FICO and credit cards,?

Ok, I messed up my credit pretty bad and am now 25 years old. Finally after paying off all my debt, I was able to get a credit card from capital one with a limit of 300. I also have an open JCPenny account with a limit of 300. Old account.

How do I want to go about spending on the lines of credit in order to raise my fico score at its maximum potential.


Also, how long till I can raise the limits on my credit lines?

My current score is 570, with the only debt left are student loans which are deferred.

35% of your score is based on payment history, so use the cards sparengly and don't charge more then 30% of the total credit limit as 30% of amount owed is factored into your FICO score.
Pay everymonth on time and if you can't pay in full, pay more than the minimum.
It will take time to raise your score and as to increasing the credit limit, wait a while then request a higher limit. Most Credit card companies will increase it once they have a good history of your credit worthiness.

Hope this is of help to you.

as long as you keep spending and paying back your score
will go up
it is a game to keep you owing money if you don't believe me
try it your self spend some and pay back
then spend some and miss a payment or two
when you miss your score will go down

It is simple. Use the cards to make necessary purchases, but no more than you can afford to pay in full each month. Be sure your payments are not late. Keep away from the maximum limit as much as possible. I suggest charging no more than about $100-$150 per month on the Capital One card, and use the Penney card only when necessary to shop there.

After a few months, call Capital One and ask them to increase your credit limit. Based on your payment history, they should be willing. Then maintain the same policy. Keep charging up to 1/3-1/2 of your credit limit and repaying the full amount. You will incur no interest and your credit score will keep climbing.

Credit cards are a great convenience, and a great way to prove you are credit worthy. But if you use them to carry a balance and pay interest, they are the worst kind of debt you can have.