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Angela3344

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Secured Credit Card Amount and Length of Time
I am trying to repair my credit report, and am getting a secured card to utilize during that process. I currently don't have any other open credit cards. Does the amount of the credit card limit affect my credit score. For example, would my credit score be more likely to rise if I had a $500 or a $1,000 credit limit (and utilize it for a small monthly payment that gets paid monthly)?

Also, how long do I need to have the secured credit card in use before I would see my credit score rise? I know the score will lower when they run the credit check. I need to raise my score by October, so I'm wondering if obtaining a secured card at this time is beneficial or will just lower my credit score due to the short period of time. Thank you!

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The larger the credit limit, the better it is for your score because it allows you to keep lower utilization.  You'll need to use the card for about 6 months before you see any real impact on your score, but plan on having the account for 1 year for optimal results.  Hopefully after that you can qualify for a regular credit card with higher limit.   Once you get a regular card, keep a balance of 1-3% on it all all times to drive up your credit score.  Best of luck!

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