@Anonymous wrote:
Ok I have 2 secured cards, BofA limit $300 and Cap1 $351 limit. I can't get an unsecured card at this time due to having no score.
My main goal right now is to generate scores and and to start with the best scores possible so that I can qualify for a decent card.
I only have the Cap1 secured to get me on the Fico radar. Beyond that it's useless in my eyes because there is no chance of it graduating. Should I still use this card daily? I want to concentrate on using the BofA daily and PIF every few days to keep my usage high on that card since it will graduate. It's just so aggravating trying to do this with both cards ALL the time since it's such small limits. Also can I charge up to say 80-90% as long as I PIF before statement cuts with no ill effects?
1) IMO
If the main goal is truly to generate and build solid scores (which is all 'toy cards' should be for in the 1st place) then 'yes' as you mentioned later you are overthinking it!
Calm down use the 'toy cards' for scoring purposes only...there is no need to fret over HOW MUCH to run thru a $300 card.
Keep the reported debt % low and the on-time payment history high...that's it!
No secret sauce, no magic beans...just have a 'bit' of use and pay on time and you'll be just FINE!
2) The position that the Cap-1 secured is USELESS is very short-sighted...use it for it's purpose
(which is to build a credit profile you can 'eat' from... for years to come)
don't smack the hand that helped you...who cares that 'this' product doesn't graduate...if helps you ATTRACT more flies, then otherwise, it ain't 'useless' 
(With some vendors it's best NOT to be *noted* as a sub-prime graduate for your 'entire' relationship...that's why players leave teams in sports from time to time, just to 'not' be seen as a 2nd fiddle who rose vs the commodity thy've become...'see new Houston QB vs old Denver benched 2nd round back-up')
Anyway.. within in a few months you can app for both the Cap1 Plat and the QS1 on the same day (using same HP) giving you cards that will grow and age not to far behind the secured account anyway AND you can get your dough back.
Remember your GOAL is to build a profile and it's gonna take for than 2 months no matter what....
I'm not a fan of high usage 'just because' or trying 'impress' a vendor to CLI (especially with baby limits and 'new' to credit users) I think it's fool's gold into 'believing' that a vendor is going to open up the flood gates because they've made a few bucks on you running a bunch of purchaes thru a cards for them to get paid exchange fees...
The bottom line is from an UW POV there is still little payment 'over TIME' history and SCORES aren't really affected anyway (remember because the reported balances are PIF or kept purposely low) so in essence ppl that have this mindset think they are 'buying' their way the higher CL's when really if UW guidelines require 'scores' ....current usage can only take you so far.
The tactic isn't that useful for newby credit because lack of history can't be bought by slamming 80% debt ratios into a toy card but bad and scary habits can be...plz don't play with fire...use those cards with kid gloves....they are your audition to larger CL's.
I'd NEVER advise blasting 80% debt ratios, period...allow the cards to 'look' like a responsible user is at the helm and you'll be a captain of a bigger better ship in months....
We forget what can be produced with 9 months with proper care, remembering each trimester is still only 3 months...only 3 report cards...you don't get a degree in 2 months...chill out it's only one school year, slow down enjoy the ride, you'll get there
I promise
@lg8302ch wrote:What I would do if I had these two cards: Use them as much as you like (with BofA being the main driver) but let 1 card report 0 balance and the other less than 30%. Instead of deciding which one to select for reporting the balance I would simply rotate cards with balance reporting. Let's say you report a less than 30% balance on Cap1 in March then I would pay before statement cut for next cycle and let that card report 0 balance in April and let the BofA card report the 30%. Yes I would report 20-30% on my cards to show responsible usage and not the less than 10% for best Fico results. The advantage of the alternate reporting it shows that there is a PIF strategy in place. Balance reported, next reporting 0 balance and then balance reporting again... and this on both cards. That would only be my strategy and before a new app then I would let less than 10% report to get my Fico score in best shape for the app.... sorry a bit a confusing explanation and I hope you get what I ment to say ..lol
This is fine advice, except that in OP's case, there is no FICO score to optimize yet
@Anonymous wrote:Thanks guys, Gemini I really appreciate your well thought out and articulate responses. I've read several of your posts regarding advice to other members such as myself.
So now all this leads to another question. I only want to end up with 3-5 cards max and don't want to get cards just because I can. So could you guys help lay out a plan to help me achieve getting cards for everyday use? I don't know alot about rewards and travel points and such, so not sure what to aim for. I don't travel much so I don't think that would be a priority for me. I realize I won't get ultra prime cards anytime soon but want to end up with a stable of prime cards that will grow with me without having to go around the world to obtain them.
Something like..... Wait a couple months and get a QS1 then garden a year, then apply for Chase something or other, or Discover something or other..... You get the idea. Thanks again for everyone's advice
If you aren't sure what exactly you want, then don't make any decisions yet. You are two months into this? Stick with the two cards you have for now. If you can app a Quicksilver (no AF version) that can be a good foundation for a main card to use. 1.5% everywhere, no FTF, no games, no having to redeem only against travel costs. The limit on your next Capital One card should be a bit more, and then 6 months or a year after that, another Capital One app should be even more. Capital One lets you show your experience and provides higher CL on the next app. Sometimes you can get CLI on an existing card, but those seem to find a ceiling. Always keep at least one Capital One card open, and your future apps will have that chain of positive history that will result in ever larger Capital One credit limits. And the simplicity and easy rewards of the Quicksilver cannot be overstated.
Regarding using the cards today, I'd suggest using them for everything you can fit on the card, up to 95%, and pay frequently. The bank, BofA and Capital One, will see the volume of transactions going through the cards, and while there is no guarantee it will result in any specific CLI or action on their part, more transactions, paid off, are always a good thing in the eyes of the bank. This also gets you the understanding of how the CC payments work, what timing you can expect, and that is something of a benefit for your own education.
While it would be nice to follow the advice of others to "never use more than 30%", on a low limit card, at $300 or $500 or even $1k, I think that's just not realistic advice. Use the low limit cards up to their limit. It's how you have to act, often times, to get transactions on the card. Not all transactions are $100 or less to fit 30% on a $300 card, and using a debit card is a different kind of problem.