Thread: Money How does one get credit?
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Old 06-20-2013, 05:17 PM   #173
lewdog lewdog is offline
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Originally Posted by R8ers View Post
Ok I am bringing this back to life hopefully to help someone else trying to get their credit up... In a little over 2.5 months I got 3 credit cards

Bank of America Rewards 1500 limit
Discover It 4000 limit
and Chase/ Amazon Visa 4000 limit

First month my credit score actually went down because I put all my gas, groceries and eating out on the BOA card and actually had 1522.00 bucks on it after a month for a 101% utilization.. This is not good even though I paid it off in full on time.. You should not max out a CC even if you pay it off as it will hurt your score... I found a way around this..
Make multiple payments per month to keep the balance low and it improves your score..

Bank of America pays 3% back on gas, 2% on groceries and 1% for everything else (I use this one now for nothing but gas)
Chase pays 2% back on groceries and restaurants and 1% on everything else(I use this one for groceries)
Discover it Pays 5% on rotating categories (until 07/1 it pays 5% on home improvements after July 1 it will pay 5% on Gas)

It's working out good Credit Karma is reporting my score is now 81% higher than the rest of the users of the site...

Hope this helps someone who does not know this info.
Theoretically they don't want to see you put more than 50% the max limit on any credit card. You can offset this by paying off the balance on that card early in the month, as most card balances don't get reported until the end of the month. That is the trick around that scenario if you do end up charging quite a bit of that card limit.
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