@Anonymous wrote:
I read the entire post for Chapter 7 to 700 thread but thought I should post seperatly. I unfortunately didn't read it before I applied for my credit cards so now I just need some help. Currently MyFico Fico 8 Scores are EQ: 596 (report frozen, disputes in progress), TU: 628 and EX: 657. I have the following cards with the following balances and I would like some input on how I should allow them to report. Should I have any reporting a balance? Should I pay them all in Full and report 0? Thank you.
Credit One: $300 CL current balance 0, (3months old)
Capital One Platinum: $300 CL balance $29.95 (MyFico charge) (3 months old)
First Premier: $700 CL balance $150.00 (2 months old)
Victoria's Secret: $250 CL balance $80.00 (1 month old)
I also have a car loan with Nissan Motors and my student loans.
Have just one report a small balance. Some folks say a balance of less than 10% of that card's limit, others say less than 9% or 8.9%, but you get the idea. (I would go with the 8.9% since there's varying opinions.)
You can use the cards as much as you like. Just learn your statement closing dates and pay down to the balance you want to report before then. Also watch out for pending charges. If I'm really trying to watch what reports, I'll take a card out of my wallet about a week before the statement closes so I don't have pending charges go final post on the statement close date!
These cards are a good start, but you'll want to garden and nurture them for a good 6 months or so before applying for anything else. You haven't jumped the gun yet, but will if you keep apping! Mark the calendar and find replacements for the C1 and FP just before the annual fee is about to hit for the next year . . then cancel them.
