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New Cards to Boost scores

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Anonymous
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New Cards to Boost scores

My husband and I both just got new cards to boost our credit scores. We had not had credit cards in about 5 years and were told by our mortgage broker we needed some to get the boost in scores to get a good rate. So, tell me how to best do that? Hubby got a walmart card with a $500 limit and I got a BOA secured card for $300. What amount should we put on these cards? and do we pay them off in full every month or leave some balance? Any advice would be awesome! We need about 30 points each in the next couple of months. Thanks

Message 1 of 6
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Anonymous
Not applicable

Re: New Cards to Boost scores


@Anonymous wrote:

My husband and I both just got new cards to boost our credit scores. We had not had credit cards in about 5 years and were told by our mortgage broker we needed some to get the boost in scores to get a good rate. So, tell me how to best do that? Hubby got a walmart card with a $500 limit and I got a BOA secured card for $300. What amount should we put on these cards? and do we pay them off in full every month or leave some balance? Any advice would be awesome! We need about 30 points each in the next couple of months. Thanks


I would PIF and how does each of your credit history look like? 

Message 2 of 6
pizzadude
Credit Mentor

Re: New Cards to Boost scores


So are you saying that both you and your husband didn't have any open Credit cards prior to opening these ?
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 6
Anonymous
Not applicable

Re: New Cards to Boost scores


@Anonymous wrote:

My husband and I both just got new cards to boost our credit scores. We had not had credit cards in about 5 years and were told by our mortgage broker we needed some to get the boost in scores to get a good rate. So, tell me how to best do that? Hubby got a walmart card with a $500 limit and I got a BOA secured card for $300. What amount should we put on these cards? and do we pay them off in full every month or leave some balance? Any advice would be awesome! We need about 30 points each in the next couple of months. Thanks



How much you spend on the cards won't affect your score at all.  Just don't pay late, and when you need the 30+ points, make sure you have a low balance, or no balance.

Message 4 of 6
Anonymous
Not applicable

Re: New Cards to Boost scores

Correct, no cards before these. Ive read to carry like a 30% balance or something so just wanting to make sure i do things right to help our credit

Message 5 of 6
Anonymous
Not applicable

Re: New Cards to Boost scores


@Anonymous wrote:

Correct, no cards before these. Ive read to carry like a 30% balance or something so just wanting to make sure i do things right to help our credit


Ideally under 10% would be good...do either of you have anything negative on the reports?

Message 6 of 6
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