topic Re: Credit Card in Rebuilding Your Credit

Credit Card

Anonymous — Mon, 20 Jun 2016 17:08:05 GMT

I have a 300$ credit card (sucured) I just paid my balnace in full last month and my socre went up 23 points. This month, i used my card again (300) after it posted to all the credit agencys and i just sent them 300 bucks again. (paying in full) will that hurt my score? If its posting no blance out of 300?

Re: Credit Card

Anonymous — Mon, 20 Jun 2016 17:16:32 GMT

@Anonymous wrote:
I have a 300$ credit card (sucured) I just paid my balnace in full last month and my socre went up 23 points. This month, i used my card again (300) after it posted to all the credit agencys and i just sent them 300 bucks again. (paying in full) will that hurt my score? If its posting no blance out of 300?

I would not worry about it too much. Right now just concentrate on making your ontime payments and getting a couple of more accounts established. The whole "maximize your UTI" thing is more for down the road when you're well established and looking to peak your scores in preparation for a mortgage or auto loan.

Re: Credit Card

RonM21 — Mon, 20 Jun 2016 20:20:55 GMT

Couldn't agree more. Keep your focus on the payments and starting off on the right track. It gets a bit more advanced when it comes to utilization and number of cards and so on. You don't need to bother with that now.

Re: Credit Card

Anonymous — Mon, 20 Jun 2016 20:27:06 GMT

What other accounts should i have? I have one more secured cc with captial one for 200. i also pay them in full each month. is two credit cards not enough since i am just now starting out?

Re: Credit Card

gdale6 — Mon, 20 Jun 2016 21:25:00 GMT

@Anonymous wrote:
What other accounts should i have? I have one more secured cc with captial one for 200. i also pay them in full each month. is two credit cards not enough since i am just now starting out?

Conventional wisdom for a build or rebuilder is 3 cards minimum to drive your Fico, preferrably bankcards. You could then add a store card and an installment loan for credit mix once you get some history in the bankcards.

Re: Credit Card

Anonymous — Mon, 20 Jun 2016 21:36:40 GMT

@Anonymous wrote:
What other accounts should i have? I have one more secured cc with captial one for 200. i also pay them in full each month. is two credit cards not enough since i am just now starting out?

Ideally you want to have three cards. How long have you had your accounts and what are your scores?

Re: Credit Card

Anonymous — Mon, 20 Jun 2016 22:05:23 GMT

I had my first progress one for 6 months. And I had my capital one for 2 months. My score right now are: EQ 573, TU 568, EX 567. I started off around 499-515 for all three.

Should I get a citi bank secured cc? Or any bank secured card?

Re: Credit Card

Anonymous — Mon, 20 Jun 2016 22:25:35 GMT

Idk what your file looks like as far as collection or charge offs. I had alot of paid and a few unpaid collections scores lower then yours and I got the discover secured. I love it cashback and no AF.

I had the discover and the capital one secured for a little over 3 months and was recently approved for a unsecured capital one.
But with that being said I was able to get most of my collections removed in that 3 months.

Re: Credit Card

Anonymous — Mon, 20 Jun 2016 22:25:43 GMT

Just keep paying those 2 off and on time each month. In a few months you should be able to qualify for an unsecured card. Keep checking cap1's prequalification page.

Re: Credit Card

Anonymous — Tue, 21 Jun 2016 02:34:35 GMT

@Anonymous wrote:
I had my first progress one for 6 months. And I had my capital one for 2 months. My score right now are: EQ 573, TU 568, EX 567. I started off around 499-515 for all three.
Should I get a citi bank secured cc? Or any bank secured card?

I would wait another month to make sure the Cap One card is reporting, then apply for a unsecured Cap One Platinum card.