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I am in the process of cleaning up some credit report collections and recently applied/approved for 2 secured credit cards, one with a $1450 limit and the other with a $1000 limit.
What percentage of the available limit should I charge and pay in full each month?
My goal is to have collections removed as a condition of payment and have 1 years credit history in order to be able to buy a house with an FHA loan this time next year.
TIA
@Anonymous wrote:I am in the process of cleaning up some credit report collections and recently applied/approved for 2 secured credit cards, one with a $1450 limit and the other with a $1000 limit.
What percentage of the available limit should I charge and pay in full each month?
My goal is to have collections removed as a condition of payment and have 1 years credit history in order to be able to buy a house with an FHA loan this time next year.
TIA
Really up until about 2 months before you want to apply for mortgage you don't have to worry about util. but if you want to keep util down, I would use the cards as much as you want through the month and then make a payment before the statement cuts to bring it under 9% of CL, then when bill comes, pay the remaining balance.
Uhh....I really don't want to send 2 checks a month....any responsible answers? What percentage should be used?
@Anonymous wrote:Uhh....I really don't want to send 2 checks a month....any responsible answers? What percentage should be used?
less than 9% of CL if you just want to pay once a month.
do you really still mail checks? I use my banks bill pay, payments are made electronically in 1 day.
@Creditaddict wrote:
@Anonymous wrote:Uhh....I really don't want to send 2 checks a month....any responsible answers? What percentage should be used?
less than 9% of CL if you just want to pay once a month.
do you really still mail checks? I use my banks bill pay, payments are made electronically in 1 day.
+ 1,000,000
Mailing checks is downright dangerous these days. You're at the mercy of the postal service, the mail-openers at the bank, the payment-posters at the bank, you name it.
I pay online and I screenshot the confirmation and save it. I write down the confirmation number in my checkbook register (yes, I am one of those dinosaurs who faithfully keep a check register, and it's balanced, too), and I save the e-mail payment confirmation.
Thanks for your 9% number.
yes meant online thanks all
I have 3 secured credit cards. I often charge them to the 95% limit each month. I make the minimum payment or more right after the statement cuts. I pay in full before the due date.
The most important thin is never go over limit and never be late.
Whne you get with 3 months of mortgage app, then you move to the 9% reporting mode, which will boost your scores.