Citibank $200 secured credit card

[TimeLBK]

I have had this card for about 6 weeks now and 1-3 times a week I pay off the balance. Do they like that, or should I just wait until the billing statement to pay 1 time a month? What would be good to get that secured to be an unsecured card or just to get my CL increased?

[SBR249]

If that's your only CC then I would pay it off multiple times a week. You want the statement balance reported to the bureaux to be 8.9% of your CL or less, so for a $200 CL card in order to maximize your FICO that's less than $18. If you want to use this card for anything other than a gallon of milk and some snacks, you'll need to pay it off multiple times. 

[EAJuggalo]

I would take a completely different tactic.  Maximizing a few extra points isn't going to do you all that much good looking at where your scores are now.  I would try and show Citi that you are being responsible with the use of credit, using your entire limit and paying it off when necessary.  Keep charging it until you need to pay it to keep charging it.  The nice thing about Citi is that when you make a payment online your available credit updates immediately.  I would run the card up close to the $200, then pay it all off.  Repeat as necessary.  You are going to show Citi that you can make larger payments and it may help with the Credit line issue.

[Kforce]

Use it until you need to pay on it, so it is still usable. No need to pay 2-3 times a week. Every time you pay it cost Citi for the ACH money transfer. On many "Citi" cards they only allow 4 transfers per month. Have never had a secured card, however I thought the credit limit was tied to a savings account that was locked. If you need a higher limit, can you just transfer more money into the secured account?. I would limit the transfers to 1 a week, and let at least 3 months post before poking the bear. Citi is consultative on CL's for many cards, however with time they will increase. Maybe other "Citi" secured card users will have more info

[TimeLBK]

Thanks for the information. Should I pay the balance, in full, everytime before the statement, so it shows a $0 balance when it posts, or should I pay the balance after the statement?

[SBR249]

---

@TimeLBK wrote:

Thanks for the information. Should I pay the balance, in full, everytime before the statement, so it shows a $0 balance when it posts, or should I pay the balance after the statement?

---

If it's your only card, do not let it show a $0 balance as that would negatively impact your credit score. The whole point of a credit history is to see how you manage credit. If you consistently show a $0 overall balance across all cards, that's usually interpreted as you not using credit at all since lenders are unable to see any activity. If you are judged as not using credit, then you are not building credit history and that card would be of little help to you. So pay it down but leave a small balance of between $5-$19 each month. Since the SL is so low, you can probably get away with up to 30% util reporting so about $60. 

[stinastina]

how long does it take to graduate ?

[Anonymous]

18 months to graduate. 

[TimeLBK]

Do they automatically do CLI's or are there love buttons available after a while-like 3 or 6 months after having the card?

[Anonymous]

I think the “luv” button is you adding more money to the security deposit for a higher CL. I don’t think the account is eligible for normal increases until it graduates.

Someone correct me if I’m wrong, I’ve never had this card.