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Posts: 13
Registered: ‎01-08-2012
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New Cards to Boost scores

My husband and I both just got new cards to boost our credit scores. We had not had credit cards in about 5 years and were told by our mortgage broker we needed some to get the boost in scores to get a good rate. So, tell me how to best do that? Hubby got a walmart card with a $500 limit and I got a BOA secured card for $300. What amount should we put on these cards? and do we pay them off in full every month or leave some balance? Any advice would be awesome! We need about 30 points each in the next couple of months. Thanks

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Posts: 614
Registered: ‎10-23-2011
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Re: New Cards to Boost scores


staces6 wrote:

My husband and I both just got new cards to boost our credit scores. We had not had credit cards in about 5 years and were told by our mortgage broker we needed some to get the boost in scores to get a good rate. So, tell me how to best do that? Hubby got a walmart card with a $500 limit and I got a BOA secured card for $300. What amount should we put on these cards? and do we pay them off in full every month or leave some balance? Any advice would be awesome! We need about 30 points each in the next couple of months. Thanks


I would PIF and how does each of your credit history look like? 


Starting Score: EQ 686 10/18/11, TU 689 10/25/11, EX 685 10/11 (Amex Pull)....these are all FICO scores
Current Score: EQ 702 10/24/11, TU 689, EX 685
Goal Score: 750+

Score Update: EQ: 743 (02/03/12) TU: 741 (Walmart 01/11/12), now 761 as of 01/27/12 (Walmart), EX: 741 (Amex 01/04/12)
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Posts: 9,674
Registered: ‎01-28-2010
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Re: New Cards to Boost scores


So are you saying that both you and your husband didn't have any open Credit cards prior to opening these ?
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Contributor
Posts: 1,486
Registered: ‎08-14-2011
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Re: New Cards to Boost scores


staces6 wrote:

My husband and I both just got new cards to boost our credit scores. We had not had credit cards in about 5 years and were told by our mortgage broker we needed some to get the boost in scores to get a good rate. So, tell me how to best do that? Hubby got a walmart card with a $500 limit and I got a BOA secured card for $300. What amount should we put on these cards? and do we pay them off in full every month or leave some balance? Any advice would be awesome! We need about 30 points each in the next couple of months. Thanks



How much you spend on the cards won't affect your score at all.  Just don't pay late, and when you need the 30+ points, make sure you have a low balance, or no balance.

In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
Member
Posts: 13
Registered: ‎01-08-2012
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Re: New Cards to Boost scores

Correct, no cards before these. Ive read to carry like a 30% balance or something so just wanting to make sure i do things right to help our credit

Established Contributor
Posts: 614
Registered: ‎10-23-2011
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Re: New Cards to Boost scores


staces6 wrote:

Correct, no cards before these. Ive read to carry like a 30% balance or something so just wanting to make sure i do things right to help our credit


Ideally under 10% would be good...do either of you have anything negative on the reports?


Starting Score: EQ 686 10/18/11, TU 689 10/25/11, EX 685 10/11 (Amex Pull)....these are all FICO scores
Current Score: EQ 702 10/24/11, TU 689, EX 685
Goal Score: 750+

Score Update: EQ: 743 (02/03/12) TU: 741 (Walmart 01/11/12), now 761 as of 01/27/12 (Walmart), EX: 741 (Amex 01/04/12)
Take the FICO Fitness Challenge

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