Credit Cards

[PrettyGyrl]

Hello All,
I have 3 secured cc, BOA $300, USBank $300 & CAP1 $200. In order to maximize and get the best credit score jump I need to only have a utilization of 9% on one and have the other two report a $0 balance? However I can still use the cards as long as they report a zero balance when the statement cuts?
Thanks In Advance

[Dustink]

You have to see when your card reports the balance. Not all banks report statement balance.

For example:

US Bank reports my balance on the day the payment is due.

[newportguy]

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PrettyGyrl wrote:

Hello All,
I have 3 secured cc, BOA $300, USBank $300 & CAP1 $200. In order to maximize and get the best credit score jump I need to only have a utilization of 9% ( 1% would MAX your Score ) on one and have the other two report a $0 balance? However I can still use the cards as long as they report a zero balance when the statement cuts? CORRECT
Thanks In Advance

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[distantarray]

The ideal for me and many others is say you had 3 cards at $1,000 each.

$60 on 1 card (2% of total credit limit)

$0 on card 2

$0 on card 3

this was used to obtain a 819 Equifax 04 credit score which is one of the highest reported online by anyone. 850 is impossible on the 04 Fico scoring even the Fico President wasn't in the 800 club a few years ago.

[distantarray]

this was basically what people have found on creditboards and they're more sensitive to scores than this site =)

using this model is how I also went from around $2,400 limit (2 secured cards and 1 store card - kay jeweler) in little over a year from that to over 50k in credit limits, the method helped me out a lot, and the people at the site helped me get from 400's to 758 in a year  I <3 them

[napplegate]

Should I factor in AU accounts into the 2 percent? I'm currently an AU on an account with a 20k limit.

[distantarray]

yes

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napplegate wrote:
Should I factor in AU accounts into the 2 percent? I'm currently an AU on an account with a 20k limit.

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[PrettyGyrl]

From what I've read in this forum isn't it better to pay off my baddies on my cr instead of applying that money to a secured cc? Then afterwards raise my limit when I get close to my graduation date and start applying for non secured cc. Please advise!

[randeman]

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PrettyGyrl wrote:

From what I've read in this forum isn't it better to pay off my baddies on my cr instead of applying that money to a secured cc? Then afterwards raise my limit when I get close to my graduation date and start applying for non secured cc. Please advise!

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Depends on the "baddies."  If they are old (talking years) they have little impact on your score.  If they are recent, they will be more of a challenge.

[shakalaka]

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distantarray wrote:

this was basically what people have found on creditboards and they're more sensitive to scores than this site =)

using this model is how I also went from around $2,400 limit (2 secured cards and 1 store card - kay jeweler) in little over a year from that to over 50k in credit limits, the method helped me out a lot, and the people at the site helped me get from 400's to 758 in a year  I <3 them

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Interesting - Many thanks