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Good morning all...
I have been reading the post in the forums for a while. I have already filed my ch. 7 bankruptcy and received my discharge on 9/10/2015. Within this time, I have received a new auto loan and recently approved for 2 capital one cards: Quicksilver and Platinum card. I am very excited to have been given a fresh start with capital one so soon after discharge. I hope this is not a repeat question but reading through the older post I still wasn't clear on the best way to use my cards so that I will see an increase in my credit scores. if anyone can assit me I would greatly appreciate it.
Should I use the cards and pay the balance in full before the statements print or do I use the cards and allow them to send me a statement and then pay the majority of the balance before the due date ? I am just totally confused any information would be greatly appreciate.. Thanks in advance.
@Anonymous wrote:Good morning all...
I have been reading the post in the forums for a while. I have already filed my ch. 7 bankruptcy and received my discharge on 9/10/2015. Within this time, I have received a new auto loan and recently approved for 2 capital one cards: Quicksilver and Platinum card. I am very excited to have been given a fresh start with capital one so soon after discharge. I hope this is not a repeat question but reading through the older post I still wasn't clear on the best way to use my cards so that I will see an increase in my credit scores. if anyone can assit me I would greatly appreciate it.
Should I use the cards and pay the balance in full before the statements print or do I use the cards and allow them to send me a statement and then pay the majority of the balance before the due date ? I am just totally confused any information would be greatly appreciate.. Thanks in advance.
Pay one down to $0 before the statement cuts and pay the other down enough before the statement cuts so that no more than 1-9% of that card's limit is utilized.
Be careful of pending charges that can final post on the same day your statement cuts. If I'm having a month that I'm REALLY watching my utlization on a specific card, I actually quit using that card a few days before the statement cuts.
@Anonymous wrote:
@Anonymous wrote:Good morning all...
I have been reading the post in the forums for a while. I have already filed my ch. 7 bankruptcy and received my discharge on 9/10/2015. Within this time, I have received a new auto loan and recently approved for 2 capital one cards: Quicksilver and Platinum card. I am very excited to have been given a fresh start with capital one so soon after discharge. I hope this is not a repeat question but reading through the older post I still wasn't clear on the best way to use my cards so that I will see an increase in my credit scores. if anyone can assit me I would greatly appreciate it.
Should I use the cards and pay the balance in full before the statements print or do I use the cards and allow them to send me a statement and then pay the majority of the balance before the due date ? I am just totally confused any information would be greatly appreciate.. Thanks in advance.
Pay one down to $0 before the statement cuts and pay the other down enough before the statement cuts so that no more than 1-9% of that card's limit is utilized.
Be careful of pending charges that can final post on the same day your statement cuts. If I'm having a month that I'm REALLY watching my utlization on a specific card, I actually quit using that card a few days before the statement cuts.
Thank you so much for the plain explanation because some post were a bit technical and with me being new to credit card use and monitoring my credit scores I wanted to make sure I was using them properly. I appreciate the information.
One thing to remember is that Utilization doesn't have a memory. If you mess up one month and miss paying it down to under 10%, that's ok. Next month get it done and the scores will right themselves.
Good luck!
Since my chapter 13 discharge in may 2015 Ive been able to get three new credit cards. 1st Cap One Secured $500 CL on Aug. 2015, 2nd Discover IT $6.5K CL Nov 2015, 3rd Cap One Quicksilver Cashback rewards $5K CL. I was planning on using all of them up to 9% utilization accross the board and PIF each month. But reading tru the forum I always see the recommendation of pay in full all of them except one. Does it make a differnece if I let all of them report a balance under 10% and then pay in full each month?
@Anonymous wrote:Since my chapter 13 discharge in may 2015 Ive been able to get three new credit cards. 1st Cap One Secured $500 CL on Aug. 2015, 2nd Discover IT $6.5K CL Nov 2015, 3rd Cap One Quicksilver Cashback rewards $5K CL. I was planning on using all of them up to 9% utilization accross the board and PIF each month. But reading tru the forum I always see the recommendation of pay in full all of them except one. Does it make a differnece if I let all of them report a balance under 10% and then pay in full each month?
Yes, it makes a major difference. You would only want ONE card to report a balance less than 10%. You can use them all how you want, just don't let them all report a balance. Utilization has no memory and one should only be this concerned when preparing to app for something.