Building from both ends

[Anonymous]

So my own rebuilding has been getting done at both ends, since when I started rebuilding I had not heard of a PFD letter....

I opened a Target acct($500 cl) in June, and an Orchard($300) just was opened this past month. I also have a Mervyns, opened in 1996($200)

I have never used the Mervyns and not the Orchard yet either. I have about $100 balance on Target. I also have a car loan with Wachovia opened this past June.

I am a little frightened about using anything other than Target-I figure others who have/are rebuilding after a credit disaster(my company liteally closed without telling anyone in early 2003) get skittish too.

I have PFD letters out, but also want to activly build good history

My question is, is it better to utilize all cc's with a small purchase and pay it off every month or just let them 'live' in my report unused? What brings score up better?

Message Edited by LittleCat on 12-11-2007 03:32 PM

[SmartCookie]

Definitely use all of the cards a few times a year to keep them active and reporting.  At least 2x a year... 3-4x to be more on the safe side.

If you've got 1k total in avail credit... keep under $99 total reporting on any given month for best FICO score.

Make sure your Mervyn's card is not closed but reporting open.  That's a nice old card to have.   See if they can increase your CL without a hard INQ.