CC Gardening Help!

[CBARR82]

I have a question for the more knowledgeable people on the board. I have my approach to using my cc to my advantage, but have a Q for a friend. He recently got denied an auto loan bc of lack of credit history. Vehicles are all paid off and he only owes on his home. Always pays cash and hasn't had a credit for years. He recently received 3 cards in order to expand his types of credit. Each card has a $500 limit. What is the best way for him to use these cards to maximize his credit growth. Example, charge each under 9%, rotate usage monthly, etc. Thanks!

[juggalo9er]

who are the cards through

[CBARR82]

Home Depot, Cap One and Chase. I put a general CL amount on them so as I didn't have to ask his personal info. He did however say they were low. He in his 50's and has no negative marks on his reports, just lack of credit. 

[juggalo9er]

i would and did go with charging under 9% each month like you said and pif before due date to avoid interest....went from 537 to scores below in 26 or so months

[Creditaddict]

Tell him to go online and click the credit line increase on the home depot and request $15k.... they will email him in probably under an hour (if during day) and he can log in and if they won't approve full amount they will counter! (TONS of info about this all around, one of the bonuses of Lowes and Home Depot!)

[Anonymous]

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@CBARR82 wrote:

I have a question for the more knowledgeable people on the board. I have my approach to using my cc to my advantage, but have a Q for a friend. He recently got denied an auto loan bc of lack of credit history. Vehicles are all paid off and he only owes on his home. Always pays cash and hasn't had a credit for years. He recently received 3 cards in order to expand his types of credit. Each card has a $500 limit. What is the best way for him to use these cards to maximize his credit growth. Example, charge each under 9%, rotate usage monthly, etc. Thanks!

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He will need to find some way to control the reported balances, otherwise these new CCs may hurt rather than help.

For example, if he lets each report $475, and then pays after the statement date, he could do more harm than good.