My credit score now is about 500. I just got approved for a orchard bank unsecured credit card.?I want to know how I should manage it. I currently have a car loan and student loans that have made current, and I have about 3 CO that I am paying off. Any suggetions? |
You need it because new credit will begin to raise your credit again. I had a credit score below 570 and got the Orchard unsecured card. What was good about that card was with my bad credit they only charged me 65.00 for an annual fee. My point is they are only going to give you a 300.00 credit limit, at most 500.00. You really can't get into too much trouble with a credit line like that. Eventually they will raise the limit, but it will take a year or more to get it to a thousand. If you keep this card and keep the balance below forty percent of your credit limit it will have a very good impact on your credit score. In the meantime you can work on your other credit accounts and pay down the balances. Getting new credit and keeping it current is one of the best ways to repair past credit problems.
http://www.creditwish.com
Put something small on the credit card each month and pay it right away. Don't even wait for the bill to come in. Buy something on a Monday, pay it off once it posts to your card on Wednesday. If you wait until the bill comes in, you might find that the money you had to pay for what you charged has disappeared towards something else.
use it once a month for a small purchase and pay it off as soon as the bill comes - over time this will help improve your credit score - nothing improves it quickly-we're talking 2 years at least of safe use of the card
I will suggest you only charge it with a small amount you can pay off in full against the payment date each month . Use credit sparingly and only when you need it!! (A safeguard is less than 30% of your total available )
Only use this credit card if you know that you can pay off the balance when the bill comes.
Cut it in half
Don't use it.
