Ok now what? 2 new cards

[Anonymous]

It has taken me forever to get these 2 new credit cards, I own my home outright, bought last year and also my auto. I have read a lot here but need to know if I should carry a balance on my cards, one is 300 the other 500. could you define gardening?

[Wolf3]

---

@Anonymous wrote:
It has taken me forever to get these 2 new credit cards, I own my home outright, bought last year and also my auto. I have read a lot here but need to know if I should carry a balance on my cards, one is 300 the other 500. could you define gardening?

---

Carrying a balance means not paying the statement balance by the due date.    It generates interest charges.   In general, you should not do this unless, you have a low interest rate (0% or so), or you have to (things happen).  It does not help and can hurt your credit.

My definition of gardening involves vegetables and flowers.

[JM-AM]

For scoring purposes it is probably best to leave a $3 balance on your $500 CL card and a $0 balance on the $300 CL card. 

Use the cards as you need to and PIF right away then about 1 week before statement hits only pay the $500 CL card down to leave $3 balance and after the statement hits pay the $3 in full as to not cost you interest. 

Being the cards are new and you are unsure of the statement date I would just go buy a coffee on the $500 CL card and just wait until statement hits so you know about when it will be for future statements.

You haven't mentioned what CC's you have and that can make a difference as to when they report balances.

[Anonymous]

Hi both are cap 1 cards and I have them online so I can look at the dates.

[JM-AM]

Use them all you want through the month and just PIF. Just before statements are going to report only leave a 2-3 dollar balance on the higher limit card for best results in FICO scoring and 0 dollar balance on the other card. 

Remember to pay the 2-3 dollar balance in full after statement reports as not to acquire any interest charges.

[smallfry]

You have 2 cards with Capital One and that's it? Not good. Since you own a home free and c;ear and do not need a car anytime soon your scores shouldn't be your immediate concern. I would try to get a nice high limit card from a good credit union. If you have $20 to invest you could join PSECU. They are nearly as generous as Navy Federal with initial limits. 

[JM-AM]

---

@smallfry wrote:

You have 2 cards with Capital One and that's it? Not good. Since you own a home free and c;ear and do not need a car anytime soon your scores shouldn't be your immediate concern. I would try to get a nice high limit card from a good credit union. If you have $20 to invest you could join PSECU. They are nearly as generous as Navy Federal with initial limits. 

---

While the attempt to open high limit cards with a CU is a good idea, having the CU open the account and offer a CC is another subject, which his/her scores and other things will impact the decision. If they have paid for their house in cash and car in cash there is no history which is why they weren't approved for better cards to begin with. The limited history and new history of 2 cards will more then likely not give them high CL for several months to come IMO.

Need to let the cards age a little then go from there IMO.

[smallfry]

---

@JM-AM wrote:

---

@smallfry wrote:

You have 2 cards with Capital One and that's it? Not good. Since you own a home free and c;ear and do not need a car anytime soon your scores shouldn't be your immediate concern. I would try to get a nice high limit card from a good credit union. If you have $20 to invest you could join PSECU. They are nearly as generous as Navy Federal with initial limits. 

---

While the attempt to open high limit cards with a CU is a good idea, having the CU open the account and offer a CC is another subject, which his/her scores and other things will impact the decision. If they have paid for their house in cash and car in cash there is no history which is why they weren't approved for better cards to begin with. The limited history and new history of 2 cards will more then likely not give them high CL for several months to come IMO.

Need to let the cards age a little then go from there IMO.

---

Free and clear does not presuppose no mortgage listed. Capital One is famous for giving low limits. Mid 600's have reported 10-20K Visa approvals over at Penn State. Sounds like OP has inquiries to burn. I would go for it. 

[Anonymous]

I just left a credit union and had a secured card in 1998 I had someone, my x I think run up 120k on a black Amex, I finally now have most of it off my credit and now I need to start clean and rebuild, I have a auto loan in 06 then sold the car in 07, but every payment was ontime also had a vette in 01 on lease so those 2 show good, cap 1 was the only one to take a chance on me and I am thankful for that. I am with you think I need to give it a year and let them age.

one fico is 620

[Anonymous]

Any other tips?