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It's been too long since I've had this scenario arise. How much of my $400 secured card limit should I spend before paying it off? I'm at $315 now. Will get the qs1 in the mail tomorrow. That has a $300 limit. I dont want to accrue a fee for "maxing out" the card or something. If that's even a thing I have no idea? I can pay it in full whenever. I have 2k in my checking account.
@Anonymous wrote:It's been too long since I've had this scenario arise. How much of my $400 secured card limit should I spend before paying it off? I'm at $315 now. Will get the qs1 in the mail tomorrow. That has a $300 limit. I dont want to accrue a fee for "maxing out" the card or something. If that's even a thing I have no idea? I can pay it in full whenever. I have 2k in my checking account.
I don't have any experience with secured cards, but when I got my QS1, the 1k limit was too little for my spend. I nearly maxed it out many times during the month and paid it off. I probably never hit the limit, but I came within $100 of the limit many times. I just paid it when it got that high. Rinse and repeat.
Great, thanks. Yea, I pay it multiple times per month and make sure to have a small balance before statment is drawn up.
You won't incur any fees for maxing out your secured credit card unless you go over the credit limit. Most cards charge an over limit fee.
If you allow a balance to report over 10% of your total credit limits, or 90% on one card, your FICO will take a hit (and a big one if you are approaching 90% of overall limits) -- but this will come down when you pay down the card, as soon as the next billing date.
You have nothing to gain by running a bunch of spend through a secured card. At most, you might get a $200 CLI from Cap 1, but that's it.
You should focus your spending on your unsecured card now and hammer it with as much spend as you can put through it to encourage credit limit increses. Just be sure to pay it down before the statement cuts. I like to pay my cards down to just $5 on one card and all zeros on the others, before the statements cut. I use the same card each month to report the $5 balance.
Awesome. Yea, I won't use this hardly ever with my qs1 coming soon and I got a $500 visa from dcu as well coming next week or two.