Secured credit cards are an excellent tool for cardholders with a limited credit history or bad credit to build their credit and establish a positive credit history. Unlike traditional unsecured credit cards, secured cards require a cash deposit as collateral, which can be easily obtained through a personal loan. This deposit acts as security for the card issuer in case the cardholder defaults on payments. For those looking for a secured credit card, Capital One offers two great options: the Capital One Quicksilver and Capital One Platinum.
Building credit with a secured credit card requires responsible use and timely payments by cardholders. Card issuers such as Capital One Quicksilver and Capital One Platinum report activity to major credit bureaus, which can help improve credit scores over time. Secured cards can also offer the option to upgrade to an unsecured credit card after demonstrating responsible use of a secured card. In some cases, a personal loan may also be helpful in building credit.
So, what are some of the best-secured credit cards available for building credit? Cardholders can consider the Discover it Secured Credit Card, which allows users to earn rewards while building their credit and establishing a positive payment history. Another top choice is the Capital One Secured Mastercard, which offers a low deposit requirement and no annual fee. For those looking for loans, LendingTree can help match them with lenders who offer secured credit options.
It’s important for cardholders to note that secured cards, such as the Capital One Quicksilver, are not the same as debit cards. These cards report to credit bureaus and can impact credit scores positively with a consistent payment history. Different card issuers may have varying requirements and benefits associated with their secured card offerings, which can be helpful for those looking to improve their credit and potentially qualify for loans in the future.
Key Features to Consider When Choosing the Best Secured Credit Card for You
Standout Benefits of the Card
When looking for the best-secured credit card, cardholders should consider the standout benefits that come with it, such as the business advantage of unlimited cash rewards and rewards programs. One of the most significant benefits is the opportunity to build or rebuild your credit score, which can increase your chances of being approved for loans in the future. Using a secured card responsibly can help you establish a positive credit history and take advantage of the card’s rewards program.
Another benefit for cardholders to look for is low fees. Secured cards typically come with annual fees, but some cards – like Capital One’s Business Advantage Unlimited Cash Rewards – have standout benefits and lower fees than others. Some cards also waive their annual fee for the first year. Additionally, some cards offer perks such as free credit monitoring or access to a higher credit limit after making timely payments.
Security Measures and How They Protect Your Finances
As the name suggests, secured credit cards provide added security measures compared to traditional unsecured cards. When choosing a secured card, be sure to review its security features and how they protect your finances. If you are looking for a secured card, consider options from Capital One or Visa. Additionally, many banks offer secured credit cards as a way to build credit and potentially qualify for loans in the future.
One key feature of unsecured credit cards is that they offer fraud protection. Most unsecured credit cards also offer zero liability protection against unauthorized purchases made on your account. This means that if someone steals your credit card information and makes fraudulent purchases, you will not be held responsible for those charges. Applying for an unsecured credit card can also help build your credit profile, especially if you have limited credit history. However, keep in mind that most unsecured credit card applications require a credit check.
Another security measure offered by many secured cards, which are great for those with unsecured credit, is chip technology. Chip-enabled cards are more secure than traditional magnetic stripe cards because they generate a unique code for each transaction, making it harder for thieves to steal your information. Additionally, applying for a secured card usually doesn’t require a credit check, so it won’t affect your credit profile. Some secured cards are even offered by credit unions.
Minimum Security Deposit Required to Open the Card
To open a secured credit card account with a bank, you must make a minimum security deposit upfront. The amount of this deposit varies depending on the issuer like Capital One and can range from $200 up to $5,000 or more. Debit cards and prepaid cards cannot be used as a substitute for the security deposit.
It’s important to choose a debit card or prepaid card from a bank with a minimum deposit that fits within your budget while still providing enough available credit to meet your needs. Keep in mind that some issuers like Citi Secured Mastercard may allow you to add funds later on if you need additional available credit.
Points or Rewards System Offered by the Card
While many secured cards do not offer rewards programs, some issuers of unsecured credit also provide points or cashback rewards for purchases made on the card. These rewards can help offset the cost of fees and interest charges, as well as improve your credit utilization and credit line. It’s worth checking with your local credit union to see if they offer any such cards.
When comparing secured cards with rewards programs, it’s important to also consider the value of the rewards offered by unsecured credit cards and any restrictions or limitations that may apply. For example, some credit karma cards may limit the number of cash rewards you can earn each month or only allow you to redeem your rewards for certain items at a credit union.
Details to Look for in the Fine Print of the Card Agreement
Before applying for a secured credit card, it’s important to carefully review the fine print of the card agreement. This includes details such as interest rates, fees, and payment due dates. If you’re considering prepaid cards, check out Lendingtree for options. Also, make sure to confirm whether the card is a Visa or from your preferred bank.
Pay close attention to any penalty fees that may be charged for late payments or exceeding your credit limit with the Citi Secured Mastercard. You should also check if there are any foreign transaction fees if you plan on using your card while traveling abroad. Additionally, consider the cash-back rewards offered by the bank and compare them with other LendingTree options.
Cons to Consider When Reviewing Card Details
While secured credit cards can be a useful tool for building credit, they also have some drawbacks that should be considered before applying. One major downside is that they require an upfront cash security deposit, which can be a significant expense. Additionally, some secured credit cards may charge an annual fee and have bad interest rates. It’s important to research and compare different options before choosing a secured Visa credit card.
Many secured cards come with higher interest rates than unsecured cards, which can be a disadvantage for those with bad credit. Additionally, some secured cards require a credit check before approval and may offer a lower credit line compared to unsecured cards. It’s important to keep in mind that carrying a balance from month to month can result in substantial interest charges over time, so it’s important to monitor your credit score regularly using tools like Credit Karma.
Different Categories of Secured Cards Available Based on a Person’s Credit Score
Finally, it’s important to note that there are different categories of secured credit cards available based on a person’s credit score. Some issuers offer specialized secured cards designed specifically for those with bad credit scores or no credit history at all. These cards typically require a minimum deposit and may come with a cash fee.
If you have bad credit or no credit history but want to start building your score with a secured card that offers cash back, look for one designed specifically for people in your situation. These cards often have lower minimum deposits and more forgiving approval requirements than traditional secured cards. Be sure to also consider the APR and annual fee when choosing the right card for you.
Top Recommended Secured Credit Cards for May 2023
Discover it® Secured Credit Card: A Top Pick for May 2023
The Discover it® Secured Credit Card is an excellent option for those with bad credit looking to build credit while avoiding annual fees. With a minimum deposit, this card offers great value for those who want to establish or rebuild their credit history. Plus, cardholders can earn cash back on every purchase. With no annual fee and a competitive ongoing APR of 22.99% variable, this card is a top-recommended secured credit card for those looking to improve their credit score.
One of the standout features of this unsecured credit card is its cashback rewards program. Cardholders can earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, as well as unlimited 1% cash back on all other purchases. Discover will match all the cashback earned by new cardholders at the end of their first year. This credit card also offers a credit line that can be helpful for those who are building their credit history through traditional credit cards. To monitor your credit score, you can use Credit Karma.
Capital One Secured Mastercard: Low Deposit Requirement
Another top pick for secured credit cards in May 2023 is the Capital One Secured Mastercard. This card offers a low minimum deposit requirement of $49, $99, or $200 based on your creditworthiness when you apply. This means that even if you don’t have a lot of cash to put down upfront, you can still get approved for this card and start building your credit. Additionally, there is no annual fee and you can earn cash back on every purchase. However, it’s important to note that the APR may be higher than other cards, so make sure to pay off your balance every month to avoid interest charges.
The ongoing APR for this card is slightly higher than some other options at 26.99% variable, but it’s important to remember that secured credit cards are primarily used for building credit rather than carrying balances from month to month. As long as you pay off your balance in full each month and use this card responsibly, the interest rate shouldn’t be a major concern. Additionally, there is an annual fee associated with this card, but it can be worth it if you’re looking to build or rebuild your credit. A minimum deposit is required to open the account, but once you do, you can earn cash back on purchases and improve your bad credit over time.
Citi® Secured Mastercard®: Rewards While Building Credit
For those looking to earn rewards while building their credit history, the Citi® Secured Mastercard® is an excellent choice with no annual fee. This card requires a minimum deposit and offers an ongoing APR of 22.49% variable. Cardholders can earn 2x ThankYou points at gas stations and restaurants, as well as 1x ThankYou points on all other purchases. Additionally, cash-back rewards are available.
This card offers some valuable benefits such as travel accident insurance, trip cancellation and interruption protection, and worldwide travel accident insurance. While there is a $25 annual fee for this card, the rewards program and additional benefits make it a worthwhile investment for those looking to establish or rebuild their credit. Plus, you can earn cash back on eligible purchases, with no minimum deposit required. The APR for this card is competitive and can help you save money in the long run.
OpenSky® Secured Visa® Credit Card: No Credit Check Required
The OpenSky® Secured Visa® Credit Card is an excellent option for those who have limited or poor credit history. This card doesn’t require a credit check for approval, making it accessible to almost anyone who wants to start building their credit. Plus, there’s a cashback feature and no annual fee. A minimum deposit is required to get started.
This card requires a minimum deposit and has an ongoing APR of 17.39% variable, which is one of the lowest rates available for secured credit cards. There are no annual fees or hidden charges associated with this card. While it doesn’t offer any cash-back rewards programs or additional benefits like some other options on this list, it’s accessibility and low-interest rate make it a solid choice for those looking to improve their credit score.
Benefits of Each Recommended Secured Credit Card
Credit cards are an essential tool for building credit, but it can be challenging to get approved for one if you have a limited or poor credit history. That’s where secured credit cards come in handy. They require a security deposit upfront, which becomes your credit line, making them less risky for lenders and easier to obtain for consumers. Additionally, some secured credit cards offer cash-back rewards, but it’s important to check the APR and minimum payment requirements before applying.
If you’re in the market for a secured credit card, here are some benefits of each recommended option: – Cash back rewards available on some cards – Low minimum deposit required to open an account – Annual fees may vary depending on the card chosen – Some cards offer cash back on purchases made with the card.
No Annual Fee and Credit Limit Increase with Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card is an excellent choice if you’re looking to build or rebuild your credit history without paying an annual fee. It offers a low minimum security deposit and provides the opportunity to increase your credit limit with responsible use over time. This card also reports to all three major credit bureaus, so you can establish your creditworthiness with every payment. Additionally, you can earn cash back on eligible purchases and enjoy a low APR.
Cash Back Rewards on Eligible Purchases with Secured Cash Rewards Credit Card
A secured Cash Rewards Credit Card from Discover is ideal if you want to earn cash-back rewards while building your credit. It requires a minimum deposit and has no annual fee. It offers 2% cash back on gas stations and restaurants up to $1,000 combined purchases quarterly and 1% cash back on all other eligible purchases. Plus, Discover will match all the cash back earned at the end of your first year automatically.
Fraud Protection and Payment Due Date Flexibility with Citi Secured Mastercard
Citi Secured Mastercard is an excellent option if you value fraud protection and flexibility. This card can help improve your credit score over time with a cash deposit. Plus, there is no annual fee and you can earn cash back on purchases.
Unlimited Cash Back Rewards on All Purchases with Business Advantage Unlimited Cash Rewards
Business owners with bad credit looking for an unsecured credit card that earns unlimited cash-back rewards should consider Business Advantage Unlimited Cash Rewards from Bank of America. It offers 1.5% cashback on all purchases, with no category restrictions or limits on the amount of cashback you can earn. This card also provides free employee cards and online tools to help manage your business expenses. Plus, there is no annual fee. Check your eligibility on Credit Karma.
Analysis of Fees and Interest Rates for Each Recommended Secured Credit Card
Analyzing Fees and Interest Rates for Each Recommended Secured Credit Card
Interest rates, annual fees, deposit requirements, and rewards rates are crucial factors to consider when selecting a secured credit card. These cards are designed to help individuals build or rebuild their credit scores while requiring a cash deposit as collateral. Therefore, it is essential to understand the fees and interest rates of each recommended secured credit card before making a decision and to look for options that offer cash-back rewards.
Interest Rates and Charges
The interest rate charged by each secured credit card varies from one card issuer to another. Some cards have an APR as low as 9.99%, while others may charge up to 24%. It is important to note that interest charges can accumulate quickly if you carry a balance on your account from month-to-month. Hence, it’s advisable to pay off your balance in full every month. Additionally, some secured credit cards may require a cash deposit to open the account, and may also charge an annual fee. However, some cards offer cash-back rewards for purchases made with the card.
Annual Fees and Rewards Rates
Most secured credit cards require a deposit and charge an annual fee ranging from $25-$50 per year. However, some issuers may waive this fee for the first year as a promotion or offer rewards programs that give cashback bonuses or points for purchases made with the card.
Monthly Payments and Bills
Secured credit cards require a deposit to open an account and may also charge an annual fee. Monthly payments vary based on the outstanding balance, with a minimum payment required of 1%-3%. Some issuers offer cash-back rewards programs.
Foreign Transaction Fees and Monthly Housing Payments
Some secured credit cards offer cash-back rewards on purchases and require a deposit before approving your application. However, be aware that some cards may still charge foreign transaction fees ranging from 2%-3% of every purchase made outside of the United States. Some issuers may also require proof of monthly income or rental/mortgage payments.
Fees Charged by Each Card
In addition to annual fees, some secured credit cards may offer cash-back rewards, but may also charge additional fees such as late payment fees, over-limit fees, returned payment fees, etc. These charges can add up quickly if you’re not careful with how you use your card.
Reviews on LendingTree and Credit Bureaus
Before applying for a secured credit card, it’s essential to check the reviews of each card on LendingTree and credit bureaus. These platforms provide valuable information on the pros and cons of each card, including customer service, ease of use, overall satisfaction, cashback offers, annual fees, and other important details.
How to Apply for a Secured Credit Card and Build Your Credit Score
Check Your Credit Report Before Submitting a Credit Card Application
Before applying for a secured credit card, it’s important to check your credit report. This will give you an idea of where you stand and what kind of interest rates and fees you can expect. Additionally, you should consider your available cash to determine if you can make the required security deposit for the card. You can get a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once every 12 months from AnnualCreditReport.com.
Look for Secured Card Applications with No or Low Annual Fees
When searching for secured card applications, look for ones with no or low annual fees. Some secured cards may have high annual fees that eat into your deposit amount. You want to find a card that doesn’t charge an exorbitant fee just for having the card. If you have bad credit, consider applying for an unsecured credit card from Credit Karma to help rebuild your credit line.
Choose a Secured Card with a Minimum Deposit That Fits Your Budget
Secured cards require a minimum deposit to open an account, making them a good option if you have bad credit. However, if you’re looking for an unsecured credit card, you may want to check out Credit Karma for options that fit your needs. Just remember that with unsecured cards, you’ll need to have cash on hand to pay off your balance each month. When choosing a secured card, make sure to choose one that fits within your budget so you don’t overextend yourself financially. The minimum deposit required varies depending on the issuer, but it usually ranges from $200 to $500.
Make Sure to Pay Your Secured Card on Time to Build a Positive Credit History
The most important thing you can do when building your credit score with a secured card is to make all payments on time. This shows lenders that you’re responsible and can handle debt effectively. Late payments not only hurt your credit score but also result in late fees and higher interest rates. It’s also essential to have enough cash on hand to cover the monthly payments.
Use Your Secured Card Responsibly and Keep Your Credit Utilization Low
Another way to build your credit score is by using your secured card responsibly. This means keeping your spending in check and not maxing out the card’s limit. A good rule of thumb is to keep your credit utilization below 30% of the available limit. Additionally, make sure to pay off your balance in full every month to avoid cash advance fees and high annual fees.
Monitor Your Free Credit Score Regularly to Track Your Progress in Building Your Credit Score
Finally, it’s important to monitor your credit score regularly to track your progress in building your credit. Many secured card issuers offer free access to your credit score, so take advantage of this feature. Additionally, consider the annual fee when choosing a secured card as it can impact the amount of cash you have available for other expenses. You can also sign up for a free credit monitoring service that alerts you to any changes in your credit report.
Tips for Responsible Use of Your Secured Credit Card to Maximize Your Credit-Building Potential
Rebuilding credit can be a long and challenging process, but responsible use of your secured credit card can help improve your credit score over time. Here are some tips on how to maximize your credit-building potential with a secured credit card while minimizing cash and fees. —
Keep Your Credit Utilization Ratio Low
Your credit utilization ratio is the amount of available credit you’re using at any given time, whether it’s from an unsecured card or a debit card. To keep this ratio low, only use a small portion of your available credit each month, regardless of the type of card you have. When applying for new card applications, make sure to consider the potential impact on your credit utilization ratio. Aim to spend no more than 30% of your maximum credit limit, and if possible, try to use cash for purchases to avoid increasing your credit utilization ratio.
Paying Your Credit Card Bill On Time and In Full
One of the most important factors in building good credit with an unsecured card is establishing a positive payment history with the issuer. Paying your bill on time and in full each quarter will show that you’re responsible with your spending habits and that you can manage debt effectively, which is crucial for successful card applications. Late or missed payments can have negative effects on your credit score, so it’s essential to make sure you pay on time every month using either your debit card or cash.
Avoid Maxing Out Your Credit Limit
Maxing out your secured card’s limit may seem like an easy way to get what you want quickly, but it’s not worth it in the long run. Not only does maxing out your limit hurt your utilization ratio, but it also shows irresponsible behavior that lenders don’t like seeing in their potential customers. If you default on payments or miss them altogether, the issuer may take out money from the deposit required for opening the account. This can make getting unsecured credit cards difficult if you have bad credit. Additionally, withdrawing cash using your secured card may result in a high fee.
Building good credit takes time and effort, but responsible use of your secured card can help speed up the process. By keeping low utilization ratios, paying bills on time, and avoiding maxing out limits, you’ll establish good spending habits that will benefit you in the long run. Remember, credit card companies report your payment history to credit bureaus like Credit Karma, so make sure you’re making payments on time and in full every quarter. Additionally, be aware of any cash advance fees associated with your secured card and factor them into your spending plan. By following these tips, you’ll be well on your way to building a strong credit score and improving your financial future.
Common Mistakes to Avoid When Using a Secured Credit Card
Using a secured credit card can be an excellent way to build or rebuild your credit. However, it’s essential to understand how to use it correctly to avoid making common mistakes that could harm your credit score. One of the common mistakes to avoid is paying a high cash fee when withdrawing cash from an ATM using your secured credit card.
Using a Secured Credit Card as an Unsecured Card Defeats Its Purpose
One of the most significant benefits of using a secured credit card is that it helps you establish or improve your credit history. However, if you use your secured card like an unsecured card and carry a balance from month to month, you’ll end up paying high-interest rates on top of the security deposit you already paid. This defeats the purpose of having a secured card in the first place. Additionally, make sure to check for any cash advance fees before taking out any cash from your secured card.
Not Paying the Balance in Full Can Result in Variable Bad Interest Rates
When you don’t pay off your balance in full each month, you’ll be charged interest on the outstanding amount. The interest rate on a secured credit card is usually higher than what you’d pay with an unsecured card because lenders view individuals with poor or no credit history as high-risk borrowers. If you miss payments or make late payments frequently, some issuers may raise your interest rate even further. Additionally, there may be cash advance fees and other charges associated with using the card.
Missing Payments Can Lead to Negative Marks on Your Credit Report
The primary reason for getting a secured credit card is to build or improve your credit score. However, it’s important to note that some secured credit cards may charge an annual fee. If you miss payments or make late payments frequently, it will have adverse effects on your score instead. Late payments can stay on your report for up to seven years and lower your score significantly. Additionally, some secured credit cards may offer cash-back rewards for purchases made with the card.
Applying for Too Many Unsecured Cards Can Harm Your Credit Score
It’s tempting to apply for multiple unsecured cards once you start seeing progress in building up your credit score. However, applying for too many cards at once can hurt your score and make lenders see you as desperate for cash. Each time you apply for a new card, it triggers a hard inquiry on your credit report, which can lower your score by a few points. Additionally, some cards may come with hidden fees that can add up over time.
Closing a Secured Card Too Soon Can Also Have Negative Effects on Your Credit Score
Once you’ve established good credit with the help of your secured card, it’s natural to want to close it and move on to an unsecured one. However, closing your secured card too soon can hurt your credit score. The length of time that you’ve had an account open is an essential factor in determining your credit score. If you close the account too soon after opening it, you’ll lose the history associated with that account. Additionally, be aware of any cash advance fees or annual fees associated with the secured card before closing it.
Frequently Asked Questions About Secured Credit Cards and Building Credit
What are Secured Credit Cards?
Secured credit cards are a type of credit card that requires a security deposit, which can be paid in cash, to be made by the cardholder. This deposit is typically equal to the credit limit on the card and serves as collateral for the lender in case the cardholder defaults on their payments. Unlike unsecured credit cards, secured cards are available to people with poor or no credit history, making them an ideal option for those looking to build or rebuild their credit. Additionally, some secured credit cards may charge an annual fee.
How do Secured Credit Cards Help in Building Credit?
Secured credit cards can help build credit and manage cash because they report your payment activity to major credit bureaus like Equifax, Experian, and TransUnion. By making timely payments and keeping your balance low, you can demonstrate responsible use of credit and improve your overall credit score over time while also keeping track of your cash flow. It’s important to note that using more than 30% of your available credit limit may negatively impact your score, so it’s best to keep your balances low.
What is a Security Deposit, and How Does it Work? — If you’re applying for a credit card, you might come across unsecured credit cards that don’t require a security deposit. However, if you’re looking for an unsecured card, you may need to put down a security deposit. This deposit acts as collateral and protects the lender if you’re unable to pay your credit card bill.
A security deposit is a sum of money paid upfront in cash by the cardholder when opening a secured credit card account. This deposit serves as collateral for the lender in case the borrower defaults on their payments. The amount of the security deposit typically equals the amount of the initial line of credit offered by the issuer. For example, if you put down $500 in cash as a security deposit, then you’ll likely have an initial line of credit worth $500.
Are Security Deposits Refundable?
Yes! If you have bad credit and are looking for credit card offers, a secured credit card may be a good option for you. When you apply for a secured credit card, you will need to provide a refundable security deposit. If you establish good payment habits, you may be able to upgrade your account to an unsecured one and receive your security deposit back. However, if you default on payments or violate any terms and conditions set by your issuer, they may hold onto some or all of your security deposit.
Do Secured Credit Cards Require a Hard Inquiry on Credit Reports?
Yes! When applying for a secured credit card, the issuer will typically conduct a hard inquiry on your credit report. This means that they will review your entire credit history and score to determine if you are eligible for the card. Hard inquiries can temporarily lower your credit score by a few points, but it’s usually not significant enough to impact your overall creditworthiness.
Who Can Benefit from Using Secured Credit Cards?
Secured credit cards can be beneficial for people in several categories. These include:
- People with poor or no credit history: Secured cards are an excellent way to build or rebuild credit.
- Students: Secured cards offer students an opportunity to establish their own line of credit and start building their financial independence.
- Immigrants: Newcomers to the US with bad credit may have difficulty obtaining traditional unsecured cards without any established US-based financial history. Free credit scores and minimum deposit options may be available to them.
- People recovering from bankruptcy: After filing for bankruptcy, it can be challenging to obtain new lines of credit. A secured card is an option that allows you to start rebuilding your score.
Choosing the Best Secured Credit Card to Achieve Your Financial Goals
In today’s world, having a credit card has become a necessity. It not only allows us to make purchases conveniently but also helps build our credit score. However, if you have a poor or no credit history, obtaining a traditional credit card can be challenging. This is where secured credit cards come into play.
Secured credit cards are an excellent option for those looking to build their credit score or repair damaged credit. They require a security deposit that acts as collateral and determines your credit limit. But with so many options available in the market, choosing the best one can be overwhelming.
When selecting the best-secured credit card for you, consider key features such as interest rates, fees, benefits, and rewards programs. Our top recommended secured credit cards for May 2023 include Discover it® Secured Credit Card, Capital One® Secured Mastercard®, and OpenSky® Secured Visa® Credit Card.
Discover it® Secured Credit Card offers cashback rewards on all purchases and matches your first-year cashback earnings. The Capital One® Secured Mastercard® offers access to higher credit lines after making your first five monthly payments on time without requiring additional deposits. OpenSky® Secured Visa® Credit Card does not require a minimum credit score for approval and offers flexibility in setting up automatic payments.
Before applying for any of these unsecured credit cards, analyze their fees and interest rates carefully, especially if you have bad credit. Some may charge annual fees or foreign transaction fees while others may offer lower interest rates than others. Additionally, consider whether the card offers a free credit score and if there is a minimum deposit required.
Once you have chosen the best-secured card for you, use it responsibly by paying your balance in full each month and avoiding late payments or exceeding your limit. This will help improve your credit score over time.
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