Hello forums. I’m here to gain knowledge about credit and personal finance in general. To give some background, I was born in Chicago, raised down south. I wasn’t taught anything about credit growing up. I made the usual mistakes – credit cards, student loans, ect. I had a card my parents gave me, whenever I couldn’t make a payment they would always take care of it so it wasn’t all bad.
In 2016 my financial situation changed dramatically as I had become a business owner. (kudos to anyone who can guess my business tehe) I was able to pay off all my debt (including those nasty school loans) but still I knew nothing about credit and didn’t plan to but being a business owner I found it impossible to get any type of trade lines/loans without someone wanting to run my credit so last month I finally took a look at my scores.
Currently my scores are: Equifax – 730, Transunion – 745, Experian – 720. Ive been told my scores are good, but my file is “thin” my average years of credit is 2 years. I made the huge mistake of canceling some of my cards because I wasn’t using them. I also have a couple of cards that were charged off and closed. Other than that my report is clean. Right now I don’t know what to do or what cards to apply for. should I be applying for business cards or personal? Will proof of income come into play? My last W2 came in 2016, I earned 40k. I haven’t filed my business taxes yet, but I will net about 137k for 2016.
So when doing apps should I reference what’s on my last W2? I’m soooo confused. I just want to make the best choices and not get bad cards. Sorry for the long post, i just wanted to provide enough details to hopefully get a response, so lucky to have found you guys. Happy New Years!