Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
jim1981

0 Contributions
0 People Helped
More tips to raise credit score
I have been using this site for over a year now and really appreciate all of the excellent advice. I currently have two credit cards with a max limit of $650. I increased the limit on my Capital One card from $200 to $250 and also repaid some of my debts. My score jumped 59 points since the last update from 629 to 688.

One of the reasons that I think my score has not jumped any higher is that I do have 99% utilization on my Capital One card. If I read correctly, I want to keep my credit card utilization between 15-20%.

I would like to have a score of 700 or above.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
740 Contributions
796 People Helped
Most Helpful Response

Helpful to 2 out of 2 people

You are correct if you lowered utilization to 20% your score would go up minimum 15 points max 40 points I'd say in your case closer to the 40 point max given your utilization is 99% and despite your low limts the best way to do this is to pay them off EVERYDAY down to under 20% and then don't use the card 2 weeks before the closing date because you want to be sure the utilization is being caught at under 20% and the best way to do that is have it freed up 2 weeks before closing date given your extremely low limits ie: your closing date is the 15th of January pay the card down below 20% on the 28th of Decemeber then don't use the card again until Janauary 16th It will be hard given your low limits but IF YOU DO THIS FOR 2 MONTHS you will be able to apply for a 3rd card say Capital one quicksilver a excellent status card with no issues or w/e excellent status card you may want since you other cards limits are so low you need a 3rd one or need to pay off every single day then not use 2 weeks before closing date which is extremely hard 

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.