10-07-2011 03:09 AM
10-07-2011 04:52 AM
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.
10-07-2011 10:48 AM
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.
10-10-2011 02:36 PM
Isn't 9% of $300.00, $27.00 not $54.00????
That's what I was thinking too!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO