Just wanted to give everyone an update on my quest to establish and maintain a perfect credit history. I applied for a Cap one mastercard with a $2000 dollar limit last night and was approved. Wow...two approvals within a week. I don't want to establish any more new credit until I"ve had time to prove that I'm capable of showing a history with these new accounts. I hope that my BoA secured card will graduate soon with a higher credit limit that will negate me having to increase my limits by applying for a new card.
I would appreciate any advice on what I should do next. Below is a snapshot on my journey to the world of a perfect credit file.
1. Bank of America Visa secured $300 high Balance 0 Opened Aug 2007......Never Late
2. Orchard Bank MC secured $300 high Balance $70 Opened Oct. 2007......Never late
3. WaMu Visa $3500 high Balance 0 Opened May 2008..Will never be late
4. Cap One MC $2000 high Balance 0 Opened June 2008.Will never be late
I really don't need to keep balances on these cards but I will use them to pay bills I normally pay with cash such as utilities, cable bill, cell bill, groceries, ect. and as soon as the charges post pay each off online with my checking acct. leaving a small balance to show utilization.
We want to buy a home in May 2009 and we're trying very hard to establish a credit file to help us get the best rates available. My wife doesn't have credit at this time and we thought it was best that I establish a good credit history and in time bring her on board on the strength of my credit.
I will continue to update you on our journey through this post and any help you can give will be greatly appreciated. I value your judgements and opinions and I hope to learn from your experience and expertise. Thank you all for your wonderful comments, your words inspire us.