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What are some effective ways to use my GO2bank Secured Credit Card to help increase my credit score over time?

Some ways to use your card responsibly include:

  1. Making all your payments on time.
  2. Spending only what you can afford to pay back.
  3. Keeping your credit card balance low - ideally under 50% of your total credit limit.
  4. Paying your full credit card balance each month when you can.

Closing an account can make your credit scores temporarily drop as you lose the available credit limit on that account, which increases your total utilization rate (the amount of your total credit limit being used across all accounts).

Separately, the age of your accounts is factored into your credit score with longer payment histories bolstering your credit score. If you close an account that's been in good standing for many years, you may lower the average age of accounts in your report (which can lower your credit score).

Although your scores may decrease initially when you close an account, they typically rebound in a few months if you continue to make payments on your remaining accounts, assuming everything else in your credit history remains positive.

Note: This information is presented for general informational purposes only and does not constitute tax, legal or business advice.

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Online access, mobile number verification (via text message) and identity verification (including SSN) are required to open and use your account. Mobile number verification, email address verification and mobile app are required to access all features. See GO2bank Deposit Account Agreement (PDF) and GO2bank Secured Credit Cardholder Agreement and Security Agreement (PDF) for fees, terms and conditions.

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GO2bank is Green Dot's flagship mobile bank account. Green Dot has serviced more than 80 million accounts over the last 25 years.

Green Dot Bank also operates under the following registered trade names: GO2bank, GoBank and Bonneville Bank. All of these registered trade names are used by, and refer to, a single FDIC-insured bank, Green Dot Bank. Deposits under any of these trade names are deposits with Green Dot Bank and are aggregated for deposit insurance coverage up to the allowable limits.

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