Frequent Contributor
Posts: 476
Registered: ‎10-29-2012
Re: Newbie Question......
[ Edited ]

I just recently started my credit hisotry a few months ago and here is what I want to say. For the first six months of your credit history, ot down your statement date, because this is when typically your creditor will send your infomation (balances reported and the like) to the 3 bureaus. What I did was pay before the statement date closes 2-3 days prior so it would show as a 0 balance. The only time I would think to leave a small balance is to show the Fico model you can hold a small balance and then pay it off quickly, then start using the card again. Typically under 10% utilization is best, because at least then you aren't showing that you're practically living on credit. Secondly, limit inquires. Don't go for cards that you know you will be denied for unless you have the history/income/time circumstances to do so. For example, If you have a total of 4 cards, but 1 year of history, don't apply for a CSP or a U.S. Bank Cash+ card, because from what I have seen, it is unlikely unless you are connected or have an amazing income that you will be approved for those types of cards early on. I've learned quite a bit being on this forum in the last week or two, and personally what I have done. Make a plan with what you're going to do with each card, and don't spend more then you need to because it will be bad if you don't pay up to your creditor. Like my Dad always tells me, "Be good to your creditors, and they will be good to you". Just be careful, and remember credit is a privlidge and not a right, so use it wisely and everything should be okay. Good luck. 

Bank of America: Cash Rewards.- 4.2k. 4/25/12 (CLI Increase 6/15/13, CLI May of 2015, sept 2015), Citi: Forward- 4.5k. 10/27/12 (CLI on 2/8/14, SP, CLI on 9/26/15 sp). Discover: More- 7k, 10/27/12 (Increase 6/1/14, CLI in May of 2015, SP 9/2015) Amex: PRG- NPSL (closed 12/13/13). 11/24/12. Chase: Freedom. 5/1/13- 5k (EX CLI HP 9/2015) Southwest Rapid Rewards Plus.-3.6k. 6/15/13. Amex BCE-2k. 12/7/13. Amex SPG-5k 12/8/13 (CLI on 9/2015) Capital one VentureOne Visa Signature-10k (9/6/15). Citi AAdvantage Platinum Select World MasterCard-4K. Last App: 9/6/15. Total cl: 45,300