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brodi223

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How many secured credit cards should I get and what limit?
I have terrible credit but am fortunate enough to have the funds to max most secured cc deposits. Should I get more than one and should I get a decent credit line with my deposits. I thought about maybe a 3000 limit and paying my monthly bills with it around 900 to keep the utilization at 30%. I read that having a decent line will help you. On a side note could someone explain the 30% rule for dummies. If I pay my statement in full before it reports will it not act like a cc just sitting in idle or will they be able to see the usage even if I'm reporting a zero balance every month?

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In my opinion you should get one, use it responsibly and not up to 30% but more in the 10-20% range.  Wait about 6 months and ask for them to swithc it to a unsecured card. In my opinion btw findingyour local credit union and banking (checking,s avings and crdit card) is probably best. I find them way more .. personable, reasonable and interested in helping you achive your goal.

What will be reported on your credit card in generally depends as to when the reporting happens. You could find this out on this website if you search aroudn a bit on the calender. 

However, if you want to insure that it will show youa re using the card and hence using it responsibly without botheirng to find the exact timing of report. you can use 10-20% of the credit limit, wait for the statement to appear and then paying it by the deadline (ok i would erro n the side of caution and pay it 5 business day sbefore deadline so you can verify it is paid and you do not incurr late charges).

The question is why is your credit score low? If you simply have no credit then the above should work. If there are other reasons then the above will do somethign but not enough to coutneract negative reports... Of course negative reports fall out in 7-10 yrs so... at the end you know why your credit score is low.

Best wishes.

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brodi223

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i have 4 accounts in colletion from 2008-09. Thats why my credit is so low. i have not applied for credit in six years as i usually pay cash for everything, but i recently decided to try and get a auto loan for a nicer car got approved but at an awful rate and a shady loan angency. so i have decided to improve my creit. will a credit limit of 1500 help or should i just get the 200 intial credit? or should i max the line at 3k? do you know anything about lexington law are the woth the money or a waste of time? like i said in the first post money i have credit i dont.

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