Success after 6 months!

[Anonymous]

Thanks

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@K-in-Boston wrote:
Get the utilization down and come join us over in the garden for about 6 months and you’ll likely be quite amazed at what happens to your scores! Yes, it sounds like a combo of new accounts reporting (a big ding in and of itself) along with decreased AAOA and utilization. All repairable with a little patience.

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Thanks, I've been in the garden since Sept, and will be staying for a while.

[Anonymous]

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@Anonymous wrote:
See my signature link — if you are rebuilding your credit, paying any interest at all means you’re not rebuilding credit but building debt.

Roll back your spending and focus on rebuilding credit not debt.

You say your utilization is 40% and I assume you mean overall aggregate. That hurts your score but so does individual utilization higher than 28.9% on any account. What’s your highest utilization on any card?

Don’t make the mistake of relying on credit to “afford” luxuries when you’re rebuilding.

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Ok first of all, that's a LOT of ASSumption in one reply.  Spike in utilization is due to 3 new cards, and not paying attention to the different statement dates on the first time they cut. They're all paid down already;  advice is nice, but you can keep your assumptions.

[Anonymous]

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@Anonymous wrote:
See my signature link — if you are rebuilding your credit, paying any interest at all means you’re not rebuilding credit but building debt.

Roll back your spending and focus on rebuilding credit not debt.

You say your utilization is 40% and I assume you mean overall aggregate. That hurts your score but so does individual utilization higher than 28.9% on any account. What’s your highest utilization on any card?

Don’t make the mistake of relying on credit to “afford” luxuries when you’re rebuilding.

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Agreed cards should be used as tools to rebuild in the early stages not to be used for frivolous spending or carrying a balance. You're trying to build your scores for top tier cards. Don't get carried away with these rebuilder cards, you won't have them long if you do it right. Dv

[Anonymous]

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@K-in-Boston wrote:
Get the utilization down and come join us over in the garden for about 6 months and you’ll likely be quite amazed at what happens to your scores! Yes, it sounds like a combo of new accounts reporting (a big ding in and of itself) along with decreased AAOA and utilization. All repairable with a little patience.

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Thanks, already in the garden; just a little setback with 3 new cards and first statements cut on different dates than I expected. No biggie. I haven't paid a penny in interest all year. I lurked on this forum for months gathering information, so I know what direction to go because of all the great advice shared on these forums.

[HeavenOhio]

It seems that you're doing great and that you understand what to do. And you understand that it's easy to recover from one month of wonky utilization.

You can do quite a bit with starter cards. You can pay for gas, food, some clothes, household gadgets, restaurant meals, etc. Actually, ABCD is an expert at it. Pay multiple times a month if you have to, and keep the balances that report under control.