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 course...in 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 items...it'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