I really don't have too much experience how fico works but I've couple new credit cards that I need them to aged but I always keep very small balances for example $ 25.00 but no more than 100.00 after monthly cycle. Should I just pay them to report zero balance every month to show usage. I've a long way to hit 800's but I would be happy if I hit 700's....I know time, patience and playing your cards right to achieve what you want.
Just over a month ago my EQ FICO was 690. I fixed it by adding a new Walmart card, paid all the balances except one to zero and reduced util from 11% to 1%. FICO is now at 764.
I'm new here but i'll try to answer.
Charge cards - Pay in full, every month, before the closing date.
Revolving cards - It's okay to have a balance but try not to exceed 9%
--- For example, If you have a credit card with a $2,000 limit. Try to keep the balance below $180.
For it, it was getting lates Goodwill'd off the reports.
Thanks SteveCi for the helpfull information, keeping the balance to less than 9% is going to be tuff but I have been keeping it less than 34% on one credit card and the rest been zero balance or sock drawer.
i went from 725 to 793 in two months. All I did was open two new cc accounts (only 1 so far has reported) and paid down my utilization to under 25%.
I only have one baddie on my report which is 99% chance it is getting taken off by next week. So my eq should be in the 800s soon
I really want to open two more cards: USAA and an amex BCP or SPG but not sure if I should hold off for 6 months or so.
Getting baddies taken off could definitely give a huge boost and lowering utilization. I had a verizon charge off removed and my score jumped 61 points in one month. I also had a few CLI's so that helped with my util. and added to my boost
I personally have went up 60 points since Jan 5th of this year. I have gotten several baddies removed & paying down my Util. Reading all the posts on here have made it all possible!!! Its definately easier to keep your score up than try to build it back up. Its just like loosing weight...its harder to take off than put on.