Hi! I am 22, self employed college student. Brief History. TL;DR at bottom
When I was employed to an actual company back in July of last year I decided to open a TJMaxx credit card.
Which was working out fine until my boyfriend and I decided to move into an apartment in October. I ended up buying a lot of the furnishings with the credit card that has a max limit of $2,000.00.
I was making the monthly payments if not actually more. In December we decided to buy a bedroom suite, which I opened a Rooms to Go credit Card which had a balance of $800.00. We paid off the balance by May, ahead of the 24 month schedule. Then I closed it in June (now learning this was probably very ignorant).
During this time I had small local bank credit card with a max of $500.00 where I got 5% cash back on gas and groceries and 2% on everything else. I made sure to always pay this off at the end of the week I was panicking over the TJMaxx card and closed it in June (very ignorant).
I became self employed in February, which starting off being self employed was pretty much living paycheck to paycheck, up until June. I kept paying the TJMaxx credit card as well but I hadn't learned to really balance my money, so the balance I had of $900 in March increased to almost the max $2,000.00 by June. I stopped even using the card then. So the balance has not increased.
By this time I started really picking up my self employed business so I was able to start making larger payments. My current balance is $1,700.00. Every month my interest is about $40.
My current credit score as of today is 623.
I will be getting a refund check from my college which is going to be anywhere from $400-800 (they estimated this amount) and I will be getting it within a couple weeks. I figured I would use this money straight to pay off the card.
Also my apartment complex will be giving me a check of $130.00 because their contracted roofers weren't careful and left screws on the parking space. I know I should use this towards the card as well.
So I can safely say that my balance by the end of September will be close to $1000.00 or even below that.
My question is.. during the meantime should I try to request an increase to the card so that my utilization is not 98%? Would they approve an increase to $4000.00?
What do you recommend would be the best steps to take to start improving my credit score situation?
TL;DR: Had 3 credit cards. Maxed out the largest at $2,000.00. Paid off the other 2 and closed them. Current balance $1,700.00. Will be having around $500-$900 in refunds coming in this month, that will be used towards balance. Should I currently request an increase to the card so my 98% utilization lowers?
Submitted September 06, 2017 at 09:14AM by lxlCaraBoolxl http://ift.tt/2gGfXtp
