Hi all- I’m pretty new to this forum, and am going to take place to actively build my credit in the near future. So i’m just lurking and reading….
I keep seeing references to “gardening,’ and wonder if someone could give me an explanation and best practices? I know it has to do with growing credit card limits/new cards selectively. Please explain?
My FICO 8 scores are all in the mid-600’s right now, and I’d like to shoot those up to mid 700’s. I have three cards in my wallet:
Capital One Quicksilver- $ 1000 limit. $ 20 balance, paid on time for three years straight. I’ve never asked for an increase nor have they offered without prompting.
My local credit union card- $ 500 limit. $ 9 blance, paid steadily for five years. No incresase in limit sought, none offered.
Credit one card- $ 300 limit. $ 9 balance. This one is only 6 months old and I just added it for extra utilization. Despite everyone’s dislike of Credit one, I don’t find it bad.
Should I be seeking to increase the limits on all of these? New cards? Any advice is helpful…..Thanks!