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Beginner questions

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Beginner questions

So, about 2 months ago now I applied for a BoA CC and a Cap 1 CC. BoA denied me because of my limitied credit history. Cap 1 approved me (allthough its just a $300 limit). There is a $39 AF with this Cap 1 card. I didnt really know which direction to head with credit, so I went online looking for answers and stumbled onto this site. With all the information here, I got a little ahead of myself and applied for a citi forward card with no AF. I was approved and got the card in the mail today. Its got a $1,200 limit. So that's my story. The questions are:

 

Is util calculated per card or is it a total of both/all cards and the percentage reported?

 

I currently plan to not use the Cap 1 card anymore and drop it. I'll probably drop it at about the 11 month mark, though. It isnt really doing me any good and I cant see any need to pay the AF for such a low limit and the forward card from citi has so much more to offer in terms of rewards.

 

Anyone with citi know how to tell what day the statement will generate? I want to know this so i can pay down my balance to under 10% before it hits.

Message 1 of 4
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Epic Contributor

Re: Beginner questions

Util is calculated individually and overall.

The Cap1 is probably in credit steps, use it every 3 months or something and if still low limit at a year, cancel before annual fee.

Citi is great and you can get CLI about every 3 months, usually soft pull.

What else would you like to get? I would let the Citi card age 6 months and then take a look at what you want to build your portfolio with into the future (maybe an Amex or a store card) I would say just 1-2 more.

Message 2 of 4
Senior Contributor

Re: Beginner questions

One CC is a very thin credit file.    Suggest you keep the Cap1 for a few years as it will probably grow with you.

Message 3 of 4
Contributor

Re: Beginner questions

I agree with Wolf. The Cap1 limit really stinks (I have one as well), but it is a good rebuilder card. And it adds something else to your portfolio since you just have the Citi. But I think it's a great start. CONGRATS! And good luck!

Starting Score: 08/01/2009 584
Current Score: 08/01/2011 EQ 684 EX (Lender Pull) 702 TU 712
Goal Score: 780+


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