I think the best way to improve your credit with a credit card is to pay off small monthly payments (meaning they will make interest off you). I think that if you pay it off in one lump sum it will not hurt your credit, but I don't think it will improve it.
Maybe someone can tell me I am wrong.
I really don't think your credit would be that bad if it was only $700. I have heard people say that credit cards can either give you great credit or bad credit depending on what you do with it.
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