Re: Reporting on New CC's-Getti
ng my score to raise
09-28-2012 07:14 AM
"Keep your utilization painfully low" means never let your total balance exceed 30% of your total credit limits.
Also, at the phase of rebuilding you're in, I'd apply the same logic to each individual card just to make sure your lenders remain secure in your ability to pay. So, for example, never put more than $60 on that Slate with a $200 limit. Treat it as if the actual credit limit is 30% of what it actually is.
"Wait and be patient" means no applications, no requests for credit limit increase, none of that. Just use all 4 cards every month, and pay them like clockwork. With a payment history as cluttered with lates as you say yours is, the best way to improve your score is rack up a good 6-12 months of perfectly on-time payments.
My Wallet: Amex Zync NPSL (hidden limit > 10k), Barclaycard Apple V $2000, Walmart (Store) $900, BoA Cash Rewards V $500,
Dream Wallet: Amex BCP, Citi Dividend Platinum V , Chase Freedom MC, Chase Sapphire Preferred V, BoA Privileges Cash Rewards VS, UPromise MC, US Bank Cash+ VS, Amex ZYNC, Amex SPG, Amex Platinum, Andrews FCU Global V