Secured Cap1 utilization

[Kable]

Hello all, I have limited credit because I mostly used cash up until now. took out a loan at my bank for 5k with a 5k CD to back it, It auto pays from a savings at 500 a month.

Also got a capital one secured card with the max $3000 limit. My question is I can charge whatever I want on the card but in order to keep it at under 10% utilization I need to pay whatever balance before the statement date?  I usually use my debit card for airline tickets or anything big but I have to call and increase my daily limit for anything over 1000 and it only stays that way for 24 hours. Which gets old after awhile.

Also this is the only card I have besides my debit card. Should I look into getting another secured card or a store card? Credit score is only around 600 from what equifax says. wasn't enough information to calculate a score on myfico.com  not sure what the best store card would be?.. any suggestion

[mrmagic9799]

My question is I can charge whatever I want on the card but in order to keep it at under 10% utilization I need to pay whatever balance before the statement date?

Yes, you can charge anything up to your limit.  I too have the Cap1 Secured and what i've done is instead of using my debit card for normal transactions & airline/travel hotel charges.  I use the Cap1 then just pay it down to 6% util, let that report and then PIF. 

I've been doing this since August of last yr with no problems as far as what i'm able to charge....

Also this is the only card I have besides my debit card. Should I look into getting another secured card or a store card?

My suggestion is check with your local credit union to see if they offer a secured card and go through them.  MOST times their intrest rates beat out the Big banks...But if you PIF every month it really doesn't matter. 

If your credit union doesn't offer then First Premier, Orchard Bank are usually pretty decent about extending credit to those with little or no credit.  but be careful because First Premier APR is 59.9%

[Wolf3]

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@mrmagic9799 wrote:
.......   If your credit union doesn't offer then First Premier, Orchard Bank are usually pretty decent about extending credit to those with little or no credit.  but be careful because First Premier APR is 59.9%

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If you need another card, Orchard is OK.   The fees on FIrst Premier are very high and you obviously have better credit than this.

  

[Kable]

I was thinking more of Bank of America secured, Citi Secured or USbank secured?.. From what i have read people are pretty happy with the boa

[Wolf3]

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@Kable wrote:

I was thinking more of Bank of America secured, Citi Secured or USbank secured?.. From what i have read people are pretty happy with the boa

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Those are all good choices and generally considered a little harder to get.   I would wait until you have over 6 months reporting on Capital One before you apply.

[Kable]

so it would be better to wait? Really i just wanted one mastercard and one store card, i applied for a Buckle CC because i heard they were easy to get but was turned down. I think its thru world financial if anyone is familiar with them. Would calling them or sending a reconsideration letter help? I was trying to get a good mix.

[Wolf3]

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@Kable wrote:

so it would be better to wait? Really i just wanted one mastercard and one store card, i applied for a Buckle CC because i heard they were easy to get but was turned down. I think its thru world financial if anyone is familiar with them. Would calling them or sending a reconsideration letter help? I was trying to get a good mix.

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That is "World Financial Network National Bank".   They underwrite many store cards.     IMO, store cards that you use, are good for building credit and usually come with rewards and discounts.    Suggest you try again when you have a little more time on your current card.  

[Kable]

thats what i was thinking. I wanted one card and a store card to start out with but i can wait a few month before i apply again. I didn't know if there was an easier card to get or if i should send a letter to reconsider