I'm ready to be a responsible adult, but i need some advice

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I'm ready to be a responsible adult, but i need some advice

Postby llama504 » Wed Apr 17, 2013 3:24 pm

As the thread title states, i'm ready to become a more responsible adult. Well, a more responsible adult in regards to credit cards that is. So, i have some general credit card questions, if you all don't mind answering.

I currently have a Chase +1 card, BestBuy credit card, and a non-activated Wells Fargo pre-approved credit card and my overall goal is to simply increase my credit while using my credit cards properly.

Question #1- My Chase +1 card is basically a student card and I've heard a great way to increase one's credit is to use about 30% and pay it off completely by each payment. However, with such a low limit of $500 , it's kind of an annoyance. So, should i activate my Wells Fargo card ,limit of $1,500, and keep all three cards active or should i call Chase and see if i can "upgrade" cards. Also, i heard that it's best to keep my oldest card ,which would be my Chase +1.

Question #2- My parents noticed a new laptop i had brought and asked me on how i payed for it. I purchased the laptop by using my BestBuy card and used the 18 month no interest financing. Basically, i maxed out my Bestbuy card and payed $100 for 8 months. My parents said that it's bad to max out your credit card ,but i thought that if i kept up with the payments it's all fine and dandy. Are my parents right?

Question #3- This question sort of relates to question number 2, with a term i found called credit utilization. As stated in question #2, my parents said that it was bad to max out my card ,but does all my credit cards in total count in my overall credit utilization? For instance, if i combine all of my credit cards limits Chase $500, Bestbuy $800, and the possibility of my not yet activated Wells Fargo $1,500 would my total credit utilization be 2,800? Or do credit card companies only look at credit card utilization with each individual card?

Thank You

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