What to do to maximize my credit score?

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What to do to maximize my credit score?

Postby rbai76 » Fri May 24, 2013 9:14 am

I am 19y/o and wanting to get ahead of the game as early as possible.

I did have a credit score of around 730 but after asking for a CL increase with Citi and opening up the Discover and Chase my credit limit is around 718.

I have had my PNC secured card with $250 CL for a year, over the past 6-7 months I have opened a few cards.

BestBuy $800 CL
Citi Dividend $1000 CL
Discover it $1500 CL
Chase Freedeom $3000 CL

I don't need the PNC card because I am being charged $3 a month and no rewards or cash back. I also don't need the BestBuy card. Should I close out my PNC card after I have had one of my other cards for a year? Should I keep my BestBuy card open or not? Will I benefit from keeping the BB card in the long run?

Also I always pay my balance off in full every month but how much of my CL should I use?

Should I keep my use under 10% from the total of all of my cards or should I keep the balance under 10% per card?

The only other card I kind of wanted to open is possibly a khols card or something that gets me cash back on amazon.com, would it be a good idea to open it soon or wait?

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Postby MemberSince99 » Fri May 24, 2013 9:46 am

Yes to closing the PNC after you've had your other cards a year.
I don't see a reason to close BB unless you won't ever use it again. In that case I could see it.
You can use as much as you like but make sure what reports is under 10% for optimum scoring, on one card. If you ever don't do this, no biggie it gets fixed the next month. I'm just talking ideal optimal scoring.
Use them, just pay before they report. What you want IDEALLY to report is under 10% on one card. As long as overall utilization doesn't go nuts it won't hurt you that much don't lose sleep over this if you keep it reasonable.
I think honestly I'd wait with what you have now and let them age and grow for a bit then go for somethings like Kohl's or an Amazon card. Chase offers an Amazon card, however one of the 5% categories for Freedom in the fourth quarter this year is Amazon so that will be great for you. Just ride what you have for now, give it 6 months to a year then re-evaluate and maybe add a couple more that suit you.

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Postby ChrisL » Tue Jun 18, 2013 2:45 am

Have you considered applying for a car loan? I know that you are just 19 and this is a big responsibility, but you can look for something inexpensive. But before you do this, it is better to check all of the possible loans options, so that terms and conditions of the loan were acceptable for you. If this is something you do not want to do, then I guess put some electronic stuff on a credit line. Pick something useful and go ahead, make your payments on time.

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Postby ForumPheen » Fri Jun 21, 2013 11:23 pm

Aye to the car loan. My scores shot up 44-48 points just for adding one a month ago, and I expect more of a increase by next season, thanks to it.

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