Should I Take Anymore Action on Building My Credit?

[Anonymous]

I am 20 years old, and have worked very hard to build my credit score to where is sits (FICO 737.) 

As it sits currently the accounts I hold are:

Auto Loan for $32,000 in which I have had for 11 months.

Student Loan for $5,000 

Credit Cards:

Bank of America Cash Rewards with CL of $2,500 (Had for 22 months)

American Express Blue Cash with CL of $4,500 (Had for 9 months)

Discover IT with CL of $2,500 (Had for 10 Months)

Chase Shappire Preffered with CL of $5,000 (Had for 1 month)

Citi Thank You Preffered with CL of $3,500 (Had for 1 month)

I have a near 0% CC utilization and every payment has been on time for all acounts (including loans) 

At this point, I hold 5 CC and two installment accounts. Should I do anything further to improve my credit, or just let time takes its course of action? 

Also, is it okay to let one card hit with a balance of $20 each month, but not charge or pay in full the other cards? 

Any help is appericated! 

[ptilda]

You're in good shape. Keep paying down. A 20.00 balance is just fine. Your scores will go up as your age and pmt history grows. I'd just check for SP CLIs from time to time. Also, get into a Credit Union and establish good relationship there. You won't regret it.

Great work!

[user5387]

I'd build a couple of long-term CU relationships.

[Anonymous]

The only other thing that you could add to your mix is a mortgage. What you have now looks great and now you only have to age your accounts.

[LearningMoreAboutCredit]

---

@Anonymous wrote:

I am 20 years old, and have worked very hard to build my credit score to where is sits (FICO 737.) 

As it sits currently the accounts I hold are:

Auto Loan for $32,000 in which I have had for 11 months.

Student Loan for $5,000 

Credit Cards:

Bank of America Cash Rewards with CL of $2,500 (Had for 22 months)

American Express Blue Cash with CL of $4,500 (Had for 9 months)

Discover IT with CL of $2,500 (Had for 10 Months)

Chase Shappire Preffered with CL of $5,000 (Had for 1 month)

Citi Thank You Preffered with CL of $3,500 (Had for 1 month)

I have a near 0% CC utilization and every payment has been on time for all acounts (including loans) 

At this point, I hold 5 CC and two installment accounts. Should I do anything further to improve my credit, or just let time takes its course of action? 

Also, is it okay to let one card hit with a balance of $20 each month, but not charge or pay in full the other cards? 

Any help is appericated! 

---

Your doing great!!! Just for scoring purposes, let 1% of ONE card report and then PIF.  0% overall utilization is bad whether you're seeking credit or not.  Don't forget insurance rates, for example, are dependent on scores.

[notfancy]

---

@LearningMoreAboutCredit wrote:

---

@Anonymous wrote:

I am 20 years old, and have worked very hard to build my credit score to where is sits (FICO 737.) 

As it sits currently the accounts I hold are:

Auto Loan for $32,000 in which I have had for 11 months.

Student Loan for $5,000 

Credit Cards:

Bank of America Cash Rewards with CL of $2,500 (Had for 22 months)

American Express Blue Cash with CL of $4,500 (Had for 9 months)

Discover IT with CL of $2,500 (Had for 10 Months)

Chase Shappire Preffered with CL of $5,000 (Had for 1 month)

Citi Thank You Preffered with CL of $3,500 (Had for 1 month)

I have a near 0% CC utilization and every payment has been on time for all acounts (including loans) 

At this point, I hold 5 CC and two installment accounts. Should I do anything further to improve my credit, or just let time takes its course of action? 

Also, is it okay to let one card hit with a balance of $20 each month, but not charge or pay in full the other cards? 

Any help is appericated! 

---

Your doing great!!! Just for scoring purposes, let 1% of ONE card report and then PIF.  0% overall utilization is bad whether you're seeking credit or not.  Don't forget insurance rates, for example, are dependent on scores.

---

+1

Also, I wish that I had your sense of responsibility and foresight at 20! You are doing an incredible job, and it's admirable that you're looking to still do even better! Have you requested the 3x CLI with American Express? Basically with the two very nice new cards you have and the ones you had previously, the best you can do is try to get increases on them where possible.

[Anonymous]

I'm pretty similar to the OP. I now have 2 cc's and 1 car loan sitting at 13,000. With a total credit history of 6 months. I literally just got my discover card. I don't know if there's anything I should go ahead and do now. Any suggestions? 

[takeshi74]

---

@Anonymous wrote:

Also, is it okay to let one card hit with a balance of $20 each month, but not charge or pay in full the other cards? 

---

I'm not entirely sure what you're saying here but to clarify you never need to carry a balance for scoring purposes.  Most cards report on statement date so if you had a balance on that date then the balance already reported and you can pay in full by the due date.