Reply
Member
ms34shana
Posts: 5
Registered: ‎03-25-2008

credit cards

How much should you balance be for c.c when you have a 300 and 200 dollar credit limit.
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007

Re: credit cards



ms34shana wrote:
How much should you balance be for c.c when you have a 300 and 200 dollar credit limit.


For optimal FICO scoring purposes, let the $200 card report a $0 balance, and let the $300 card report a balance anywhere between $1 and $27.

 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Established Contributor
fender
Posts: 709
Registered: ‎04-20-2008

Re: credit cards

[ Edited ]
On a $300 dollar card, $21 would be ideal.  I actually nearly max mine out, but pay it down to ~$20 before it reports to beureas, and pay it to $0 before the grace period ends.  I really wish someone would give me like a 1000 limit, It would be SO much easier!


Message Edited by fender on 05-04-2008 12:51 PM
"WTB Access Number"
Established Contributor
Changingmantra
Posts: 676
Registered: ‎01-24-2008

Re: credit cards

Fender, you will get there.  When I started coming here in January, I used to envy EVERYONE every time I read about the cards they were getting and the scores they had.  If someone said they had gotten some major prestigeous card, then off I went apping, knowing darn well that I did not stand any kind of chance!  I mean, I was crazy with trying to measure up and forcing issues that I have so many applications and DENIALS out there that I had to buy a paper shredder recently.  :smileyvery-happy:
 
I thought I would never get to the point where I would be posting about CLIs or new credit.  But I am on my way just after 4 months of coming here EVERYDAY and learning.  It is important to read, read, and read.  This will help you discern for which credit you actually have the best chance of getting and how to handle it once you get it.
 
Here's to us continuing to move on up!
A few props to the Jeffersons there!  :smileywink:
*Note to self* Remember why and for how long you had to rebuild in the first place! One Day at a Time, One Day at a Time!
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007

Re: credit cards

$3.22 and $4.27, respectively.

Seriously, the balance should be less than 10%, but over zero.
- - - -
in a credit-scoring postnuclear Stone Age...
Established Contributor
fender
Posts: 709
Registered: ‎04-20-2008

Re: credit cards

.01%?      $20 and $30 is 10%...
"WTB Access Number"
Established Contributor
fender
Posts: 709
Registered: ‎04-20-2008

Re: credit cards

thats my problem Changingmantra ive been applying way to much!  I need to be patient and let my little CL's grow!  See, I know what to do, but patients isnt my best virtue :smileysad:
"WTB Access Number"
Established Contributor
Changingmantra
Posts: 676
Registered: ‎01-24-2008

Re: credit cards

[ Edited ]
Yeah, it is easy to be sucked into that, especially when you have compulsive tendecies like I have.
 
Last week I submitted a post in the Success Stories forum.  After that I took a look at how far I had come in a few months.  Do not get me wrong, I still have a ways to go, but I am not where I was just a month ago.
 
I was going to say that I am impatient as well, but started thinking about what has helped me to sit back and take a breather just this past week.  1.  My denial letters have gone from saying  "bankruptcy, too many deliquencies..." to "too many inqueries."  2. I just started journaling on my computer.  The one thing I wrote about was appreciation.  Shifting the focus off being impatient in trying to GET MORE to an appreciation of WHAT I HAVE has helped.
 
Do not get me wrong, I am not saying to settle.  I just know my own history and based on that history, I certainly thought that credit rebuilding was a long way down the line.  In fact, I was so stuck in this belief that it took 4 1/2 years for me to even start!  When I did, and had some success, I lost my mind.  Not like that was long ago.  I mean, I was still overly obsessing as of last week!  And I know I am still a lil crazy with it, but I am at least at the point where I do not just see what I DONT have, which allows me to appreciate and nurture what I DO!
 
3. So the third thing was that I realized that when I was younger, I never thought about CL and CLI and how this card had an annual fee and this one did not or what rate I had.  I simply had cards, no matter the CL or status that came with them.   I simply paid my bills whenever they were due.  THAT is what lead me to have what I now have learned are "prime cards."  Thinking on that has allowed me to stop looking for CLI and more credit ..more this.. more that... I can sit back and decide that I really do not need more.  I need to nurture what I have, which is what I stopped doing years after having pristine credit and my personal life was in turmoil.  The rest will fall in place!
 
This is not meant to lecture or to say that I know what is best for anyone esle.  Just offering up what I am doing to try to help myself stay focused on what really matters in my situation and to get through this very new, exciting, and sometimes tricky development.  It has only been a week of trying this, but I think it will work out for me.  When you figured that you have enough, just sit back and nurture and wait for the rewards of doing that.

 

 

P.S.

Hey if all of that is not enough of an incentive, then this is.  EQ Score over the past two weeks: 609 to 616 after one new account posted to today 608  I am sure from application spree.  Time to just chill out and let the new credit work for me.

Message Edited by Changingmantra on 05-04-2008 09:22 PM



Message Edited by Changingmantra on 05-05-2008 04:22 AM
*Note to self* Remember why and for how long you had to rebuild in the first place! One Day at a Time, One Day at a Time!
Established Contributor
Jesedmotherof5
Posts: 537
Registered: ‎04-02-2008

Re: credit cards

CM- wonderful advice for me. I sat back this weekend! he he he! I was absolutly devestated on friday after seeing a LARGE drop in my EQ fico! I have alot to be happy about! I wish i would have started four years ago too!~
6/9/08 FICO TU 697 EX698 EQ 618uti 6% (once new accounts hit) BIZ- DUNS 80, EX 35
GOAL 2008- 700s+ new car
2010 BE a first time buyer

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+