Hey JJ,
Congratulations on your credit increase. Definitely one of the highest, if not the highest I’ve heard for this particular card so far as they rarely offer increases to anybody. I had a $100 increase on this card more than a year ago. That’s it.
Carrying a large balance is not good for your credit as you already know, but it’s definitely good for the banks, that’s how they make a profit. I just had a similar thing happen to me with my Paypal credit card. I used it so much within the first three months, I got an automatic $300 dollar increase.
I try not to carry a balance and I pay 2 or 3 times within a statement if I can (before I spend the money on something else). Sometimes things come up and you have to use your credit. That’s what cards are for right? Just don’t let it snowball. It’s very easy to get into debt with a credit card.
Remember you have a secured card and you’re establishing credit, so you don’t want to be maxing out your card all the time. Try to keep it under 40%. When you are ready to apply for a new card, bring it down to under 10% and let it report before you apply.
You can get a free annual report from: https://www.annualcreditreport.com/
That’s the official site.