@serving wrote:
Hello All, My wife and I are currently rebuilding credit after bankruptcy. We didn't clam bankruptcy from credit card dept just hospital bills from the nicu after our twins were born. Alls fine and well with them now but have some questions about where to go from here.
We both filled out an app to cap 1 and both of us received a credit card for 1k. Our thoughts were to put both of us as AU's on the accounts for more credit accounts. Is this a good idea? Yes this will help both of you but keep UTL down
Also we have always kept our utilization higher on our last cards. I know you can't just swipe the card then quickly go pay it off online. This is our first card with high interest at 24%. To avoid that horrid interest I just pay when the invoice comes right? UTL is very important so if you have to pay more than once a month do that .....
Golden rule Have 1 card report a balnce of less then 10% so each one of you make sure before statement cuts be at that magic number if you want to increase scores....If not it does not matter what UTL is as long as its under 30% but since you want the best possible scores for your next big purchase that new home I suggest you start the raising scores now and building positive history. As an AU on each others accounts if your UTL is high it will affect her scores and vice verse
Our end goal is to buy a new house in 2 years, wanted to make sure I'm on the right path. best wishes on the new home
Welcome to the forum
Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
