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forensicgirl3

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Credit score keeps dropping & dropping. Can't seem to do anything to fix it!
Really not happy here. Had some credit issues 9 years ago and stopped using credit cards completely. I'm trying to rebuild my credit. When I started using Credit Karma, my scores were actually up in the "Good" range. My parents added me to their Capital One account. They put some home repairs and some vacations on their card. Bam! Dropped my score. They always pay their cards, but their utilization impacted me. I told them to drop me which they did. Bam! Lowered my score again. I have a Nebraska Furniture Mart credit card which I've paid off (it's my only credit card now). My score keeps dropping. According to CK's (questionable) advice, I applied for one of their recommended cards so I can build a more varied credit profile. Bam! Rejected. So there's another strike which will undoubtedly result in my score being lowered even more.

This is BS! How can I raise my score if I'll get rejected? I earn a decent salary. I'm trying to save up for a house, which I won't be approved for if this trend continues.

I guess my only option is to get a secured card now? This is ridiculous. And I'm not happy with CK. I try to do everything they advise me to do. Nada. Actually, not nada. Their advice appears to being actively harming me.

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Any credit activities on your report may cause your score to fluctuate, up or down. The reason of you being a authorized user is to better your credit profile, so you can obtain your own credit card, it really wasn't meant for long term. While you were a AU, you should've apply for a card or two, then drop, other wise it defeats its purpose. Of course their high (reported) utilizations isn't ideal... If you make "decent" salary then you shouldn't have problems come up with deposit for a secured card, which probably you should've done in the first place, now you might need to go thru second set of score fluctuations from inquiry(s), new account... Credit scores isn't only thing matters when comes to credit approvals, your overall credit profiles matters, if your scores are low due to new or little credit (thin file)? that isn't the same as others with similar scores but have baddies on their profiles... As far as for CK's recommendations? You need to consider the source, it's a "free" credit site, who you think is paying for its operations. It's like ask car salesmen if their "asking" price is a good deal.

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Long Game

Yes a secured card is the first step for anyone to take. Another would be a secured personal loan with your bank.  Many offer this, it requires no out ofpocket, and diversifies your profile.  They loan you lets say for example 2k, and it is put into a CD which has the bank and your names on it (the collateral) you pay off the loan in 1-2 years, then you get full rights to the CD.  You earn a little interest on CD, pay more on the loan, but rates should not be too bad as it is secured.  These two things are the first steps, then a car loan would be next, by this time of having a card and personal loan with good payment history typically you can secure a car loan for a decent rate. Even if you have enough to buy a car outright, finance even a little, again to show some more payment history, and diversification.

It would have been better to saty on their card for a while and done all of the above.  Once you got another card and had paid for the loan most of the way your utilazation would have been better (plus they would have paid down their card)  but that is in the past. Right now I would talk to your local bank or credit union as they will be more willing to help.  Do not just blindly try for stuff, as was stated before CK gets pais for you trying, and unless you are really secure in what you are appling for, becareful.

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