Credit utilization queston.

[Anonymous]

---

@Anonymous wrote:
Ignore anything to do with online Discover pre-qualification. It is known to be worthless. There was a member here who put in 100% fake information and got a pre-qual from them.

With only one card, you're not likely to get any pre qualifications. You'd need a year or two or three of history beforehand.

No, I don't recommend you pay the card down to zero but you're welcome to pay it down to something very small, just make sure you're between 1 and 9 percent.

---

I'll leave the card at about 5%, $30. As for credit cards, do you have any suggestions as to what to apply for? 

[Anonymous]

That depends on a few different factors. What do you look for in a card, what are you trying to buy in particular if anything, etc.

I've done a lot of applications, so the cards I personally could recommend to you may or may not be based on my experience with them. Take that with a grain of salt - the majority of the longstanding members here know more than me and may be better suited to make a recommendation.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

Zero balance on other cards except one reporting 1% -9% is best.

---

What if i only have one card. I'm 18 so I only have one retail store card with a balance on $130 and a $585 CL. I want to apply for another credit card, is it good to have no balance when applying for another one or should I just keep a balance of $15-$20 when applying?

---

Who is the retail store card issued by? Also, Check out Capital One. They do Secured Cards that will report as a regular CC. At 18, you'll be able to build with that and then move onto some prime cards later on, but for now, go with Capital One. I'd think it would be highly unlikely you'll get any prime cards at this point.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

---

@Anonymous wrote:

Zero balance on other cards except one reporting 1% -9% is best.

---

What if i only have one card. I'm 18 so I only have one retail store card with a balance on $130 and a $585 CL. I want to apply for another credit card, is it good to have no balance when applying for another one or should I just keep a balance of $15-$20 when applying?

---

Who is the retail store card issued by? Also, Check out Capital One. They do Secured Cards that will report as a regular CC. At 18, you'll be able to build with that and then move onto some prime cards later on, but for now, go with Capital One. I'd think it would be highly unlikely you'll get any prime cards at this point.

---

It's issued by La Curacao it's a small company in Los Angeles, CA. They're only in SoCal and Arizona. It's like a Best Buy. I was looking at capital one and I like the QS1, it says that the card is for people with average or limited credit history and I fit into that category. My Scores are EQ: 634 TU:627 and EX:641. AAoA is about 7 months, I've NEVER made a late payment on anything and I have 2 inquiries on each bureau and I also have a loan for $1800 and the payments are withdrawn automatically from my bank account.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

---

@Anonymous wrote:

---

@Anonymous wrote:

Zero balance on other cards except one reporting 1% -9% is best.

---

What if i only have one card. I'm 18 so I only have one retail store card with a balance on $130 and a $585 CL. I want to apply for another credit card, is it good to have no balance when applying for another one or should I just keep a balance of $15-$20 when applying?

---

Who is the retail store card issued by? Also, Check out Capital One. They do Secured Cards that will report as a regular CC. At 18, you'll be able to build with that and then move onto some prime cards later on, but for now, go with Capital One. I'd think it would be highly unlikely you'll get any prime cards at this point.

---

It's issued by La Curacao it's a small company in Los Angeles, CA. They're only in SoCal and Arizona. It's like a Best Buy. I was looking at capital one and I like the QS1, it says that the card is for people with average or limited credit history and I fit into that category. My Scores are EQ: 634 TU:627 and EX:641. AAoA is about 7 months, I've NEVER made a late payment on anything and I have 2 inquiries on each bureau and I also have a loan for $1800 and the payments are withdrawn automatically from my bank account.

---

I would suggest building with their Secured card for at least 6 months before you try for the QS1. Also, the QS1 has an annual fee ($39), you should shoot for the regular QS, which has no AF. Also, you mention that loan frequently, other creditors care not how bills are paid, just as long as they're paid and on time. 

[Anonymous]

For what it's worth, I was in nearly the same boat as you in April.  Less than a year of history, one card, $500 CL, got denied for a Chase card, etc.  I applied for the QS1 from Capital One and was instantly approved for $1000.  Four months later, I have a $3000 CL on that card and it's currently being product-changed to a Venture One. 

Obviously everyone is different but Capital One could be a great lender to start with.  AND, you have an installment loan in your history which I did not, so you're in even better shape so long as there's nothing derogatory related to that loan.

Dustin