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Established Contributor
Posts: 736
Registered: ‎02-14-2013
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2 CC Credit UTL

I am just starting my long credit rebuilding and I have a Secured and Un-Secured card from C1, that I will be getting shortly in the mail.  My plan is to only put $15.00 a month on each card, then pay them off in full.  *every month*  Total limit btwn the 2 is $500.  So, that should be a Total of 30 bux a month with a 500 dollar total credit ceiling.  That would give me a total of 6% credit UTL, now that should be best plan correct?  

EQ FICO 8: 612 3/26/2015
TU FICO 8: 624 3/28/2015
EX FICO 8: 641 3/25/2015 Goal: 700 Across the board
Barclays Rewards Visa:0/1000 Arrival:1370/3000 Cap 1 QS1:0/3300 Cap 1 Venture:0/5000 Discover It:0/800 Chase Freedom:0/2000 Mid-South FCU:0/3000 CCD 13% Util
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: 2 CC Credit UTL


Deltadog03 wrote:

I am just starting my long credit rebuilding and I have a Secured and Un-Secured card from C1, that I will be getting shortly in the mail.  My plan is to only put $15.00 a month on each card, then pay them off in full.  *every month*  Total limit btwn the 2 is $500.  So, that should be a Total of 30 bux a month with a 500 dollar total credit ceiling.  That would give me a total of 6% credit UTL, now that should be best plan correct?  


IMO it is only an OK plan.   If you only want a few low limit cards in the future that you don't use much, this will work.

 

I think you need to build a history of using and paying off credit on time.   I suggest you use most of your limit each month and Pay in Full by the due date.   I also suggest you increase your deposit on the secured card so you have enough limit to put run more of your expenses through your cards, but only if you have it to spare. 

 

Then in a year or so you can max your score with opitmized utilization and try to apply for something better. 

 

 

 

Established Contributor
Posts: 736
Registered: ‎02-14-2013
0

Re: 2 CC Credit UTL

Ok, good deal Wolf3, I really appreciate it.  I really like how I can learn in this forum.  Would you also recommend getting 1 more card?  I might be able to add a bit more to the secured one soon.  Thank you again!  :smileyhappy:

EQ FICO 8: 612 3/26/2015
TU FICO 8: 624 3/28/2015
EX FICO 8: 641 3/25/2015 Goal: 700 Across the board
Barclays Rewards Visa:0/1000 Arrival:1370/3000 Cap 1 QS1:0/3300 Cap 1 Venture:0/5000 Discover It:0/800 Chase Freedom:0/2000 Mid-South FCU:0/3000 CCD 13% Util
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