Established Contributor
Posts: 833
Registered: ‎10-04-2010
Re: Company Credit card- AMEX

ac921ol wrote:

Just got preapproved for a cap1 secured card. Only put a $49.00 deposit.
Paying the interest doesn't bother me as much since I plan on paying the car off soon (in a year so its 2 years of credit history and on time payments.)
Or should I still pay it off and just be happy with the 1year payment history. (I pay almost double the monthly cost and just plan on doing a lump payment after 2 years of history. I knew I was going to eat some interest cost, but thought a car payment for 2 years was a nice start from bankruptcy.


Also I am calling the number on the back of the AMEX company card to see why its not reporting.

If you have the money I would just pay it off. As a paid off closed account in positive standing, it will stay on your credit report for 10 years after you close it. There is really no point paying that much interest if you have the money. Just pay it off.


I rebuilt my credit mostly with one card. I had a single Capital One card for three years before I got other cards. My recommendations to you will be to treat your secured card well. Pay on time, every single time. Never ever ever miss a payment. Only charge what you can afford to pay off when the statement comes in. In six months, you will be ready to apply for other cards. Barclay, Discover, GE are all BK friendly cards. Just be patient and don't apply for too many cards too quickly. It is a marathon and not a sprint.

BK in 2008---Barclay's Apple Financing Card ($10,000) --- Capital One Quicksilver ($13,000)--- Gold Delta Skymiles ($15,000) --- GEMB CareCredit ($5700) --- AUFCU ($10000)--- Walmart ($5000)--- Discover IT ($21,000)

Experian 737 Transunion 748-- May 2016