Congrats. Use it, pay it off! Try to only let 1% report (1-9% will work but 1% is obviously best). Once it reports...pay it off in full prior to due date if you are actively trying to raise score. Once you see the card in your online banking account list...you will see the "STATEMENT DATE". This is the day they report your balance to CRA's.
So what you want to do is this for max score boost...
You have 3k limit. Let's say your Statement Date is November 15 (thus being the 15th of every month thereafter) -- Your DUE DATE is usually like 25 days after that so let's say your DUE DATE is December 10th.
On November 14th -- you want to pay your balance down to $30 --- which is 1% of your credit limit. The balance will report to EX, EQ and Transunion on the 15th and then if you want to just get it out the way...pay off the $30 on the 17th. Boom. You are done for that month and should see a nice little jump in score. Use the card as much as you want just be sure to pay it down to $30 the day before your STATEMENT DATE....then you technically have 25 days to pay off the $30 but just get it out of the way early (If you are financially able of course).
SCRATCH all of this if you aren't trying to boost score. If you aren't actively trying to boost score at that moment just use your card..pay it off as soon as possible but always at least pay your minimums!! In a year...they are going to unsecure your card and probably give you a credit limit increase. Since you are starting with 3k...you may get something like 5k unsecured from them...which would set you up BIG TIME for some prime cards!! 
Starting Score: (FICO)(August 29, 2013) 502(EQ) 568(EX) 549(TU) 
Welcome to the forum! Congratulations on your approval and on your road to good credit.
Thanks all again! Well to be completely honest I had amazing credit when I was younger. I did screw up a few accounts and they went into collections after I lost my job. I couldn't afford to make payments 
I had one account that remained in good standing throughout the hard times with Chase with a 5,000 credit line.
After I started working I paid all of the accounts that went into collections and started fresh. I didn't apply for any card since 2007. I checked my credit karma score and history and there is no derrogatory marks, I pay almost the full balance every month and my credit utilization is 3%. A few months ago I had opened up an Auto loan with Capital One. I have been making on time payments with that as well as with Chase. I just figured let me try to open a secured credit card with BOA because of my past history. I didn't want any hard hits that were going to result in denial. (grrr)
From the looks of it, I am on a pretty good start and I need to continue working on rebuilding my score up.
I had one account that remained in good standing throughout the hard times with Chase with a 5,000 credit line.After I started working I paid all of the accounts that went into collections and started fresh. I didn't apply for any card since 2007. I checked my credit karma score and history and there is no derrogatory marks, I pay almost the full balance every month and my credit utilization is 3%. A few months ago I had opened up an Auto loan with Capital One. I have been making on time payments with that as well as with Chase. I just figured let me try to open a secured credit card with BOA because of my past history. I didn't want any hard hits that were going to result in denial. (grrr)
From the looks of it, I am on a pretty good start and I need to continue working on rebuilding my score up.
Congrats! Call and ask for the rewards package to be added. Might as well earn some cash back for your everyday purchases. 3% gas, 2% groceries, 1% everything else is not to shabby.
~kn
@Star21gemini wrote:I haven't called yet, but I will definitely request the reward benefits!
Thank you all
I had the card for some 5-6 months and then called to graduate..... didn't have to wait for a full 12 month to ask.... also, at the same time, I asked to PC to their 1-2-3 rewards card. Just yesterday got a CLI of $500.00
I'm sure you'll do great with this card...... Good Luck!!!
