I can answer the easy ones:
For the Quicksilver card, how much should I charge on it?
- For any CC, secured or unsecured, you should never have a reported balance (monthly statement) that is more than 30% of credlit limit for any single card or combined - that lowers your score.
Should I pay it in full every month or carry a small balance on it so that my score is optimized?
- I never subscribed to monthly credit monitoring, so I'm not sure about that. I do know that with Merrick Bank & Barclays, when I paid in full each month they were slow to raise the CL; when I started carrying a small balance & paid them interest, they were much faster to raise the CL.
How will my score differ if I paid in full as soon as i get the bill as opposed to just before my due date?
- I don't believe it makes any dofference.The amount of your statement balance and payment is what is reported, not when. In looking over my reports, there is no way to know when the payments were made, just the amount, the month, that is was made by the due date & not late, and was at least the minimum payment. I always make my payments a few days before the due date to maximize my cash flow. I even cycle use of cards, start using a card that just had a statement to maximize the amount of time I have to pay with no interest.
Is three new accounts within one month going to affect my score negatively?
- No. Three new inquiries (applications) will affect your score negatively, but 3 new accounts with new credit extended to you should have a positive affect.
If I maintain the cards and the credit builder loan perfectly until next November, (and don't apply for any new credit) will my scores climb Back up enough to get a decent interest rate on a car loan?
- Well, we don't know where you're starting from. A score of 700+ will get the better/best interest rate (4-7%, and unlikely you'll be there that fast. But a 620-650+ score will get you a decent rate (10-15%), Below 600 and you're looking at loan shark rates (18%+)
It's time for a new car for me and I'm 670-680 almost 4 years post discharge. Im trying to hold off until I can get 700+. I just got approved for a Capital One card w/$10k limit last week, I'm hoping that will bump me up over 700 when that starts reporting.
