@Anonymous wrote:
I have two capital one cards one with 500 limit and the other with 1500. First one i opened up a year and a half ago that started with a 300 dollar limit and went up to 500 after 6 months. Second card with 1500 i opened about months ago that started at 500 and went up to 1500. After i saw my second card go up to 1500 which capital one told me it would only go up to 750 i thought my creidt score was improving so i applied to a couple cards and still got declined except for an amazon store card. They started me off at 600 which was last week. I pay my both of my credit cards multiple times a month to get my balance close to 0 as possible and i dont plan on using my amazon account anytime soon. Also I called chases back door number and got approved for their freedom card for a 1000 just so i can have another card on my report. I dont plan on using this card much at all but i wanted to close my first capital one card i had for more than a year because it has an annual fee. I also have 2k of student loan but i dont have to pay that off until i graduate and i have two charge offs on my account when i messed up on my two first credit cards about 4 years ago. Other than that i dont plan on having any more inquireies anytime soon so those charge offs are probably my only two baddies.
My fico score is at 656 right now so what do you guys recommend me to do to start building my credit again and raise my scores.
It isn't that you pay your cards several times a month, it is when you pay them. They need to be paid so only around 9% or below is reported to the CRAs.
A general rule is to let half of your cards report a 0 balance and the others a small balance, between 5%-9%. YMMV and you may need to let more report a 0 balance and less report a small balance. You can experiment and see what works best for you. FICO has no memory and only scores based on what is reporting at the time.
What type of CO are they? CC debt. If it is, is the balance and the CL reporting. When both of those report you are not only getting dinged due to the CO but the balances are factored into your utilization. When the CO balance is paid to 0 the card will be taken out of utilization forever.
