Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
Stephaniejmnz

0 Contributions
0 People Helped
How to utilize my new secured credit card
I'm a college student, and i just recently received my first credit card from Capital One. I had to go with their Platinum secured credit card because this is my first time dealing with credit. It has a limit of $200, and I was just wondering what the best way to go about utilizing the card and building my credit with it is. How much should I actually spend from it each month, and how should I make my payments?
I have heard that leaving a small balance is good, but I am unfamiliar with all this, so I basically need it explained to me like a 5-year old.

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
785 Contributions
299 People Helped

Helpful to 0 out of 1 people

Read the articles on this site to educate yourself.  With a $200 limit, you don't want to charge more than 30% or $60 at a time, and preferably less. Nothing states you can't pay for often than once a month to keep your utilization low. I usually pay my cards down every week, or bi-monthly when I get paid and always ON TIME!  Don't carry a balance where you're paying interest. Finance fees are wasted money. Only charge what you can comfortably afford every month as your credit line(s) and availability will increase over time. I use my cards for almost all my monthly expenses for the rewards. My poor credit started with a $300 secured card. I now have over $102,000 available credit on my cards. I still only charge what I can pay off. I continue to follow the methods I've outlined above. Good luck on your credit journey.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.