Secure Credit Card - Need help

[Anonymous]

I plan to build credit history and opted to take secure credit card. I have few questions to get a healthy credit score. Could you please help me with below questions?

1. How many secure credit cards do I need to build good credit history in 6 months?

2. If I get a credit limit of $300 in my secure credit card, can I purchase for $100 and pay off $100 in a week even before the bill is generated? Does this impact credit score?

3. Do I need to pay any interest on the secure credit card to build credit score? i.e. keep the balance roll over and keep paying only the minimum required?

Thanks

[Anonymous]

I started with a Cap1 secured card in July '11. 

9 months later I got Amazon, Walmart and a Cap1 Cash Rewards Unsecured card. 

Just use it... pay it off as you go. Don't overextend. 

Let a (smallish) balance post each month but make sure to pay at least as much as posts. 

For me it was best just to use the card as if it were cash on hand. I had the $$ in the bank ready to pay as soon as I needed to. 

Hope that helps. 

[Anonymous]

Great, thanks for the information. 

Does holding multiple credit cards help build credit score fast?

[Anonymous]

More accounts is part of the building process.

I would warn you however that from my own personal experience make sure you ONLY get the cards you really want/need. 

I got over-excited with my success of building my credit last year and app'd for a Meijer store card which I honestly didn't need. 

The inquiry and usage both dragged me down for a while. 

I finally zeroed out the account and put the card in my sock drawer. It was a hard but valuable lesson. 

Every card has a job.. every card DOES a job. 

G.E. cards (Amazon, Walmart, Meijer etc) are great stepping stones on the journey to rebuild... but make sure you get the card(s) that will compliment your personal spending. 

[Anonymous]

Thanks a lot for the info. This is very helpful. 

I will make sure I dont apply for unnecessary cards.

Thanks,

[Anonymous]

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@Anonymous wrote:

I plan to build credit history and opted to take secure credit card. I have few questions to get a healthy credit score. Could you please help me with below questions?

1. How many secure credit cards do I need to build good credit history in 6 months?

2. If I get a credit limit of $300 in my secure credit card, can I purchase for $100 and pay off $100 in a week even before the bill is generated? Does this impact credit score?

3. Do I need to pay any interest on the secure credit card to build credit score? i.e. keep the balance roll over and keep paying only the minimum required?

Thanks

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1.. IMO, 1 or 2 cards, 2 is slightly better.

2. You can pay when you want.   No point in worrying about utilization until 6 months (your timeline for score)

3. Never, only wastes your money.