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About to get my first secured card?

Contributor

About to get my first secured card?

Ok I'm going to put $300 on my USAA secured card. I'm only going to use it for gas and then pay it off each month I heard it's best to leave a balance so if I have to pay let's say $65 how much of it do I pay?? I'm new to how credit cards work and also how soon will I see an increase in my scores??
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Message 1 of 7
6 REPLIES
Established Member

Re: About to get my first secured card?

congrats on the first card. 

 

heres the best way to increase your scores.

 

have the balance report on the statement date be no more than 9% of your credit limit, so for you, $54, and then pay off all of it before the due date. if you spend more than $54 in a month, make a payment before the statement date, so you report less than 9% of your CL, then again pay in full before the due date.

 

hope that works and you see some score increases.

Message 2 of 7
Contributor

Re: About to get my first secured card?

Thanks so much
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Message 3 of 7
Senior Contributor

Re: About to get my first secured card?


iMarcus wrote:
Ok I'm going to put $300 on my USAA secured card. I'm only going to use it for gas and then pay it off each month I heard it's best to leave a balance so if I have to pay let's say $65 how much of it do I pay?? I'm new to how credit cards work and also how soon will I see an increase in my scores??

Paying in Full is the most important thing to do.   It avoids interest and develops good payment history with USAA. 

 

Paying balances early to control utilization gives a temporary boost to your score, but has no long term effect.

Message 4 of 7
New Member

Re: About to get my first secured card?

Isn't 9% of $300.00, $27.00 not $54.00???? Smiley Happy

Message 5 of 7
Valued Contributor

Re: About to get my first secured card?


araceli852456 wrote:

Isn't 9% of $300.00, $27.00 not $54.00???? Smiley Happy


That's what I was thinking too!



Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
Wallet Contents: SECURED: Capital One Platinum Mastercard, US Bank Harley Davidson Visa, USAA Bank American Express;
UNSECURED: Chase Freedom; USAA Cash Rewards World Mastercard, Discover More, CUSC Platinum Rewards Visa, American Express Zinc, American Express Blue Cash Preferred, Amazon Card, Walmart Discover Card
Message 6 of 7
Established Member

Re: About to get my first secured card?

haha i swear it said 600 when i read the post?!!??

 

maybe the OP switched it or i just cant read lol.

Message 7 of 7