12-04-2011 02:35 PM
You really don't get rewarded for on-time payments, but you get socked with a score drop if late. Any points from that CC would come in the form of it's length of history. You won't see gains monthly, but if new, you'd see gains as the newness of it wears off and again around the year mark. Going forward, it will eventually contibute to a lengthening AAoA and overall length of history which helps too.
12-04-2011 10:03 PM
I started with a $400 secured CC; boy did it work. Within two months Fingerhut and Capitol One approved me for small limits ($400/$300 respectively). Trust in it they do work.
12-05-2011 11:04 AM
I have a secured credit card that reports every 30 days, when it reports does my score go up every time its reported? If its a good report obviously..lol
They are excellent ways to build your credit, but it is a long term process.
Also the month to month variations in score due to changes in utilization will overshadow slow growth as good accounts age.