Hello, I'm rebuilding my credit, taking baby steps here. My FICO score is 709, I have a bankruptcy in 2006. I have one MasterCard with a $500 limit and one store card with a $300 limit. To raise my credit score should I not go over 20% or 30% of my available limit? Should I pay the balances in full each month or carry small balance each month? Thanks very much.
Since you have two cards
What's reccomended is have only one account showing a balance .. no more than 9%
Other pay before closing to show 0 balance.
Rotate between the cards.
While your in what they call Bk mode Don't sweat it out -
you will see your score hit a peak and won't go any higher.
As your accounts Age with time you will see changes in your scores as you move from one score card to next level.
Hello and welcome!!
I don't know how much of this will help, but it is good reading: http://ficoforums.myfico.com/t5/Bankruptcy/HOW-TO-From-BK7-discharge-to-700-in-24-months-or-less/m-p...
Best of luck to you!
Fastest way to increase your credit is to put balance on one card and have a total of 2% utilization.