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JustSarah

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Using a secured card on auto loan payment.
I want to build my credit as quickly as possible. Would getting/using secured credit card to pay on my auto loan help? Would it max out my line of credit and slow it?

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Top Contributor
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Interesting concept and I like it. The only thing is will the auto loan that you have accept payments by credit card? You would also have to put a lot of money on a secured card so it at least has a limit 70% above the amount of your loan payment, because you don't want to exceed 30% utilization on your card. Example if your loan is $300/month you would want to get a secured card of at least $1000 but more would be better (like $1200 or $1300 on the card if your loan was $300/mo). I like your way of thinking.

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