if I only charge $5 a month onto a credit card, will my credit score go up at the same rate as it would if I paid off $500 each month? If you get what I'm saying :)
There is a trick to getting that 800+ score, and I did it with credit cards alone, and I never paid interest.
I charged a little something (like you are), like gas or food.
I paid in full each month, never paying interest, and paying the day I got the bill in the mail.
Do this for about 6 months - you'll be nicely rewarded.
Don't ever give a bank a penny interest - they don't deserve it.
Now, as to that late payment.
I read a lot about the fico (the big secret), and I think I read that although a late payment stays on your report for 2 years, that it drops off your score after 6 months.
Fico never has released their formula and never will, and I'm not sure if this is right.
Google Fico score estimator - see what you get.
I am proof this works - just give it time.
Keep the Buckle card open for life - even if you don't use it.
Lenth of credit history is 15% of your fico.
But if they ever charge you an annual fee - get rid of it.
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Probably you have some wrong items in your credit report. Use credit repair service to find and remove such bad stuff from your credit - credit-report-free.totalh.com