Tips & tricks? (Credit cards)

Question

I got my first MasterCard, I put my limit to 300$. It’s a secured card I believe it’s called. Anyway, what are some tips & tricks I should know to start building my credit?

Answer

Your limit is 300? Don’t go over 30% of the limit and pay the whole thing off on the due date. Don’t ever miss a payment.

Answer

Know the day they report to the credit bureau and do not let the amount they report be more than 10-20% of your limit. So between $30-60 for your $300 limit. You need to understand how credit usage, ratio and reporting works. Follow “Color My Credit.” Use credit sesame and credit karma as guides (this is all they are- their credit score isn’t your actual FICO, keep that in mind), read about credit usage- on reputable sites, access your FREE (NEVER PAY) credit report from the annual credit report site (normally you get one copy free per year from each of the three bureaus. During covid it’s once per week!) and continue to play the game to build your credit.

Answer

Use it, pay it within the same month, are used to pay mine immediately, making sure that credit was available, just opening a credit line itself and having credit available should raise your credit score, don’t use what you can’t afford, if you were going to purchase it on your debit card, use your credit card, and pay it immediately, and just keep doing that with your monthly bills or gasoline or whatever you use food, etc. and just make sure you keep credit available that’s the big one, the more credit that’s available the better off you are with your credit score.

Answer

Keep your usage low. Pay it down by the statement date . I always leave 5% or less on the card.

Answer

May sure you set up auto pay for minimum payment. That way you never miss a payment.

Tips & tricks? (Credit cards)

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