Hi I've been working on repairing my credit for about6 months now. I disputed many things on my reports and many have been removed. My experian score is currently a 568. It was a 572 when I started. The reason it went down is I opened a cd secured loan and when it was reported my score dropped to a 548. After the bank reported the first payment was on time it went up to the current 568. My question is just opened a secured credit card in the amount of $500. I'm. Just wondering what the best way is to use it to build my score up besides paying on time every month. Should I pay it off completely every month or leave a small balance? Is there a certain amount that I should not go over on spending? Any advice would be greatly appreciated. I wish I had done this along time ago. Thanks.
The best way to use your secure cc is to keep the balance at 30% or less of the limit. You indicated the limit was $500, so 30% of that is $150. Pay this card on time every month and maintain the balance indicated and in 6 months your scores will go through the roof. Try it, I've had folks do this with no credit scores and in 6 months their scores are in the mid 600's. Good Luck!!
Thank you for your help. Should I pay the minimum amount due each month or pay it off completely each month?
Yes, just make sure you pay on time and keep balance at 30% or less for 6 months. Let me know what happens.
