signature - $6500 | Dell Preferred Account - $2,500 | Kohl's Charge - $2500 | Amex ZYNC - NPSL

Tubpbs
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Re: Helping a friend Rebuild (so far 1 approval)

Postby Tubpbs » Wed Oct 26, 2016 9:10 pm

Centium wrote:
Tubpbs wrote:How long ago was the $1K approval? Waiting 6+ months may be the next step for him. Let some positive history report and some inquiries and new accounts age a bit.


Thanks for the reply. The $1k approval was 6 months ago actually.


You could try for another low level card or wait another 6 months. Try for some SOFT PULL credit limit increases.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
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badger83
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Re: Helping a friend Rebuild (so far 1 approval)

Postby badger83 » Thu Oct 27, 2016 9:59 am

I think it's time to let time do the work. Your friend has the AU account and two cards that he can charge small expenses on and pay off on time and get positive stuff reporting.

How old are those lates on the loan?

Stros05
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Re: Helping a friend Rebuild (so far 1 approval)

Postby Stros05 » Thu Oct 27, 2016 10:59 am

Waiting another 6 months would be the safest route. When your friend does apply for another card, it should be for a card for someone with fair credit. The Barclaycard Rewards MC would be a good next step. The card even has a rewards feature with no annual fee. Here is a link to a page that has more info. http://www.creditcards.com/credit-cards ... p?catid=74

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TyE
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Re: Helping a friend Rebuild (so far 1 approval)

Postby TyE » Fri Oct 28, 2016 5:59 pm

He should wait at least 6 months before applying. You don't want to run your credit that often and especially since you got a recent denial. You don't want to take the chance of getting a 2nd denial in a short period of time. I would ask for limit increases with his current cards. That can give him a little bump in the meantime until he applies down the road.

JonE
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Re: Helping a friend Rebuild (so far 1 approval)

Postby JonE » Sat Oct 29, 2016 9:47 am

I would give it another 6 months (year total) before applying for anything else. Make sure to pay the card in full every month and use it responsibly.
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