Tilted Forum Project Discussion Community - View Single Post - Uh-Oh, Graduating College Student

Key · 10-27-2004, 12:06 AM

help

I've been running searches but it's hard to get a clear and accurate picture, and I really really don't want to make a stupid assumption and kill my credit.

So I just graduated, and trying to build the strongest credit possible (I didn't have a CC in college). I have 3 right now, a $200 limit Capital One, a $250 limit from 1st Financial Bank (both are visas). And a $5,000 Chase Perfectcard (mastercard).

Would it be ok to cancel the VISAs and just stick with the mastercard? All these cards came in the mail within the last year. I'm afraid canceling my cards may have an adverse affect on my rating, should I just stick em in a shoebox and forget about them?

Now from reading the posts, I should have 50-60% of my credit used. Is that per card, or all credit available to me? I also read that my credit cards report my balance only once a month. When is that? Does that mean I should keep my balance at 50-60% through that period?

Do I pay off all the balance right after that period, and rack up more credit purchases, or do I pay the minimum amount and keep my balance floating at 50%? Is it safe to just pay the minimum every month and keep a balance?

What if I go OVER that 60% limit, say 70%, pay off the over-balance immediately the next day, and get it down to 60%? do they ever see that I hit 70% ?

I ordered a credit report from Capital One, they have this program where I pay a couple bucks a month and they send me a quarterly Credit Report with my Credit Score. I read that everytime you have your credit checked, your score takes a small hit, but they assured me they have it set up so that the query does NOT affect my credit score. Is this BS?

Sorry if it just seems like I'm rambling, I just have no idea how my score is reported, and trying to get it optimal =/

10-27-2004, 12:06 AM	#1 (permalink)
Key Crazy	Uh-Oh, Graduating College Student help I've been running searches but it's hard to get a clear and accurate picture, and I really really don't want to make a stupid assumption and kill my credit. So I just graduated, and trying to build the strongest credit possible (I didn't have a CC in college). I have 3 right now, a $200 limit Capital One, a $250 limit from 1st Financial Bank (both are visas). And a $5,000 Chase Perfectcard (mastercard). Would it be ok to cancel the VISAs and just stick with the mastercard? All these cards came in the mail within the last year. I'm afraid canceling my cards may have an adverse affect on my rating, should I just stick em in a shoebox and forget about them? Now from reading the posts, I should have 50-60% of my credit used. Is that per card, or all credit available to me? I also read that my credit cards report my balance only once a month. When is that? Does that mean I should keep my balance at 50-60% through that period? Do I pay off all the balance right after that period, and rack up more credit purchases, or do I pay the minimum amount and keep my balance floating at 50%? Is it safe to just pay the minimum every month and keep a balance? What if I go OVER that 60% limit, say 70%, pay off the over-balance immediately the next day, and get it down to 60%? do they ever see that I hit 70% ? I ordered a credit report from Capital One, they have this program where I pay a couple bucks a month and they send me a quarterly Credit Report with my Credit Score. I read that everytime you have your credit checked, your score takes a small hit, but they assured me they have it set up so that the query does NOT affect my credit score. Is this BS? Sorry if it just seems like I'm rambling, I just have no idea how my score is reported, and trying to get it optimal =/