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Member
Justina40
Posts: 9
Registered: ‎08-06-2012

0 utilization, 0 revolving accts, Advice on Rebuilding

I my credit currently reflects 0 utilization and 0 revolving open accts. I was recently approved for a secured cc with a small credit limit. Can someone please give me some good advice on how to rebuild my credit and scores in a positive effective manner?
Experian score 631
Regular Contributor
Tran92
Posts: 217
Registered: ‎09-25-2012

Re: 0 utilization, 0 revolving accts, Advice on Rebuilding

Is that a Fico score? The secured route is a good start for your credit building. Since this is your first revolving account you should report a utilization of 1-9% each month. Then pif before the due date to avoid interest. Keep up that routine and increase your CLI if it is to small for you. It will also help with utilization.
TU 746 (10/13)
GOAL: 750+






Member
Justina40
Posts: 9
Registered: ‎08-06-2012

Re: 0 utilization, 0 revolving accts, Advice on Rebuilding

Hi Tran92, it is not a Fico it is a plus score. Is there a big difference in fico? :-( I will report the 1-9% each month thanks.
Regular Contributor
Tran92
Posts: 217
Registered: ‎09-25-2012

Re: 0 utilization, 0 revolving accts, Advice on Rebuilding

I can't say since your mileage may vary (ymmv), but it shouldn't matter as long as you build your credit right. Just keep utilization low and garden for at least 6 months before trying to app for anything else. You can raise the cli anytime since you have a secured. Later in the future when u have more than one card you should do the same process by keeping util between 1-9% and keeping your other balances at 0%.
TU 746 (10/13)
GOAL: 750+






Moderator
Shogun
Posts: 12,902
Registered: ‎04-15-2011

Re: 0 utilization, 0 revolving accts, Advice on Rebuilding

My advice to you is to add money to your secured card.  You don't have to dump a bunch of money into it but treat it like a bill.  Put maybe $25 every payday and it'll grow with you.  Not only are you building your CL but you're putting money back too.   Then in 6 months or so, try for an unsecured.


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