Currently working on rebuilding my credit. I am in the process of disputing several items and hard inquiries on my report.
Just paid off a $27,000 car loan which, I believe, should post as a tradeline.
I am planning on applying for several "NO CREDIT CHECK" tradelines (meaning everyone is approved) soon and want to know how many I can apply for, in say a month's time frame, without looking like a flight risk.
The tradelines I am applying for are kind of like a pay-for-entry kind of credit application. If you're not familiar, you pay for a membership (a small annual fee like $50), purchase a $100+ item, and pay it off in a few months. By doing this, they will post your payments, as well as the credit limit to your report. These credit limits, most times, can only be used on those websites, but my main goal is for these limits to show on my report and boost my scores.
The tradelines I intend to apply for are:
My Jewelers Club ($5,000 limit)
Hutton Chase ($1,500 limit)
New Coast Direct ($5,000 limit)
Ox Publishing ($2,500 limit)
DSX Design ($5,000 - $12,000 limit) Brand new tradeline; still doing research
I asked my brother for advice and he said I should only apply for two of these tradelines (My Jewelers Club and New Coast Direct, specifically), get a secured credit line from a reputable bank like Chase, Bank of America, etc. and apply for 2 authorized users rather than, solely, applying for all of the tradelines on my list because the examples he gave will hold more weight on my report and the majority of the tradelines I have listed are new so they don't hold much weight.
MY REASONING FOR DOING THIS: is because I am starting a business and am planning on applying for business credit (hoping for a high limit). It is my understanding that the better your personal score, and the higher your credit limit, the less likely you are expected to have a personal guarantee to secure that funding.
Forgive me if I'm wrong, but to my understanding, I thought the higher your credit limit, the better. I don't have any credit on my account, as of today, and figure letting a $27,000 car loan and, up to, $26,000 in credit would look great on my report. I need help. Please advise!