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Question By
Vinnnnnn

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No credit, how to build with a secured CC
So I got a secured credit card with Capitol One $200
I don't have any credit..how can i build?

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Step one is accomplished.  Now that you have your card you'll want to use it monthly, while never exceeding more than 30%.  So in your case you'll not want to hold a balance of more than $60.  Pay your balance off in full each month and watch your score rise.  Something to note is that you will need to do this for about 6 months before you begin to get offers for non-secured cards.  Once you obtain the non secured cards the same strategy of usage will apply to them as well. 

Reply by
Vinnnnnn

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"while never exceeding more than 30%.  So in your case you'll not want to hold a balance of more than $60."

Well I'm off on a bad start? I did pay for a few things because I left my debit card at home for 190, off and on changes for 15-60 but I do pay it off as soon as I get home..is this bad?

Reply by
Rlawshe1

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With CapOne, you can run the balance up to your limit, just BE 100% SURE that you pay the bill IN FULL on the due date, and dont use the card at all until the day after the statement cuts (usually 4 days from payment due date). CapOne only seems to update once a month, and is based on new statement balance.  If you do it this way, you dont have to worry about the 30% utilization max. Also, remember that Utilization is a dynamic component of your credt score, and it has no memory at all, meaning that if you were to run 90% utilization for 6 months, and then decide to apply for an unsecured card down the road, as long as you have the Util. under 30% for the statement period before you do that app., your next score update would show you at the under 30%, or wherever you are as far as Util. goes...

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You can co sign to a credit card would help you get some credit build up. Of course you need someone with good credit and obviosly that pays their cards. Also you can buy something expensive, I bought a car when I was building up my credit and payed monthly fee's that seems like it helped. Its a hard process to get credit built up I went tru it 10 years ago. and obviously dont keep a balance on your existing cards. On a secure card after a year I applied and asked them to give me normal card if i recall gave me 5000 limit. But I had been working on my credit a while at that point.

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