Author Topic: What should I try to fix first...payment hx, utilization, limits?  (Read 725 times)

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After a long & dismal prior credit history...I'm beginning the rebuilding phase. Pulled my 'quasi-legitimate' scores off of Credit Karma & my killers at this point seem to be 'recent payment history' (bad, of the 97% on-time range) and 'utilization.'

It would seem that a somewhat good approach at this point would be to get 3-4 'secured' credit cards from my bank (they'll give them to me) and just keep the balances super low & make on-time payments for solid year. Presumably, that should help out both'd give me good payment history (better w/multiple accounts presumably?) AND should provide a lower overall utilization.
At the same time, I realize the damage I'd create by having such a 'new' age of account history AND the added inquiries.

My questions, as a result of this conundrum are two...

1. Will the NEW good payment hx & lower utilization be offset by the new age of account hx & inquiries? Essentially I'm asking...which is a more powerful force to a credit score.

2. If I had 2k to put down for secured cards...would I be better off with one 2k limit card, or 4 - $500 limit cards? Which is a better angle?

For the record...I've cleaned up the errors on my reports & will be paying down existing baddies. Looking for info primarily for 'building anew.'

Thanks for getting me this far...and hopefully forward  :drinking:


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Re: What should I try to fix first...payment hx, utilization, limits?
« Reply #1 on: December 29, 2015 02:16:03 PM »
you could use that money to pay down your current debts, this will lower your utilization without incurring new debt, inquiries, etc. on your reports.