Paid off credit card with high utilization

[Anonymous]

I am looking to apply for a couple of credit cards in the near future but I may have to time my apps just right
.
I took out a personal loan to pay off a credit that had a 98% util.
My question is should I wait for the statement to post and report to the credid bureaus that the ccd is paid in full, and then how long do I have before the new loan shows up on my reports ?

Also will the new loan hurt my chances to get a new credit card account, isn't it better to time my apps before the new loan posts ?

Thank you guys for any advice that you can give me concerning this matter !

[steelers1]

Why do you want another card?

Do you have a plan?

IMHO if your utilization was at 98% before the personal loan maybe you should pay down some of your debt before considering another card at this time.

[Anonymous]

How many total open credit card accounts do you have?

[Anonymous]

It doesn't matter what the utilization was.
Let's say 20%.

I'm asking for an answer on the previous question.
But thanks for chiming in.

[Anonymous]

I only have two cards.
One is at 0%
One was high but now paid off.

[Anonymous]

I purchased appliances on a high interest home imovement credit card, refinanced ccd through my bank with personal loan with very low interest rate.

How's that ?

[Anonymous]

The minimum number of credit cards needed for the maximum FICO boost in credit mix is 5 cards total.  That's the minimum for the maximum boost.

The first 3 cards give you an instant, immediate boost to FICO.  Cards 4 and 5 will ding you a bit for 6-9 months of aging but after 9 months you will have the absolutely maximum FICO boost possible for number of CC accounts.

So you honestly want to get to at least 3 total cards right away.  If you can get prime cards, go for Chase before you hit their 5/24 rule.

Once you have 5 cards aged at least 6 months and probably 9 months, you will have the highest FICO score possible given you follow the AZEO technique and have at least one installment loan reporting less than full balance remaining.

[Anonymous]

Thanks for all of that Great information.

I really appreciate it !

So should I apply for the new cards before my new loan hits the credit reports or after ?

[Anonymous]

If you have no other installment loans reporting, then you want to wait because that loan will give you a nice boost once it is paid down from 100% balance.

If you do have other installment loans reporting, apply now before it hits.  In my signature is a link to credit card prequalifications -- try the Chase prequalification and see if you can get in.  Also Amex, Citibank, etc -- prime creditors.  But Chase first because of their 5/24 policy.

[Anonymous]

My first payment on the new loan isn't due until 40 days from now, when do you think it will hit the credit reports ?