Hit my first goal ! 640

[Anonymous]

Hello everyone! Been reading a lot on here lately and have recently started rebuilding my credit. When I was 18 I got a credit card from BOA and maxed it out, went to collections and also let Verizon go to collections. Last year I got married and realized I need to fix my credit to be able to do anything like buy a house. Last year my collections accounts fell off my report. Two months ago I got a cap one platinum card,Kohl’s card,and Victoria secret card. A few days ago my FICO score updated to a 640 from previously not having a score. Any other cards I should look into? Have 4 hard inquiries on my report and I’m at 54% utilization. I will get that down this month and hoping it improves my score some more. Should I apply for cap one quicksilverone card or just stay with what I have now? Any advice is appreciated!

[TaperRandy]

First and foremost...54% utilization is unacceptable to the algorithms of credit scoring. That...should be your absolute main focus. Getting that % down to at least single or low double digits, before you can expect to see any measurable progress in your credit score or worthiness. Hope that this helps.

[EvilR-T]

Nice job! Just chill for 6 months. I know it’s tempting and it feels exciting and can make people eager to get more cards. Apply for a cap1 around thanksgiving. Small steps.

[dynamicvb]

Congrats, I know it feels great to see them going in the right direction. You did not say whether you had any installment loans such as a car, student, loan, etc.. If not, you may can improve your score by adding a mix. if you search around for the Saving Secured Loan method, that that is one that could help and may not cause a hard pull inquiry depending on the bank or credit union you go with.

[Anonymous]

Yeah all I have is the 3 cards I mentioned. Our car is in my wife’s name but we want to trade it in and buy a newer suv under my name once my score hits 700 since I’m the only one working so she can take care of our infant son.

[HeavenOhio]

Congratulations on the fresh start.

To avoid trouble, always pay in full. And with a 640 score, make extra payments to bring balances down before they report.

Search the forum for AZEO. In short, that's when you report a very small balance on one card with the others reporting zero. The card with the positive balance should be a major card rather than a retail card, and it should be a card where you're the primary user rather than an AU.

AZEO won't help your score grow in the long term, but it will help you get every point available to you right now. Once your scores are high enough, you won't have to think in terms of AZEO. At that point, you can concentrate on simply paying in full by the due date. And you'll have gained some knowledge. You'll know the drill for situations where you need to grab extra points before important credit applications.

Avoid the QuicksilverOne if you can because of its fee. Capital One makes it difficult to PC (product-change) QS1s into no-fee cards. If you follow the advice above to wait until Thanksgiving to apply, there's a decent chance that you'll be positioned for the no-fee Quicksilver card.

[Anonymous]

Congratulations!!!!!

[Anonymous]

Thanks for the advice guys! It feels amazing to be out of the 4 and 500s lol