07-07-2013 08:51 PM - edited 07-07-2013 08:55 PM
07-07-2013 08:57 PM
Hello everyone. I am a 24 year old male with 2 credit cards and an auto loan. My two cards are Discover IT and BOA Cash Rewards. The IT card has a limit of 10k and the BOA has a limit of 2.5k. No balances on either card. My auto loan was originally applied for and accepted though chase in march of 2011 for 12.5k and I have paid it down to 6.5k since then.
My current fico scores are TU 762 and EXP 759. I am looking to increase my scores, but I am not quite sure how to. Does anyone have some insight as to how to increase my scores in the coming months, years, etc...
I also use the FICO quarterly monitoring product as well.
Thank you in advance for any ideas or comments!
For maximum scoring purposes you should not have both cards reporting a $0 balance. Allow one of them to stay at zero and keep the other card between 1%-9% this should gain you a few extra points.
07-07-2013 09:41 PM
Okay so how exactly do I let it report a balance without having to be charged interest?
To avoid interest fees, simply pay the statement balance in full after statement cuts.
that way, a balance will be reported, and you will not be charged interests.
07-07-2013 09:45 PM
07-07-2013 09:49 PM
Ah okay so my most current discover statement was produced on June 25th. It says my payment due date is August 4th. So if I PIF by August 4th if there was a balance it would be reported but I wouldn't be charged interest?
Let's say your 25th june Discover statement balance was $1000.
If you paid $1000 before August 4th, you will not be charged interest. To be on the safe side check your Discover T&C for the interest-free grace period duration.
In the meantime, you can continue to use that card and let it report a new balance for the next cycle.
07-08-2013 12:20 AM
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