In my quest to clean my credit reports, I have a question regarding revolving credit cards and Lines of credit. Please advise as to the formula or methodolgy one employs to get the greatest impact on their reports. In other words, how many revolving accounts should one have? I understand that obviously, low interest rates and high credit availability is King; however, please instruct as to any tricks on charging and paying off. Any words of wisdom are greatly appreciated regarding debt ratios and what has the greatest impact. Thanks.
LOW INTEREST RATES & HIGH LIMITS IS ALWAY FIRST ON THE LIST... "THEY" say you should have NO LESS THAN 3 VISA/MC/AMEX/DISCOVERCARD A car loan Mortgage Installment loan if no mortgage (1 year or more) And 2 or 3 "RETAIL" cards...JC PENNEY/SEARS/TARGET GUEST/WAL*MART STORE/MERVYNS Always have a spare VISA/MC you can use if needed if one of the other cards "JACK" you... ALWAYS use each card you have ONCE a year minimum...EVEN IF IT IS FOR $20.00 AT THE GAS STATION AND PAY IN FULL AND PUT IT BACK IN THE SOCK DRAWER...or put a different one in there that you are now using... "THEY" say under 50% use...but at 0.00%...I'M GONNA' MAX IT!!!!
