New $5k Limit Credit Card - What to do Next?

[cbo941]

I am currently rebuilding my credit so I was advised to get a $5,000 secured credit card from State Federal Credit Union, which I did and recevied within the last 2 weeks. However, I was wondering, what do I do next? Do I wait 30 days before using it or do I use it right away? 

Any tips or help would be greatly appreciated!

Thanks

[DomoNomo]

Use it, don't go over your limit, pay in full when statement cuts (or prior if you're one of those who don't like a balance reported), never be late on payments, rinse and repeat.  In 6 months to a year, you should look into a non secured credit card that may even offer rewards and cash back.

[FinStar]

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@DomoNomo wrote:

Use it, don't go over your limit, pay in full when statement cuts (or prior if you're one of those who don't like a balance reported), never be late on payments, rinse and repeat.  In 6 months to a year, you should look into a non secured credit card that may even offer rewards and cash back.

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+1

Just use it responsibly, keep utilization in check and you should be fine. 

[cbo941]

Thanks for the help!

[blk8]

Pay the bills you normally would pay monthly with it .... then PIF each month.

Just curious why you opened up with that credit union instead of a prime bank like BofA or Wells Fargo?

[armbenderc]

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@DomoNomo wrote:

Use it, don't go over your limit, pay in full when statement cuts (or prior if you're one of those who don't like a balance reported), never be late on payments, rinse and repeat.  In 6 months to a year, you should look into a non secured credit card that may even offer rewards and cash back.

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+1 

[cbo941]

Thanks for the tips guys! Great stuff. I didn't go with BoA or Wells Fargo for a few reasons:

1) I have negative history with BoA (collections on old CC from back in college days)

2) I currently have a card with Wells Fargo

I was told to go with State Department Federal Credit Union by my advisor. So far so good. I will pay all my bills with my new card and PIF at end of month.

Thanks guys!