I continue to learn, and recently I learned that there are 3 types of fico scores - mortgage, auto and cc. My mortgage and auto aren't that bad with just a few 30day lates. The credit cards is where I took the hits when I got divorced with charge offs on 4 of them. I bet they are depressed big time.
So here's the strategy...
1) Have my new wife make me an authorized user on her Chase Card where she's had a long account history, high credit limit and no lates. That'll help with % balance utilization, but more importantly increase the length of my credit history, and give me a great credit card TL.
2) Get a target and a gas card to improve my types of credit used
3) Start using my two low limit cards just a bit to show a good responsible use of credit.
All that combined should have a substantial impact in a positive way on my cc fico store in particular, and help the overall fico scores some as well.
If you have been managing credit for a short time, do not open a lot of new accounts too rapidly. New accounts will lower your average account age, which will have a larger effect on your score if you do not have a lot of other credit information. Also, rapid account build-up can look risky if you are a new credit user. Do your rate shopping for a given loan within a focused period of time. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.
The slide from grace is really more like gliding And I've found the trick is not to stop the sliding But to find a graceful way of staying slid
Why get more credit to travel? Wouldnt it be a better vacation if you paid for it all in cash or a debit card? Think how relaxing that trip would be not thinking about how you're going to pay for it all when you go back home.
I know how it feels, as I just took my first fully paid for cruise and it was wonderful!!!