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I apologize if this has been answered elsewhere, but I couldn't find it.
Say for example I have a 650 FICO, and only had 1 CC with a $2000 limit and $0 balance, so 0 utilization.
If I charged $1000 and made the minimum payment for 3 months, I assume my FICO will do down since my utilization is at 50%.
Once I paid off that balance and returned to 0 utilization, would my FICO jump back up to (at least) the initial 650? Or would it go down some since I carried a balance for those few months?
That's good to know .. I just don't want to take a long-term hit for a short-term high utilization.
Zero is a bad example, because having the statement cut at zero shows that you aren't using your credit and so your score goes down. However, if you replace zero with $1, then you are correct.
> I would work on getting another card or two. Keep two cards at zero utilization and try to keep the other one under 10%. This seems to be the best for maximizing your scores.
I was approved for a CreditOne Visa, and denied for everything else (including a BoA Secured card). My g/f was recently approved for a Capital One Platinum(?) card, and a QS1 card. I went thru as many prequalifications as I could find online, and she was declined for all of them. I was going to post about that as well today .. if there's anything else she can apply for with limited credit that will help.
@vertekal wrote:> I would work on getting another card or two. Keep two cards at zero utilization and try to keep the other one under 10%. This seems to be the best for maximizing your scores.
I was approved for a CreditOne Visa, and denied for everything else (including a BoA Secured card). My g/f was recently approved for a Capital One Platinum(?) card, and a QS1 card. I went thru as many prequalifications as I could find online, and she was declined for all of them. I was going to post about that as well today .. if there's anything else she can apply for with limited credit that will help.
My scores were pretty similar to what's in your signiture when I started. I wasn't pre-qulaified for anything either but app'd for a Cap1 Platinum card and was approved in their credit steps program. That card has grown from $350 to $4K buy using the heck out of it and paying it off, sometime several times a month, over the last two years.
I applied for some Cap1 cards and was declined. I have a lot of baddies on my credit report, though. My scores have recently started to climb back up after 18 months of on-time payments on 2 cars and a revolving account with no lates or no new negative items.
I applied for a BoA secured card and was declined. I may try DCU once I have enough cash to open the account with.