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I just recently got a capitol one scured card. I dont want to make any mistakes because I am doing so well and my scores have jumped almost 100pts in the las 5 months. This is my only credit card and I have learned to live without them so I am not that crazy about having it.
What I do want to know is what is an acceptable monthly chare on a 200 limit card to show good utilization. I was thinking of just charging my MYFICO 15$ fee monthly.
But how and when do I pay it off? Do I wait for the statement, or do I pay it on the day the card is charged. Please any suggestions would really help. I am really on the road to recovery.
@Cyeron wrote:I just recently got a capitol one scured card. I dont want to make any mistakes because I am doing so well and my scores have jumped almost 100pts in the las 5 months. This is my only credit card and I have learned to live without them so I am not that crazy about having it.
What I do want to know is what is an acceptable monthly chare on a 200 limit card to show good utilization. I was thinking of just charging my MYFICO 15$ fee monthly.
But how and when do I pay it off? Do I wait for the statement, or do I pay it on the day the card is charged. Please any suggestions would really help. I am really on the road to recovery.
Well, your first real step should be to get a second secured card...
But in regards to Cap1 card, with you having such a small credit mix, and the fact it will not graduate to unsecured, your usage is pretty irrelevant. Its not like by using their card all the time and paying it down you will get anything from Cap1. Maybe 100 dollar limit increase? Maybe? Just make sure you pay it off, or below 10 percent, prior to the reporting date. I had a Cap1 secured card when I started, well, I guess I still do (don't use it now) but I did exactly that, I kept my CMS service, 15 dollars a month on it, and paid it whenever I remembered, online, prior to my reporting date, which is the 20th of the month.
-scott
Does it really matter if I grab another secured? I have multiple school loans that are on my report. Would that really help?
Yes, you do need another revolving account, you actually need 3 revolving accounts to get the max benefit for scoring.
Yes, I have multiple open school loans, a car that is being paid off this month and the new capitol credit card. Now once my car is paid off I am trading it for another, family is growing... So this is what I will have starting in Nov... Capitol Secured.. $200.00 Multiple school loans paying on all of them monthly. and will have a New Car payment. Do I really need another Secured...
I will use the Capitol Secured to pay for Myfico. $15 monthly pay it off entirely when it hits. That should be easy. Is this a good mix of credit and utilization?
The idea of having one charge that remains unchanged from month to month is a great idea. I will consider that for myself as well...or at least my allergy meds along with that.
@Cyeron wrote:Yes, I have multiple open school loans, a car that is being paid off this month and the new capitol credit card. Now once my car is paid off I am trading it for another, family is growing... So this is what I will have starting in Nov... Capitol Secured.. $200.00 Multiple school loans paying on all of them monthly. and will have a New Car payment. Do I really need another Secured...
I will use the Capitol Secured to pay for Myfico. $15 monthly pay it off entirely when it hits. That should be easy. Is this a good mix of credit and utilization?
All of those other accounts are not revolving.. hence the suggestion for another secured card.. car loans, student loans, are fixed payments.
It really doens't matter too much, you can build your credit with one, but it would help your credit blend and your scoring potential. We're trying to give you suggestions, you can take or leave them haha
-scott
I like the idea of putting your CMS on there. Kind of reminds you of what you're doing too!