Wednesday, August 1, 2007

I got a prepaid credit card of $400

After being turned down twice, I came to know that I can get a secured credit card…..i.e., a prepaid credit card. I decided to apply for it. I went to a reputed bank near my house and applied for the card. They told me that if they approve me, I will get a secured credit card in a month or so. I kept my fingers crossed. Finally after a month, I did get my card. Although the limit of the card was $400 only, I decided to use it wisely to build my score. Everytime I was about to reach $300, (which happened almost every 3-4 days since I needed to buy a lot of stuff initially), I paid off my credit card bill. So by the end of the month I had actually paid $3000 through my credit card with a limit of just $400 !!


To make it more clear-

1st mar- used $200

2nd mar – used $50

3rd mar- used $50

3rd march- Paid $300 credit card bill

4th mar- used $100

5th mar – used $100

6th mar- used $100

6th march - Paid $300 credit card bill

And so on.

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