363 People Helped
Member Since: February 2014
Great card but to get all the rewards you need 20 swipes of the card a month so you have to use it. But well worth it!!!
johnnybinsea's response was:
Mindjaz is correct... you are fine. I have $85000 in open credit. There are many out there with far more. You dont sound like you are opening a lot of credit cards at one time so I'm sure you will be fine. Also the credit card companys would not approve you if they thought that you could not handle it.
If you are buying a house in the next year I would not open anymore lines of credit. But congrats on your new card and use it wisely. Only let between 1 -9% of your credit limit show for best scores.
maybe... first it is always best to let only one card show a balance and the one that does show a balance to be at 1-9% If you transfer all your balance to one card you dont want that one card to go above 50% and really dont want it to go above 75%. So if you can keep the one card low your golden.
well it wont increase your score, but it can decrease your score. If you close a credit card it can affect your utilization (30% of your score) so I would be very careful about closing and credit cards.
So for best results you do want to show some use.... but somewhere between 1-9% The best way to do this is to pay BEFORE the statement date which is about 3-5 days after due date. so lets say you on you mastercard you have $3000 on it and it is due on the 25th and your statement date is the 28th. You want to pay it down to between $30 and $270 before the 25th. This is what is going to be reported and counted towards your utl. The good news is utl has no memory so it can go up and down without any problems.
it will take 30 days for them to pull a new report. Are you saying that the derogatory remark will be removed? if not you might have to wait awhile. What are your scores? how thick is your file? What kind of remark is it? the more recent the remark the more it is hurting your score. I would do all you can to get it removed before I would app for any cards.
What is your question?
Well first I would try to establish some cedit. It will take you six months to have a file. I would first try with Cap1 and/or a local credit union. If you cant get a unsecured cards then get a secured card. I would try with BOA. You can also have someone put you on there account as a AU
if you do not have any cards open now, yes... Depending on your credit profile it could help build your credit pretty fast. If you have a lot of baddies on your profile it will build it up slowly but nevertheless it will build.
Would need a lot more infor about your profile in order to give a more detailed response.