03-25-2010 08:44 PM
What gets you in trouble is if you use these cards like normal credit cards which they are not designed to be. Also never use it for emergencies- saving $100 for a rainy day is not that hard.
I was actually planning on using it a lot even though its only 100, otherwise how are we supposed to earn rewards with it? My plan is to charge, then PIF next day or whenever the charge gets processed, then charge again and pay next day, etc etc. They told me they report at the end of the month, so I'll make sure not to have a high balance around that time and also around the time my statment posts.
03-26-2010 08:52 PM
Sounds like a good plan- personally I wouldn't use it quite that often though it seems like it might raise some flags.
03-28-2010 07:22 AM
Don't spend over $10 without paying it off immdeiately or it will hurt your fico score. The card really is worthless.
03-29-2010 08:44 AM
Boy, I got a surprise when I received this card. $750 credit limit w/ no annual fee. I thought I would fall over as I was expecting $100. I'm happy but many that have scores around mine get stuck with the crappy $100. Perhaps my secured orchard card helped though. Interestingly, its my highest limit.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.