- Green Member
- Posts: 3
- Joined: Thu Nov 29, 2012 12:11 pm
- Location: California
Hi all, I've been lurking these forums for a while as my credit-building goals have grown over time and finally decided it was time to posit a question.
Out of college I had no credit and a few student loans, so I needed to go with a secured credit card. After a year of on-time payments, I will be able to shift the card to a standard credit card. The credit limit of this card is equal to however much I deposit into its account. I started in January with just $300 in the account but bumped it up to $1000 a few months ago; this increased my credit score nicely.
I've been paying off my student loans aggressively, and am on track to pay them off by mid-2014. I've also got a pretty good amount of money saved up. So I'm wondering this:
Should I deposit more money (possibly as much as $4000-$6000) into my secured Credit card in an effort to increase my credit score and bump up my CL before switching into a non-secured credit card?