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Deleted my collection, now where to from here?

Deleted my collection, now where to from here?

Good morning MyFICO members, so I was able to get that nasty 124 point dropping collection off my account. Now I'm back up to a 661 and wondering where do we go from here. I have gotten my first Secured Capital One credit card and the second Discover is in my mail currently. I know I'm supposed to keep my utilization rates below 10% for the first card but how about the second? Does an AZEO still apply to only 2 cards?



Message 1 of 7
6 REPLIES 6
Overmedicated
Community Leader
Valued Contributor

Re: Deleted my collection, now where to from here?

With 2 cards, I would let one report a balance below 9% and the other one report 0.  What are your credit limits on the 2 cards?

FICO 8
Message 2 of 7

Re: Deleted my collection, now where to from here?

One is at 300 and the 200. Both very minimal but a start is a start.

Message 3 of 7
gdale6
Moderator

Re: Deleted my collection, now where to from here?

Yes Azeo applies to 2 cards, let no more than 15 bucks report on 1 card.

Message 4 of 7

Re: Deleted my collection, now where to from here?

By reporting you mean the balance at the time they submit it to the credit bureaus? Like I can use more but pay it off prior to that date? Just want to clarify because I'm new to the game.

Message 5 of 7
AllZero
Mega Contributor

Re: Deleted my collection, now where to from here?


@Setinstonemason wrote:

By reporting you mean the balance at the time they submit it to the credit bureaus? Like I can use more but pay it off prior to that date? Just want to clarify because I'm new to the game.


Yes, that is correct. You can use up to your available credit limit. Then pay it down or in full to free up available credit line. Repeat as necessary.

Message 6 of 7
Overmedicated
Community Leader
Valued Contributor

Re: Deleted my collection, now where to from here?


@Setinstonemason wrote:

By reporting you mean the balance at the time they submit it to the credit bureaus? Like I can use more but pay it off prior to that date? Just want to clarify because I'm new to the game.


Find out your statement closing date.  Whatever your current balance is on this date is what Capital One will report to the bureaus.  So if you want it to report a zero balance, just pay the current amount due before this date.  It may require you to not use your card for a few days.  You don't want a charge posting right before closing.  Not all creditors will report your balance on the statement closing date(US Bank for example). 

FICO 8
Message 7 of 7
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