You will of course read many cautionary tales here on the myFICO boards of people who have had credit card problems in the past (myself included). Take time to read the difficult stories and even venture into the rebuilding area of the forum. You are at a pivotal time where you still control your future.
Take time to read about budget strategies. Dave Ramsey (not my favorite), Suze Orman, YNAB (you need a budget, my personal favorite) and any other reading you can find related to budgeting money. The biggest trap I fell into was thinking credit limits meant the ability to spend. While technically that is true, I did not have a plan to pay back my purchases in a reasonable amount of time. Now, I enjoy my miles, hotel points and cash back for using credit cards...
Good luck, and please ask a lot of questions. The people on this forum are ever helpful.
Credit is great but you need to control it or it will control you.
... Should i pay off balance every month, or carry a small balance to eventually graduate to unsecured?
My unscientific opinion is that a lender issues a secured card instead of an unsecured card because they see a greater risk to not get their money returned to them. Therefore it makes sense to me if one wants to graduate from a secured to unsecured card, it's imperitive to demonstrate a habit of promptly returning the lender's money in full. Thus: Pay in full, the sooner the better.
Hello, i am new to this whole credit thing, i just need some advice. I have 2 secured cards and was wondering what is best for me to do. Should i pay off balance every month, or carry a small balance to eventually graduate to unsecured? Any advice is greatly appreciated😁
1. Do not carry any balances.
2. Let one card report a zero balance (i.e. pay it off before statement cuts) and let the other card report a small balance (and then pay it off promptly after statement cuts).