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CCQuery

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Credit card balance v/s credit score
I have been in US since last 3 months and am looking at ways to build + improve my Credit Score. My current Credit Score is 665 & 660.

Since the last 2 -3 months, I have a partially secured Credit Card from Bank of America, which has $500 credit limit. This is the only credit card that I have as of now. Whenever I make any purchases / spend, I pay it off in full either on the same / next day. Infact, I pay more than what I have actually spent on the card so at any given point in time the balance on my Credit Card is -ve (credit balance). For the past 3 months, the monthly statement has showed -ve balance so I have paid more than what I have spent on the card.

Could you please advise if this is good / bad from a Credit Score perspective?

Are there any other cards (preferably cash back) that I could apply / get that can help build + improve my score?

Any advise / suggestions are much appreciated. Thanks.

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Paying more than you owe does nothing for your credit, so that is a waste of funds. You should let one card report a small balance each month to show revolving activity for the month. Less than ten percent of the credit line should be reported, then pay it off before the due date to avoid paying interest. Start reading everything that you can about credit. The basic credit building tools are three credit cards and one installment loan that are all reported to all three credit bureaus. You probably have not developed FICO scores yet, so you may just want to get one more Secured card at this time and wait to get the rest. You would not be eligible for any good cards or loans at this time, so that will have to wait. Once you have six months of credit history under your belt, check to see if you have FICO scores yet and the proceed with your credit building if you do. Most lenders use a version of FICO scores, so if you don't have one and a decent one, you will not be approved.

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Thank you very much! 

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You are welcome!

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