topic Re: Secured Card Utilization in Credit Cards

Secured Card Utilization

Anonymous — Tue, 03 May 2016 00:01:34 GMT

Hello All,

Ok, so I just recieved my 2 secured cards, cap one $200 and discover it $200. My question is Ive read to keep utilization between 1-9%, how am I supposed to do this with 200 dollars credit limits? With 1-9% being roughly only spending under $19 dollars on each.

Re: Secured Card Utilization

Anonymous — Tue, 03 May 2016 00:35:08 GMT

Keeping the utilization at 1-9% really means that when your statement is issued your balance should be at 1-9% of your credit limit. The amount on your statement each month is what is reported to the credit bureaus. Low utilization helps boost your scores.

During the month you can use the card and make multiple payments. For example, purchase groceries for $100 then make a payment of $100. Pay your cell phone bill $75... then make a payment of $75. Purchase gas for $18 right before the end of your billing cycle and let your statement reflect the $18 account balance. This is what will be reported to the credit bureaus - the 9% utilization.

This will help boost your scores.... then you can eventually move away from the secured cards and apply for an unsecured card.

What are your scores?

Re: Secured Card Utilization

Anonymous — Tue, 03 May 2016 00:54:43 GMT

EX:522

EQ:547

TU:570