Now the tricky part

[scarfa21]

Thanks for taking the time to look.

I was just approved for 3 new credit cards.  roughly 10k spread between all of them.

I currently have 3 other cards that carry yearly fees.  Going to cancel those as the limits are no where near 10k combined, so my credit to debt ratio shouldent take a hit.  All have 0 balances anyways.

My question is.  With my 3 new cards, what is the best way to handle them to get the best out of my score?  Should i use all 3 a month and pay off, or only use one a pay it off.etc...  Im new to this good credit thing, so any help is appriciated

Thanks

kevin

[Anonymous]

What bank are the other three cards? and CLs?

[scarfa21]

ohh sorry, forgot that part lol

Credit one - 700 limit

Capitol one -1600 limit

Verve - 600 limit

[Anonymous]

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@scarfa21 wrote:

ohh sorry, forgot that part lol

Credit one - 700 limit

Capitol one -1600 limit

Verve - 600 limit

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No worries - which cards did you get approve for?

[HeavenOhio]

In general, banks report the card's statement balance on the statement date. FICO likes to see a small balance on less than half of your cards with the rest reporting zero. In your case, that would mean a small positive balance on one card (between $5 and 8.9% of its limit) with the other two reporting zero.

Use the cards as much as you'd like. If necessary, make mid-cycle payments to free up your credit limit. Before the statement cuts, pay the balances on two card to zero, and pay the other down to a small balance. After the statement cuts, pay the statement balance on that card in full. That way, you'll avoid interest.

What are you three new cards? The above advice may need to be adjusted slightly as some banks report something other than the statement balance at statement time.

[HeavenOhio]

I see you added your card information. Capital One and Credit One report the statement balance at statement time. I have no clue about Verve. I'd assume that it reports the same way unless your report or someone here indicates otherwise. Of course, you can call and ask them if you'd like.

[scarfa21]

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@Anonymous wrote:

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@scarfa21 wrote:

ohh sorry, forgot that part lol

Credit one - 700 limit

Capitol one -1600 limit

Verve - 600 limit

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No worries - which cards did you get approve for?

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Discover - 7k

Amex Blue - 2k

Citi DC - 1.1 K

[scarfa21]

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@HeavenOhio wrote:

I see you added your card information. Capital One and Credit One report the statement balance at statement time. I have no clue about Verve. I'd assume that it reports the same way unless your report or someone here indicates otherwise. Of course, you can call and ask them if you'd like.

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Sorry those are the one id like to close, Ive added the ones I have just gotten approved for in my last post.  

[scarfa21]

I forgot I also have 2 retail cards.

Kohls 700.00 limit

Macys 400 limit

I never used the macys and Kohls has a 0 Balance.  Not sure if that impacts score or not with retail.

[Anonymous]

IMO - I would only get rid of Credit One and Verve.  Do not let them trick you into staying with them.  I could keep the Cappital One and try to PC to a no AF card.  The store cards are good stores as well and you need that mix of cards in your credit reports.