cheddar wrote:The effects of a new account can be felt for one year, but the sting lessens after 6 months.
util = utilization = balance owed / credit limit
Find out when your card reports to the CRA's (credit reporting agencies) and pay it down (or charge it up) to allow less than 5% util to be reported for maximum score zing. So on a $1000 CL card, allow less than $50 to report. Then pay it off (to avoid finance charges) and start again.
You can run it up as high as you need, as long as you pay it down before it reports. This is the "FICO scoring game" you'll read about elsewhere. You don't want to fool with it forever, but it's great for quick score jumps.
Ditto...except for the evil companies that report the high balances no matter what you do. Doesn't even have to be a "no pre-set limit" card. Will report highest balance in billing cycle. Beware the companies that do this.