cancel
Showing results for 
Search instead for 
Did you mean: 

Credit card question

tag
Hopefull123
Valued Member

Credit card question

I have one credit card with $0 balance. My LO suggested I get another secured card to help rebuild my credit. I just received my new card. I know it's best to keep a low balance on one of the cards. My question is, I'd like to have the balance on my older card but do I need to show activity on the new card for it to help my score? Or will just having the additional card (without any transactions and payment history) reporting to the credit bureaus be sufficient enough?
Message 1 of 3
2 REPLIES 2
Leadberry
Established Contributor

Re: Credit card question

Letting only the one card report a balance will yield maximum points.  However, you want to use the new account in order to show activity with the creditor.  Simply pay it off in full before your statement date; you get activity on the account without having a balance reporting to the bureaus.  Note that some creditors are weird and will report your balance on a certain day of the month regardless of when your statement cuts.

 

Edit:  How long have you had your current card?  With the scores in your sig I would think you should be able to get an unsecured card.

   
FICO Scores 800+
Message 2 of 3
Hopefull123
Valued Member

Re: Credit card question

Thanks for replying!

I had my current card over 6 years and received my new card last month. I used my new card but paid it before the statement date and was hoping the activity would be enough without having to report a balance to the credit bureaus. I rather leave a small balance on my older card as it has a higher limit. They are both secured cards. With this new one, I didn't want to take the chance of applying for an unsecured card and being declined.

Message 3 of 3
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.