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Hi,
I am not quite understanding this method. When you pay the $100 on the secured credit card, turn around and pay for the phone bill on the same credit card and then pay the bill when it comes in for the 25 days later, how does that increase your credit limit? and how does it work when you get a bill for the credit card of $100 that you just put money on to increase it. Wouldn't you then just end up paying a total amount out of pocket of $200.?? Forgive me, I was reading your post and trying to understand it. It's been a very long day and my brain is probably just a bit foggy Help to understand this better is much appreaciated.
Thanks
It's an older post from 2009 I think, but from what I gather, OP is proposing that you add the $100 to an already-existing secured CC. So basically you'd shell out $200. One to advance the secured CC by another $100 and the other $100 to pay the bill back to $0 after charging a $100 hypothetical cell phone bill. So if you had a $100 bill every single month for 12 months, and started with a $300 secured CC, then by the end of one year you'd have a $1500 CL secured CC. IMO, you don't need a cell phone bill or any bill to do this. You can charge $0 on the secured CC and still add to it monthly. And you don't have to add to it monthly either. FICO ignores the CL and only cares about the balance and util of the card. So you can open a card at $300 and save to the side $1200 (or whatever) and add it to the secured CC then and still accomplish the same goal.
Will the same be said if you dont have a BK....NM bank, are they the only ones that have a card that reports as a unsecured card?
i need to look into that ASAP
Look into it, it will work.
I filed for BK in 2010. Final declaration was in January of 2012. My FICO is about 620 or so. I had opened a high interest rate with Capital One for a vacation in 2012. Charged about $900- 1100. Made regular payments and used very few times after and last 18 months have only made payments double the minimum. I do have school loans and only use a debit card. Make regular payments. What do I need to raise my credit score?
Thankyou!
The best thing you can do to rasie your score is to read these forums and learn what you can do to help yourself now an in the future. Trust when I say reading the posts on this forum has changed my life post BK. I have made so much progress in 2 months and Ive just begun. Read, read, read. You'll be glad you did. Good Luck.