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StarsAreMyOcean

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Repairing credit score...opinions on my plan?
Like many, I've made some financial mistakes over the years. My most recent one is really tanking my credit score through a high utilization score. Here's my mini story and my current plans moving forward. Recommendations are welcome.

About 6 months ago, I was approved for a BoA Cash Rewards card with a $1,500 CL (my first card; been a banking customer with them for a few years and it seemed like a good place to start) Paid in full the first month, kept the balance under 30% for the second month and let's just say between going a bit hog-wild with purchases and car issues, it's been pretty much around $1,400 for the past few months. CK has my score around 617 now...I have no idea what it was before but I imagine it probably wasn't much better.

Earlier this week I applied and was approved for a Capital One Platinum (the one with the $19 annual fee) with a $1,000 CL. Once I receive the card, I am planning on transferring $250 from the BoA card to the Cap1 card to bring the BoA utilization down lower and keeping the Cap1 utilization under 30%. The plan is to pay $50/mo + interest on the Cap1 card and at least $50/mo on the BoA card (throwing extra at it when possible and perhaps transferring some more balance at some point).

I'm also trying to work towards a decent savings so I can keep off the plastic for things like emergencies or car repairs. Hopefully this is a step in the right direction and then I will go from there. I know a car purchase will be happening in the next year and I'd like to either have the cash for it or have a better score so I can get a loan with decent terms. Let me know what you guys think and any other advice you can offer would be greatly appreciated.

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*Transferring more balance to the Cap1 card, not to the BoA card. Also, I have been paying the minimum a month on monthon the BoA card, but then using it.

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