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Am I on the right track?

New Contributor

Am I on the right track?

I'm trying to stay on the right course of building up my scores. My credit scores are

EQ: 598  TU: 611 EQ: 613.  I know I still have a ways to go but it makes me feel good seeing the numbers go up.  I have (4) credit cards: 
 
Cap Platinum credit 1000 credit limit; credit card was 750 and I ask for CLI last wk and was given $250.00. ($1,000 credit limit) bal $250.00.

I know it's not alot but it's a start.
Cap Journey:  500 credit limit; CLI was given $250.00 now credit limit is ($750.00) (bal. 350.00)
Cap Platinum: account restricted $300.00 balance. 
Credit Union secured card limit $ $300.00  bal. 193.00

 

Was just approved for a car loan from Capital One for $35,000. The APR range is 4.67 - 13.72.

 

Is there anything else I need to be doing?  When do you know when to apply for a better card?  Thanks for the help!  I don't know what I would do without this forum. Wealth of information

Starting Score: EQ 430, TU 467, EX 465
Current Score: EQ 617, TU 618, EX 611
Goal Score: EQ 700, TU 700, EX 700


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Senior Contributor

Re: Am I on the right track?

Pay off those credit card balances. 

 

Your utilization is high.  "High" is anything over single-digit utilization IMO.  Ideally you want to pay off all your cards and just let a small $5-$10 balance report on one to maximize FICO scoring.  Even if you paid off ALL your cards right now the hit you'd take from all zero balances reporting IMO would be less than the gain you'd get from paying down what is pretty high utilization.

 

Continue to make on time payments and pay off those cards and you've got 2/3 of the FICO pie in the bag.  Then all you need is to let time do its thing and you'll be golden!

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New Contributor

Re: Am I on the right track?

Yes,  thank you so much

Starting Score: EQ 430, TU 467, EX 465
Current Score: EQ 617, TU 618, EX 611
Goal Score: EQ 700, TU 700, EX 700


Take the myFICO Fitness Challenge
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