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Established Member
Cyeron
Posts: 21
Registered: ‎05-20-2012

Capitol One Secured Card

I just recently got a capitol one scured card. I dont want to make any mistakes because I am doing so well and my scores have jumped almost 100pts in the las 5 months. This is my only credit card and I have learned to live without them so I am not that crazy about having it. 

 

What I do want to know is what is an acceptable monthly chare on a 200 limit card to show good utilization. I was thinking of just charging my MYFICO 15$ fee monthly.

But how and when do I pay it off?  Do I wait for the statement, or do I pay it on the day the card is charged. Please any suggestions would really help. I am really on the road to recovery.

Current Score
TU=580
EQ=560
STARTING SCORE
High 400's
Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011

Re: Capitol One Secured Card


Cyeron wrote:

I just recently got a capitol one scured card. I dont want to make any mistakes because I am doing so well and my scores have jumped almost 100pts in the las 5 months. This is my only credit card and I have learned to live without them so I am not that crazy about having it. 

 

What I do want to know is what is an acceptable monthly chare on a 200 limit card to show good utilization. I was thinking of just charging my MYFICO 15$ fee monthly.

But how and when do I pay it off?  Do I wait for the statement, or do I pay it on the day the card is charged. Please any suggestions would really help. I am really on the road to recovery.


Well, your first real step should be to get a second secured card... 

 

But in regards to Cap1 card, with you having such a small credit mix, and the fact it will not graduate to unsecured, your usage is pretty irrelevant. Its not like by using their card all the time and paying it down you will get anything from Cap1. Maybe 100 dollar limit increase? Maybe? Just make sure you pay it off, or below 10 percent, prior to the reporting date. I had a Cap1 secured card when I started, well, I guess I still do (don't use it now) but I did exactly that, I kept my CMS service, 15 dollars a month on it, and paid it whenever I remembered, online, prior to my reporting date, which is the 20th of the month.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX
Established Member
Cyeron
Posts: 21
Registered: ‎05-20-2012

Re: Capitol One Secured Card

Does it really matter if I grab another secured? I have multiple school loans that are on my report. Would that really help?

Current Score
TU=580
EQ=560
STARTING SCORE
High 400's
New Member
ellicel
Posts: 28
Registered: ‎09-30-2012

Re: Capitol One Secured Card

Cyeron do you have any other open accounts? I'm just curious because all I have is about a million in student loans and the brand new Cap One so I was wondering if I needed to open another. Not crazy about the idea of getting a credit card at all and def don't want two! But I keep reading how I have to show a mix and that I have credit available.

Starting Score: TU 598; EQ 558; EX 526
Current Score: TU 598; EQ 558; EX 526
Goal Score: 650


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

Re: Capitol One Secured Card

Yes, you do need another revolving account, you actually need 3 revolving accounts to get the max benefit for scoring.  


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Member
Cyeron
Posts: 21
Registered: ‎05-20-2012

Re: Capitol One Secured Card

Yes, I have multiple open school loans, a car that is being paid off this month and the new capitol credit card. Now once my car is paid off I am trading it for another, family is growing... So this is what I will have starting in Nov...  Capitol Secured.. $200.00  Multiple school loans paying on all of them monthly. and will have a New Car payment. Do I really need another Secured...

 

I will use the Capitol Secured to pay for Myfico. $15 monthly pay it off entirely when it hits. That should be easy.  Is this a good mix of credit and utilization?

 

 

Current Score
TU=580
EQ=560
STARTING SCORE
High 400's
New Member
ellicel
Posts: 28
Registered: ‎09-30-2012

Re: Capitol One Secured Card

Thanks! I didn't know about the three revolving lines thing. Cyeron, I really like your idea of putting myfico on the card. I was going to use mine for gas, but putting on a charge that is exactly the same each month will allow me to set up auto pay. Plus then I can leave it at home and forget it exists. Great idea!

Starting Score: TU 598; EQ 558; EX 526
Current Score: TU 598; EQ 558; EX 526
Goal Score: 650


Take the FICO Fitness Challenge
Established Member
ReachingMyGoals
Posts: 42
Registered: ‎10-11-2012

Re: Capitol One Secured Card

The idea of having one charge that remains unchanged from month to month is a great idea.  I will consider that for myself as well...or at least my allergy meds along with that.

Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011

Re: Capitol One Secured Card


Cyeron wrote:

Yes, I have multiple open school loans, a car that is being paid off this month and the new capitol credit card. Now once my car is paid off I am trading it for another, family is growing... So this is what I will have starting in Nov...  Capitol Secured.. $200.00  Multiple school loans paying on all of them monthly. and will have a New Car payment. Do I really need another Secured...

 

I will use the Capitol Secured to pay for Myfico. $15 monthly pay it off entirely when it hits. That should be easy.  Is this a good mix of credit and utilization?

 

 


All of those other accounts are not revolving.. hence the suggestion for another secured card.. car loans, student loans, are fixed payments.

 

It really doens't matter too much, you can build your credit with one, but it would help your credit blend and your scoring potential. We're trying to give you suggestions, you can take or leave them haha

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX
Moderator
Shogun
Posts: 12,902
Registered: ‎04-15-2011

Re: Capitol One Secured Card

I like the idea of putting your CMS on there.  Kind of reminds you of what you're doing too!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

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