Personally I would not use anything on the fingerhut or Cap One secured, or just make sure they report a 0 balance each month. I would use the crap out of the QS1. You get 1.5% cash back, plus Cap One likes heavy usage which can result in CLI. Pay it off multiple times per month and make sure it reports under 10% utilization when the statement cuts.
@shalane85 wrote:
Hi all!
I am in the process of rebuilding my credit for the 100th time. I feel like I've been out of the credit scene for years since I filed Ch. 7 (2012) and Ch. 13 (2014). I am trying to hard to make better choices and improve my credit. So far I have the following new accounts:
● Fingerhut w/ SL 200 (limit increased to 600)
● Capital One secured w/ limit of 200
● Capital One QS1 w/ limit of 500
How should I manage these cards with the purpose of increasing my scores?. They currently hover between 590-610.
Should I carry a small Balance or PIF and let a 0 Balance report. If my due date is 5/2, when does the balance report? Look on your statement, and whatever date it shows will be when you want to show under 10%. I believe it cuts three days after your due date. Should I use heavily throughout the month and makeep multiple payments. Obviously these are low limits so I was thinking of using them for bills and paying them off every month.
Any advise would greatly be appreciated!
@huck1081 wrote:
Personally I would not use anything on the fingerhut or Cap One secured, or just make sure they report a 0 balance each month. I would use the crap out of the QS1. You get 1.5% cash back, plus Cap One likes heavy usage which can result in CLI. Pay it off multiple times per month and make sure it reports under 10% utilization when the statement cuts.
I agree with this thought process. The QS1 will get you more in the long run. You do need to keep it under 10% util for statement cuts. As long as you do this, things should move forward in a good direction.
Happy to report you both were right. I use the QS1 for everything. I spend about 2k per month on a 500 limit card. I hit the luv bug recently and saw an increase to 3k. Not too shabby
@RM21 wrote:
@huck1081 wrote:
Personally I would not use anything on the fingerhut or Cap One secured, or just make sure they report a 0 balance each month. I would use the crap out of the QS1. You get 1.5% cash back, plus Cap One likes heavy usage which can result in CLI. Pay it off multiple times per month and make sure it reports under 10% utilization when the statement cuts.I agree with this thought process. The QS1 will get you more in the long run. You do need to keep it under 10% util for statement cuts. As long as you do this, things should move forward in a good direction.
