Whats a good limit to put on a secured credit card?

[mrbadcredit]

ok long story short, i had no credit, in the process of finally establishing credit, hurricane wilma happend. lost employment, and a means to pay my debt. everything was eventually charged off.

ive employed the services of lexington law firm, but if im understanding these reports right, i have very little remarks on my credit information, and what i do have are negative.

so should i get a secured credit card, and start building some type of history, while lexington law firm makes heads and tales of my credit ??? if your answer is yes, how much should i put on these cards ???

[scorch]

Sorry about your prediciment. I have a secured card too. I f you really want to build a better credit history, why not get a secured card? Keep in mind too that when you apply for one, a hard inquiry will remain on one or perhaps more [not sure ] of your credit reports for two years unless Lexington Law can get it removed somehow. So apply for a secured card specifically unless you know for sure that your credit is good enough to be eligible for an unsecured card, otherwise you will have a hard inquiry for each one you apply for.

I would reccomend opening the savings account for the card with a line you can afford for each month as long as it is reasonable and accomidating to your budget. As I'm sure you already know, it is always best to always pay in full so you can avoid paying interest and try to keep your balance between %10 - %30 of your credit line for maximum results.

There is actually a link to a credit cards forum on the main site you may be interested in. Good luck!

[mrbadcredit]

so does it matter the amount i put on the balance of the card ??? is 350 a good amount ???

[scorch]

When I opened my account, I was only able to have multiples of one hundred for the credit line/credit limit. Usually they want at least 300 dollars, but no, the amount doesn't matter, if you can afford a lot go for it. Also like I said, for maximum results, always pay in full within 25 days of the transaction and try to keep the balance under 30% or even 10% (better) of your credit line (a.k.a. credit limit). It should be treated like a debit card imo. Buy something like you normally would, pay it off, repeat.