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I just got appoved for my first credit card today. I decided to start with Lowes since we're remodeling and have been spending quite a bit there... and will probably be spending there the rest of my life. The card only has a limit of $300, but it's a foot in the door. I got the card mainly to help increase my limited credit. I have a mortage which is six months old, all on-time payments, but that's the extent of my credit history. I would like to take full advantage of the 5% cash back but I don't want to hurt my credit at all.
My question is, could I make large purchases and save the 5%, pay it off immediately, and it not affect my credit negatively. I've read that I should only use about 10% of my credit limit, so should I only spend around $30 a month? Any tips for using the card would be appreciated since I am a complete newb to the credit world.
@Anonymous wrote:I just got appoved for my first credit card today. I decided to start with Lowes since we're remodeling and have been spending quite a bit there... and will probably be spending there the rest of my life. The card only has a limit of $300, but it's a foot in the door. I got the card mainly to help increase my limited credit. I have a mortage which is six months old, all on-time payments, but that's the extent of my credit history. I would like to take full advantage of the 5% cash back but I don't want to hurt my credit at all.
My question is, could I make large purchases and save the 5%, pay it off immediately, and it not affect my credit negatively. I've read that I should only use about 10% of my credit limit, so should I only spend around $30 a month? Any tips for using the card would be appreciated since I am a complete newb to the credit world.
Question for you: do you know what report Lowes pulled and what your actual Fico is on that report?
I'm curious as I want to app for that card in the next week or two!