Discharge PACER

[darkknight74]

HELLOOOOOO NURSE PACER shows Discharged May 31st 2019 what is the time it takes for the discharge to post to all 3 Credit boards?  I have a self lender that has not posted to any of the 3 and approved for 500.00 Credit 1 Bank card that has not posted to any yet also.  PLAN ON NOT USING THE CREDIT 1 at all and if I do submit the payment the next day or same day.

When should the dischage post you think?

[toi34]

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@darkknight74 wrote:

HELLOOOOOO NURSE PACER shows Discharged May 31st 2019 what is the time it takes for the discharge to post to all 3 Credit boards?  I have a self lender that has not posted to any of the 3 and approved for 500.00 Credit 1 Bank card that has not posted to any yet also.  PLAN ON NOT USING THE CREDIT 1 at all and if I do submit the payment the next day or same day.

When should the dischage post you think?

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The discharge will hit your reports pretty fast, just like when you filed. So say....by Tuesday of Wednesday all three bureaus should show "Discharge BK7" or something similar to that. Oh...and in order to BUILD credit, you have to actually USE your credit. So it's smart that you plan to make small purchases and pay them off. 

[MyDataMyChoice]

why is there a misconception that you have to USE credit for it to build...   when you use the card(s) it effects utilization which has no memory and doesnt build anything... only the age of credit and payment status matter (reported monthly)

You can have an account open.. it usually will report monthly as on time.

Now some issuers ONLY report if they generate a statement (i.e. Comenity)

However OP mentioned Credit One...    they have a annual fee (broken down monthly i believe...   so they are paying something every month thus is definatly should be reporting)

[toi34]

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@MyDataMyChoice wrote:

why is there a misconception that you have to USE credit for it to build...   when you use the card(s) it effects utilization which has no memory and doesnt build anything... only the age of credit and payment status matter (reported monthly)

You can have an account open.. it usually will report monthly as on time.

Now some issuers ONLY report if they generate a statement (i.e. Comenity)

However OP mentioned Credit One...    they have a annual fee (broken down monthly i believe...   so they are paying something every month thus is definatly should be reporting)

I assumed when the poster said he wanted to "build his credit," he meant he wanted to build-up his credit score, no? If he does, then he will actually need to USE his credit card(s) responsibly (i.e., charge below 30% + paying it on time) so that FICO can score him for demostrating responsible use. Having ONE 'open' credit card that you don't use will not generate FICO points; so it's good that he will use it and "pay it right off" -- this is responsible credit use that is rewarded by points. 

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[toi34]

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@MyDataMyChoice wrote:

why is there a misconception that you have to USE credit for it to build...   when you use the card(s) it effects utilization which has no memory and doesnt build anything... only the age of credit and payment status matter (reported monthly)

You can have an account open.. it usually will report monthly as on time.

Now some issuers ONLY report if they generate a statement (i.e. Comenity)

However OP mentioned Credit One...    they have a annual fee (broken down monthly i believe...   so they are paying something every month thus is definatly should be reporting)

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Oh...and I'm rebuilding with Credit One and there is no monthly annual fee. The $35 annual fee was subtracted from the credit limit when I activated the card.

[FireMedic1]

Op. Hold off on any more apps. Let your scores update after the DC is listed at least 30 days. Get your credit reports then and make sure everything says IIB and 0 balance. You might see a score rise like most due. You could have gone with Cap1 unsecured, if you didnt burn them or stay stuck in the vulture secured card world. People who go out and have to get credit before the case is over might be missing out on better cards to build with. Chill for now.