Established Contributor
jamie123
Posts: 738
Registered: ‎03-22-2012
Re: What should I do with my 3 credit cards?

Credit cards are a necessary evil in maximizing your credit scores. If you don't have them your scores will suffer. If you do have them, there is a right way and a not so right way to use them. The credit card companies would love for you to maintain a balance month to month and pay 20% interest on that money. That however, is not best for your scores or personal finances.

 

You need to pay online and pay almost in full a few days before your payment due date each month. You want 1 card to report less than 9% of all your credit cards' credit lines with all the rest of your cards reporting zero balances. That is how you maximize your scores.

 

It is only really necessary to do this if you are planning on applying for new credit in the next month or you want to see exactly how high your scores can get.



Starting Score: EQ 658 6/18/12
Current Score: EQ 665 7/21/14 - EX 687 7/21/14 - TU 682 7/21/14
Goal Score: EQ 720+
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