Remember in the “Credit Secrets” video…
When I talked about building (or rebuilding) a new, good payment history FAST by having three lines of credit and charging each account just up under 50% of the limit, then paying each down to about 20-25% every month for SIX MONTHS?
Charging your balance up under HALF of the limit avoids damaging your credit by keeping your “debt-to-credit-limit ratio” or “utilization” in a healthy range. Paying each account down to about a QUARTER of the limit each month makes you look like an ideal customer to the credit card companies since you’re carrying a balance and paying interest.
If you have less than perfect credit and need three lines of credit to reap the benefits of this credit building strategy, then you can take advantage of SECURED CREDIT CARDS.