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I'm a newbie here with a few posts. Last week, I was discharged from Ch7. Applied
for a Capital One's rewards card 2 days after my discharged, and was approved for 500 bucks.
My fako score is around 620 average. When I look at my credit report, it shows nothing since everything
was included in bankruptcy. So, I have no balance, until I use this new card. No new credit history.
No utilization....no on-time payments....no average age of open credit lines....nothing! In a sense,
I'm starting over.
So, do I just charge my CapOne for 6-12 months while paying in full? Or should I keep
a balance under 10% every month? Do I need to get 2-3 more cards to help with my rebuilding
efforts? Or should I wait a year before getting any more cards? Can only one card can increase
my score similar if someone who has three cards??
My goal, of course, is to increase my credit score the quickest way I can. Sure, gardening might take me 6-12 months before
my score increases, but I think you credit gurus can give me a good quick battle plan!! Thanks for your help!!
@scarzy wrote:I'm a newbie here with a few posts. Last week, I was discharged from Ch7. Applied
for a Capital One's rewards card 2 days after my discharged, and was approved for 500 bucks.
My fako score is around 620 average. When I look at my credit report, it shows nothing since everything
was included in bankruptcy. So, I have no balance, until I use this new card. No new credit history.
No utilization....no on-time payments....no average age of open credit lines....nothing! In a sense,
I'm starting over.
So, do I just charge my CapOne for 6-12 months while paying in full? Or should I keep
a balance under 10% every month? Do I need to get 2-3 more cards to help with my rebuilding
efforts? Or should I wait a year before getting any more cards? Can only one card can increase
my score similar if someone who has three cards??
My goal, of course, is to increase my credit score the quickest way I can. Sure, gardening might take me 6-12 months before
my score increases, but I think you credit gurus can give me a good quick battle plan!! Thanks for your help!!
Been there so hang in there, Use that cap1 card but keep your UTL low you can do this by noting when your cap1 account updates to your CR and making sure your account is a -0- balance at that time. 6 months of history helps before doing any other apps. Enjoy the Garden.... There is lots of room in there so your welcome to come join us! Btw Congrats on the approval for the cap1 account!
This question has been ask for so many times. You should look it up or do some search on the forum.In the meantime, i recommend a few things :
So now you have 3 Tradeline and 1 secured loan. Its should be best for your Fico score. then garden everything for about 1 year or 2.
Probably a lot of advice from here so kinda pick your own best decision and state with it.
Good luck.