Hi all, new to the forums here...
I've got several questions regarding, well, a variety of things relating to credit cards.
I currently have:
1. Cap One Platinum (rebuilder): Started w/ $300 CL in Feb 2011, bumped to $500 in August 2011 through Steps program. Any chance of getting a CLI on this? From what I've read, not likely, but wanted to make sure.
2. Cap One No Hassle Rewards (the one for fair credit): Started w/ $500 CL in Dec 2011, will be bumped to $750 through Steps program sometime this summer.
3. Macy's store card w/ $100 guideline, opened in Dec 2011.
In general, I put heavy usage on my Cap One's and PIF or close to full, each month. Through reading the forums I've found that it's best to make my payments before the statement date in order to lower my utilization which has been running around 85-90% each month since I was previously paying after the statement arrived. Any ideas on the general "bump" I may get to my credit (currently running around 610-620 with each bureau--past late payments and collections are keeping the scores down) now that I will be making payments before the statement date, which should put my utilization at or very close to 0%?
Also, with the first Cap One nearing its 1 yr birthday, will that give a bump to my scores aside from the general aging of accounts in general? By the way, my AAoA is 7-8 years thanks to a student loan dating back to '93 that is still on my reports (thanking that loan company 
)
In addition, Orchard Bank has now declined me twice in the past 6 months for an unsecured card even though I see others with much lower scores being approved and Cap One approved me for my 2nd card on the same day Orchard had turned me down. I know everyone's credit reports are different but I'm curious what the issue may be. Any thoughts?
As you can see, I applied for several cards in Dec 2011. I know these can stay on reports for 2 yrs and I believe they affect my score for 1 yr, but how long do credit card companies consider inquiries "new" for the purpose of deciding whether you have too many "new" inquiries on file or not? I'm guessing all companies are different so this isn't a hard and fast answer, but looking for possibly a range of time to give me an idea of what I need to keep in mind. Also, how many inquiries in what timeframe is considered "a lot"? I'm not planning on going on an app spree if I'm below whatever the general number is, I just want to know what sorts of thresholds I need to keep in mind (understanding that 0 inqs is always best, of course).
I know my report isn't perfect with the collections and late payment accounts showing up. I plan on trying to PFD the collections (is it better to try to work with the original creditor on this, or directly with the collections agency? One of the collections is being reported by the agency but not by the original creditor, if that makes a difference) and some GW letters for the past late payments (which are no longer late) to see if I can pick up a small score boost here and there. I know my chances are slim but I figure it's worth a shot.
Aside from this, would it help to try to get an installment loan (such as a small personal loan) added to the mix? I rent so I don't have a mortgage and I don't drive so I don't have an auto loan--two items that, as I understand it, help a FICO score as well.
Thanks in advance for any and all responses!
Did Orchard give you a reason for the decline? I would imagine if you have a lot of inquiries in the past 12 months, that could be why. Capital One may have been willing to look past that since you are an existing customer.
If you go to the chexsystems website, you can request that a copy of your file with them be sent to you. It's free.
Starting Score: 650's