How exactly do I use it to improve my credit score. $200.00 limit, I paid $99.00 dollar deposit. I really dont wanna screw this up, In the mean time I'm sending letters to the CRA's to dispute" personal info" and so far I'm happy to report EQ deleted about 10 false addresses YAY! It's a small victory but anything helps.Once I get the "personal info" correct on all 3 credit reports I'll start disputing the credit. So if someone can give me advice on how to use this new capitol one secured card that would be great. Thanks
Since you have a $200 limit on your credit card, it is very easy to charge more then 10% of the credit limit on your card. I would charge $20 on the card every month and pay your balance off in full every month. Make sure you always pay your payment on time as well. Do this for about 6 to 12 months and then apply for another credit card and you should be able to qualify for a "regular" credit card with a larger limit. Thanks! Heather with BoostMyScore.NET
Hi, I'm bumping/latching on to this thread if you don't mind. I have a CC that I think (I don't remember) if it is secured. I've had it for almost 18 months now. I have used it a bit, and have made regular (more than minimum) payments every month. I did have to almost max it for an airline ticket, but am back down to $63 (on a 500 balance). I did not know about the 10% rule (until I got here ). How do I go about stepping up to a new card? I don't want to start filling out multiple applications only to be turned down (and have the inquiries on my report). And what do I do with this card, do I close it? Also, is there a way I can find out if it is secured (without calling the company)? Is there a specific code within the #? It looks just like the Capital One secured card offered through the link on this site, and the interest rate is the same.
There is a thread on Creditboards where board members post what card they applied for, whether they were approved/denied, what state they are in and which CRA they pulled. The link is here: Credit Pulls Database I would keep the card since its longevity is good for your credit score.
I wouldn't rely on that database to help you decide if you should apply for a specific card. What are your current FICO scores? Give us some more information about where your credit currently stands, and I can make a more tailored recommendation for you. Also, if you call Capital One and ask about your current card, a CSR should be able to tell you exactly what kind card you have. If you made a cash deposit when you opened the card, it's definitely a secured credit card.
