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Using a Secure Card


Mustang91
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The last post in this topic was posted 2897 days ago. 

 

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Hello Fellow CB'ers,

 

I've taken all of your advice from my previous info-seeking post, much appreciated. I recently opened up a $300 Secure Card with ESL FCU (local place), with the intention of building credit while removing the "negative" marks currently on my report (using WhyChat's HIPAA process for that.) I only plan to buy groceries and fuel with the card, and pay them back shortly after. However, I am wondering about what the best timing for this is?

 

For example, I buy gas once a week, and groceries by the day (as needed.) When is the best time of the week/month to pay these items off so that they reflect best on my credit report? Do I pay off immediately? Do I wait 1 week? 2 weeks? Do it at the end of the month?

 

I have attached a link with info about the card, for your reference. Any input and advice would be great. Thank you.

 

ESL FCU Secured Card - https://www.esl.org/loans/eslVisa.html#secured

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Before the statement cuts. Might take a couple of cycles to figure out when it does

Or call customer service and ask when the statement cuts, this is what I did when I had secured cards.

OP once you know the date you can charge as much as your limit is, but pay it down before the statement cuts, once again call your CU to find out when your statement will cut.

Good luck

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  • 2 weeks later...

Thanks, all! I spoke with the FCU, and they said it "cuts" at the end of the month. Also, they mentioned that the first report with a new card can be anywhere between 30-45 days after the card is issued. Would it make more sense to pay it off weekly, in the first month, if this is the case?

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