Credit/Payments?

Question

I opened up a secured card of $200 in June and received my card in July. Made my first on time payment in full. My statement just came out and I used a bit more than usual, but my FICO, and credit score went down. The total due is $137, I plan on paying it off in full, if I do that, will my score go back up or will it stay where it's at.? 
*I'm a first time credit card holder. No one taught me about these things.* any advice helps!

Answer

ur score goes down a few points when u open a new account.  that's because u have a new account open and because u have a new hard incury on ur credit. as long as u keep paying on time and in full, it will go back up in time. I started rebuilding my credit 2 years ago. my credit was ruined by my ex over 9 years ago. I now have a 805 or higher credit score across the border. my first card when I started rebuilding was a secured wells Fargo card with 2000 bucks into it. spent 200 bucks every month and paid on time and in full all the time. after a year, they RETURNED my 2000 bucks and upgraded me to an unsecured platinum card. every time I applied for a new card *( I have 8 cards now, with a total of 60k available credit, 100% paid in full), my score went down for a month or two.

Answer

Your only suppose to use a percentage of your total limit if you use too much it goes down for that month if you pay in full and stay below the limit it'll go back up. I think it's like 20-35 percent of your 200 but a google check will let you know for sure. So keep it in mind each month you use the card and if you can pay it off before the statement closes not the due date they report the remainder just make sure if you don't pay in full certain months you at least pay the min after closing and before the due date.

Answer

So right now you have what is called a shallow credit history. Basically, the only thing impacting your score is this card as a first time card holder. So right now, your score will show big differences depending on what you owe on the card at a given time. As you continue to make on time payments, you will build a history of responsible credit which will set the stage for you to take on larger items (e.g. a car or a home loan) which will deepen your credit history. Once that happens and once you graduate from a secured card to an unsecured card with a larger credit line you will see fewer such fluctuations. Hopefully this helps a little!

Credit/Payments?

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