Open Sky, Do I Pay Now or Wait Until I Get Statement?

[dznen1]

Hi All,

I received my Open Sky cc last week and want to know if I should go ahead and pay the af now or, wait until I get the statement?  I just want to make sure I pay in plenty of time.

Oh, and should I charge anything else now?  I don't know when the statement will cut.

Thanks to you all.

[Anonymous]

Do u have other cards? My fico score didn't count the 35 dollars as activity even tho it's a balance so I got hit for inactivity bc itvwas my only card at the time. It depends what you're trying to do with your utilization . If you need it to show low utilization then pay before statement cuts.

[dznen1]

Hi Shamrockblack,

I don't have any other credit cards, just this one, so far.  I am just beginning my re-building journey and I have not been able to be approved for any others.  I have been able to get a Rebuilding loan from my credit union.

I'd love to have at least the recommended three cc's but, alas.....

Btw, I've read on some posts that it takes 10 days for Open SKy to post payments.  What has been your experience with them?  

Thanks for responding.  

[Anonymous]

I've only made one payment so far, but like you i paid WAY in advance because i was also told there was a huge delay. The advice I was given was not to be too concerned with utilization when rebuilding, but im still staying on top of it because I want practice for when it does matter. If that's your only credit card you do want it to report a balance or it will look like you have no activity (the current issue i'm having) but you also want your utilization to be as low as possible if you're currently generating a score.

When you pull your scores does a score generate?

[dznen1]

I think that I will go ahead and pay the AF now, just to be on the safe side.  How long after you received your card, did you get your first statement?  Should I call and ask when my statement will cut?  Do I let the AF report before paying?

It has been over a month since I pulled my scores but they were: 

       Fico 8--EX 533, EQ 575, TU 527

Since that time I have had 3 EE's and my Rebuilder Loan is reporting to 2 of the CRA's.  I have call my cu to correct this.  I still have about 8 collections, three to four will fall off between January and April of next year.

Thanks

[Anonymous]

The annual fee was built into the first bill for me, and I charged like 10 bucks to it and then paid it off before the statement cut.  So my first bill was for 45 and I paid the whole thing off. As I recall my first statement was only about 8 days after I recieved and activated the card. But when it appeard on my credit report for the first time it reported a 35 dollar balance. I'm pretty sure we don't all have the same statement cut date, so I would definitely call to see what yours is. Most people on here recommend not charging for a day or two after the statement cut date just to be safe.

[Anonymous]

REMEMBER, if you only have one card, then you want the card to report something, you'll get hit for not having any activity if you pay it off in full. If it was me, i'd pay the whole thing and leave 2 dollars, so i report as having 1% utilization.

[dznen1]

So, pay $33 of the $35 AF now  and after the statement is received pay the $2.00?  I apologize for the questions, I sincerely want to do this the right way.

Oh, and I received an email from Cap 1 to apply for their Secured CC.  I applied for one of their other cards and was denied.  Now, I don't know if I should take another hard pull to my reports or not. Any thoughts?

[Anonymous]

opensky told me i had a 35 dollar minimum payment on my first bill, you will probably have to buy something and then pay 2 dollars short of that. call them and find out your date before doing anything.

the only way you're gonna get a credit card is by taking hard pulls, i know capitalone sucks b/c they pull every report, but the sooner you take the hit, the sooner they go away. I'll let other members chime in on that one, i just dont have enough experience w/ these cards to tell you what your best choice is, but most people do recommend capital one secured to people starting out

[dznen1]

OK, I just called and was told my statement cut date is the 3rd of the month and the due date is around the 28th of the month.