I’m in the early stages of actively rebuilding my credit. As of last month, I had 2 active cc accounts and 1 student loan, Secured FNBO – $ 1500 Paypal connect – $ 500. I’ve seen my largest score increases (20 points last month) by caring a high balance on a statement and paying it off on the next billing cycle. My question is, should I continue this practice to increase my scores? I’m reading that it’s ideal to keep utl 1-9% on one card and 0 balance on remaing accounts. This month I was approved for 2 cc Discover – $ 1000 and C1 – QS $ 3000. I currently have 2% balance on my PP and 0 on FNBO and I am considering charging on my FNBO before my statements closes on the 25th and paying the balance off next month.
My short term goal is to purchase a car this Spring (May or June) and would love to get my EQ around 680+. I am also working on my baddies (2 – CO DV, GW letter pending, 1- 120 day late – GW pending, 3 – Collections (DV pending).
Thanks in advance!
EQ 630 TU 624 EX 638