How many credit cards should you have to rebuild credit?

Posted by Mielno | Posted in Credit | Posted on 23-11-2009

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Nikita asked:


I am trying to rebuild my credit after ID theft, a couple of problems that were mine and years of basically not having any credit reported. (I primarily use my debit card and pay cash for everything). I make good money now and am trying to rebuild in order to purchase a condo in the next couple of years. My good accounts (rental, club, cable, cell, etc.) have not reported my good credit. So how many cards should I take out that will help boost my credit score but not hinder my credit. Thank you!

My credit card balance is over 50%. How long will it take my credit score to go back up?

Posted by Mielno | Posted in Credit | Posted on 18-11-2009

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Hi. I recently just got my first credit card ever and used it to make a $1600 purchase. The credit limit is $3000, so obviously I’m over 50% of the balance, and I just learned that’s bad for credit scores. I expect to be able to pay off the purchase in the next two or three months. Will my credit score go back up immediately after I get the balance on my card down, or will it take a while? Thanks.Submited by:Casey