How much should i charge on my secured credit card to get the best credit rating?
September 10, 2009 - How much should i charge on my secured credit card to get the best credit rating?
I can charge up to $500 on my secured credit card and want to know how much should I charge on my secured credit card to get the best credit rating. I need to build credit because I got none.
I'll be paying it off every month.
I'm wondering how much I should charge on my secured credit card every month out of my $500 maximum.
Not much. I would keep less then $100 balance on it and only pay the minimum payment every month. The credit companies want to see that you can handle paying a bill month after month with no lateness. NEVER EVER EVER have more then $250 on there if your max is $500. But I would keep it at LESS than $100. I told my neighbor these directions to improve her score and it got dramatically better in six months. I've done this religiously for 10 years and have a 720, and no it will not help you to pay it all off every month as the other person suggested. That may help maintain the score, but not increase it. Good luck!
- As a general rule, you should always keep your debt to credit limit ratio at 30% or below. So if you have a $500 limit, keep your balance below $150, and ALWAYS make your payments in a timely manner. This applies whether you have a secured or non-secured credit card.
The amount is unimportant as long as it is less than the limit. Paying the bill on-time each month is the important thing since each on-time payment adds to your credit score. However, each missed payment will significantly reduce your credit score much more than on-time payments.
- its not how much you charge it is paying ot off every month that will increase your credit rating
- Keep it no more than $100 - it's more important that you maintain available credit and pay it off monthly.
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