Reply
Moderator Emeritus
MarineVietVet
Posts: 14,526
Registered: ‎07-14-2009
0

Re: Building Credit: PenFed Secured or Another Card?

[ Edited ]

 


surnailz wrote:

marinevietvet,

 

Now that makes sense!  So paying in full every month is the best way to handle a card, whether secured or unsecured it sounds like.  I was under the impression before that it was only your statements that actually post to the agencies.  So from what you're saying, if I have a $1000 limit then I should only use about $90 of it and pay it off right away, every time.  Then go ahead and put more on it and pay it off again, not going above that magic util percentage.  This seems to preclude me from using it like a debit card.  I guess I'll have to get one or two more when the time is right.

 

Speaking of which, when should I go for my next card?  Six months?  A year?  More?

 

And thanks for the welcome!  I should have said that I was new.  Thanks for the help and clarification!

 

cheers,

-jim


 

You can use it as much as you want but just make sure you know when your statement posts each month so you can time how much balance shows on that statement. What is on the monthly statement is what reports to the CRA's.

 

 

From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score

New Member
surnailz
Posts: 6
Registered: ‎04-12-2010
0

Re: Building Credit: PenFed Secured or Another Card?

Always good to get corroborating advice!  I guess that means I can focus on just the one card for now, which is quite the relief.

 

cheers,

-jim


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
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}