Home › Forums › Credit Talk › General Credit Forum › First secured Credit card in 7 years! Questions inside.. › Re: First secured Credit card in 7 years! Questions inside..
Hello BustedVisaCard, and welcome to the forums.
It is recommended that you keep your credit card balance below 30% (some people say 40-50%). I try to keep it below 30% just to be safe. This does not mean you need to CARRY a balance each month, it means you should only USE 30% or less of your available credit at any given time. If your credit limit is $500, and you don’t want to use more than 30%, you should not spend more than $150. Lenders want to see that you are not using too much of your available credit because this means you could get into financial trouble. Save yourself the fees and pay in full each month if you can, just don’t spend more than 30-40% of your limit.
I suggest you wait until you get your 2nd card with BOA so you can pay all your utilities with the card (or just pay $150 of your bills with Capital One). Also, you should check your credit report at least once a year, if not more. The only way you can improve your score is if you know where you stand. Checking your report will give you a better idea of what you need to work on, not to mention you can check for inaccuracies. You can get a free credit report from the three credit bureaus here: https://www.annualcreditreport.com/ (don’t be fooled by other sites offering the same deal, this is the official one!).