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Howdy, folks!
Much to my surprise since posting here last, my credit score through time, discipline and being an AU for another card (BoA) has risen to 755EQ 757TU 729EX for the three bureaus, respectively.
The only negative items suggest that I had "too many or too few" revolving accounts, therefore the "too few" must be the problem. I applied and was approved for a new card under my own name, that caused my EQ score to drop 7 points from 762 to the present 755, which is to be expected.
The opening limit on the new card is only $1500, and I would like to know what you guys recommend to improve my score with an eye to a car loan this coming spring. I'm reading that it's best to keep my balance on one card under 10%, but the card for which I'm an AU (the BoA card) is, of course, not in my control. I don't use that one much, but it is ALWAYS paid in full at the end of each month - the owner of the card does not carry a balance.
So, I'd be grateful for any suggestions on a strategy for how to best use this new card. Should I use it to pay my monthly bills (cell phone, homeowner's policy, etc.) and pay it off every month? Should I buy something big (like a new TV) and pay it down over three months? Should I get a second card under my own name and remove myself as an AU from the BoA card?
Your feedback here would be informative. Thanks in advance for helping!
Did you nean 5%-10% usage? That's the number I've been seeing. What about the idea of getting a 2nd card under my own name and removing myself as an AU?
So, just to be clear:
1) I pay my monthly recurring bills (phone insurance, etc.) using my card, and pay all but 9% down every month
2) Apply for a 2nd card under my own name and eventually remove myself as the AU on the BoA card (but at what point?)
3) Can you recommend a card based on the above current FICO scores? I'd rather stay away from CapOne. I see that AMEX Blue is obviously pays handsomely to be featured so prominently - would that be a good way to go?
Ok, starting to get a little more clear, now.
I'll apply for another card TL since there's nothing I need right now to buy on installment. I just got approved last week for a "Cash Rewards" card from WellsFargo (my primary bank). Can anyone recommend a good card as my 2nd? Again - I don't want to go with CapOne unless there's a compelling reason why.
So, two cards that are trade lines by 10/1-ish
Remove myself from the AU card by 10/30
Pay bills monthly on the WellsFargo card, carrying 9% month-to-month
Apply for auto financing some time in April. Does it matter whether it's financing for new or used?
Sound about right?