Building Credit ?

So you completely pay off your credit cards and cancel them. Go somewhere like a credit union, I recommend y-12 and start out with a secured card so you don't get yourself on debt again.

Once you pay off your credit cards , try to teach yourself discipline. Once i paid off my credit cards , I used them to pay bills and would pay it down to 20% or less before the statement date ( not to confuse with the due date ) .I wouldn’t get another CC until you are able to handle your cards and not over extend yourself with balances. I recommend a group called “Road To 750 “ while you have to DIY your way through it it’s a great group to ask all types of credit questions in . They even have people you can pay ( don’t recommend ) to fix your credit for you . Using that group alone took me from the 400s to the 700s ! Best of luck on your credit journey !

I don’t really know if this is right, but my mom TANKKKKED my score. 800 all the way down to 545. I was unaware of it for a while. But it took me a year to get it back to 740s and it’s only just now at 772, which is about 2.5 years since the whole ordeal happened. I honestly feel like I’ll never break 800 again. But I would periodically make large purchases, like 3-5k or so and pay it the same day. (One time it was a 10k purchase, but that’s not typical for me at all). The first time I did it, my score jumped up over 20 points I think? Maybe a tiny bit more. I was only winging it because I had nothing to lose haha! And it worked! So I kept doing it! That being said, I’ve never carried a balance on my cards, never had any debt, etc. (except for when my mom charged 20k in my name unbeknownst to me and literally didn’t make a payment on it)😵‍💫😵‍💫😵‍💫 So not much advice I guess, but just get those balances paid off is the main thing. Keep the cards open though. You don’t want to close your accounts! That will have a negative impact! Ideally you want your institution to raise your credit limit, but the rule of thumb is keep your spending under 30% but I wouldn’t come close to touching that. Try 10% and pay it immediately👌🏽🎉 I’m not gonna proofread this, so I hope I made a little bit of sense at least but please excuse any typos🤪

I’ve worked really hard at building my great credit. They want to see lenders trusting you with higher limits but keeping your balance low. I would suggest paying off your cards and keeping them low. If your credit score is super low you may not be able to open another card. I would request a balance increase on your current cards but keep utilization at a minimum.

are you asking?