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Hi there:
I am trying to boost my credit scores to +700 on all three reports in the hope of qualifying for a good mortgage -sometime over this summer. Right now I am at TU 664, EX 658 and EQ 649. I had a poor history of paying on time for a few years which is still factoring into my score, but those 60 and 90 day lates should be dropping off in June this year, which will help once they drop off. I haven't had a 30 day payment in over 2.5 years.
I currently have two credit cards that both have stupidly high utilizations (another factor hurting my scores). I just paid one card off to 0 and I will pay the second card off in a week. My question is that I had to take out additional credit a couple of weeks ago. Normally, I'd be certain that this would hurt, but this new account actually increases my overall credit amount (currently my total lines on the two accounts is 800, the new credit card has a 12K limit) and adding this third card lowers my utilization considerably (from 93% utilization to 19.98% this week, then 3% in two weeks when I have 2 cards at 0 and one card is a tiny balance).
I am just curious to know what others might have as insight on this. If I go from 93% to 3% utilization, how much will that counter any bad that might reflect from opening a new credit card? And if I pay all my credit cards to 3% utilization, I wonder what kind of bounce will that do to my current scores.
Thanks very much!
Going from 93% to 3% might already get you where you want to be!
Just don't pay all three cards off. Having 2 cards paid off and the third at 1-3% of your total available CL is exactly what you need.