Question for the Credit Gurus??? Tuscani

[Anonymous]

Question for the credit gurus?  I have a 574 Equifax score.  I oh so want to be in the 600 club that I can smell it  My question.  I have recently gotten a new target card and an Orchard bank card.  I had read earlier that it is best to max these cards out initially then pay them down.  I have maxed both of them out.  What are the chances that my score will increase when I bring them down to 1% utilization since these are brand new accounts?

[Anonymous]

Great question I have the same one.... I am curious why you chose to use Orchand bank??? I was told get a secured credit card through this bank but I have a account at BOFA and it doesnt charge the annual fee and has a lower interst rate? I didnt know if I was missing something with the Orchand card??

[Anonymous]

A real estate agent friend of mine (who knows a lot of tricks) told me to use it some, but NOT max it out, and every month when you get the bill make a photo copy of it.  About 10 days before the payment is due, mail in half the payment.  Then, when the rest is due, mail in the 2nd half.  DON'T pay it off, leave a very small amount on there, so that they can see that you are able to maintain a balance on a loan/LOC, and still make payments on time.  (Most) credit card companies will report the 2 payments a month, and your credit score can go up 30-40 points in a few months.  It worked for me, although my cc company only reports 1 payment a month.  I got my cc in May, with a 640.  As of the beginning of September, I have a 678/680.  I think Ihave actually read that maxed out cards will cause your score to drop quite a bit.

Message Edited by djactenaz on 09-23-2007 11:47 PM

[Tuscani]

Why would you max those cards out? Both report the CLs.

[Anonymous]

Don't know.  Thought I had read here somewhere to get them to report your tradeline faster.  This is the first month that they have reported.  I just want the increase in score.