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Creditanddebit

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Starting Out With Credit
I recently got approved for a secured mastercard. I only want to use it to build my credit and will only utilize about 20% of my credit line per month and will pay it off at the end of the month. I have not credit history other than student loans all with on time payments. Any tips to make my credit score go up by leaps and bounds? And it ok to pay more than you owe? Say if you have a balance of 10.00 and you pay 25.00 thereby giving you debit on your credit card? Anyways I appreciate any help!

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To help make your credit score go up and stay there, be sure to...

  • Pay on time, 100% of the time
  • Keep your credit card utilization under 30% at all times (1%-20% credit card utilization is key)
  • Use credit to build credit - don't let your accounts go inactive
  • Apply for new credit in moderation - once or twice a year maximum or don't apply for any new credit unless you absolutely need to
  • Check your detailed credit reports for accuracy - annualcreditreport.com

Some credit card compainies can allow you to pay more than what you owe, while others may not. Also most credit card companies will just return the extra money paid in the form of a check.

Reply by
Creditanddebit

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That was helpful, but I have a few other questions:

Should one carry over a balance, if so how and how much?

How much should one expect their score to go up per month on average?

How many cards should one have?

After a year should I keep the secured card or get a different one? 

Really I'm looking for a detailed explanation. Thanks in advance!

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