@GettinCreditSavy wrote:Hello!
I was approved for a Capital One Unsecured Platinum Card with a 300 CL. WOOT WOOT!! I am very excited since this is another step in the right direction on me rebuilding my credit. My question is how do I manage the card to best maximize my chance in a score boost on a monthly basis? I want to make sure I don't mess this up. My bf added me as an AU on his BofA account and that is reporting on all 3 of my reports so thats a positive tradeline for me as well.
Any assistance would be greatly appreciated! Thanks in advance!!
Congrats on the approval. You can use this card as much as you want during the month (of course not going over the limit 
) but make sure that the balance that shows on your monthly statement is less than 9% of your credit limit because revolving utilization is calculated by whatever the statement balance is. In your case that's no more than $27.
I know that's not very much to work with but you can make payments to Cap 1 all during the month before the statement hits. Just make sure you time your payments so that your balance is that desired <$27 several days before the statement date. Then always pay the balance in full before the due date to avoid any finance charges.
You'll need to find out when your particular account posts it's statement each month in order to do this.
I would do my research and try and get a second card in 6-12 months. Don't apply for a card just because you can but try and get one that will grow with you. Once you get that second card have only one of your cards report that <9% utilization every month and have the other card always report a zero balance.
As for you be added as an AU it can help you IF the account is older than any of yours, IF the payment history is long and clean, IF the utilization is very low, and IF it will report to the CRA's. Not all cards will do this. You need to ask the company first. You will inherit the entire history of this account. One caveat however; if this account starts to go south your credit will be affected as well. Keep that in mind.
From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Thank you guys very much!! I will be sure to do follow these steps!
You usually get a jump for the first card, a little less for the second, etc when you're starting from 0 cards. Since you essentially have 2 cards (yours and your bf's), I'd keep this one reporting 0 unless he keeps his card reporting 0.
Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010