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How to use new secured credit card

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Anonymous
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How to use new secured credit card

i just got a Capital One secured masercard with a $200 limt.what is the best way for me to use this card to get my score up until i can get a few more cards I have spent $58 of the $200 limit my due date is on Dec 17. i need the best possible way to use this card thank you

 

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NRB525
Super Contributor

Re: How to use new secured credit card

Congratulations and welcome to the forums! You have your first card. That's the best first step.

 

Next, and for all steps that follow, pay on time (before the due date on the statement) every month. Over time, that is the best thing you can do, bar none.

 

For a $200 card, if it is your only the discussions of utilization don't apply, just stay within the limit at all times. When you pay, you probably want to ensure the payment is electronic to get there as quickly as possible.

Some people pay multiple times per month, and if your spend rate warrants it, this may be appropriate, otherwise, just make sure you pay by the due date.

 

After you have the card a few months, you may see a CLI which will make it easier to stay within the limit, and that will also indicate you are making progress. I would not worry too much about specific FICO scores for now, just work to get a CLI as your next goal.

 

And pay on time Smiley Happy

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
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