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You want to pay before the 14th so when the statement cuts whatever you decide to let report does so. Then pay it before the due date on 12/11. $10 will be fine and have that report. Which card did you get? If its the Plat. In 3 months you can upgrade it to the QS for cash back. The link is on the forums once you get there. In 4-6 months check Disco's pre-qual and see what pops up. Dont rush it. Take your time, Its a slow and steady pace to rebuild. Please dont rush it like some do and go app crazy. Were here to help. Welcome to the forums!
@onthepath wrote:
Thanks for the welcome and replies. Cap1 gave me a platinum with a $300 limit. If I understand correctly I pay it down to $10 today. And then pay that remaining $10 down before the due date? Does that sound right? I had been planning on carrying that small balance but I’ve apparently misunderstood 🤦🏻♀️ I’ve read way too much on these boards in recent days and I’m on information overload lol
I read about the 3 cards but figured I needed to take my time. I’ve never used too much credit and know I need to be wise in using it going forward. In the past I never put much thought into the statement, due date, or reporting dates.
I declared Bk thanks to the perfect storm of a really bad car wreck, the subsequent massive medical bills, and a badly thought out choice to co-sign a car for an ex bf who stopped paying and the lender seeking a judgement on only me. All of this happened within a day of each other and I started Bk the next day. Dc was 10/22. So I’m very early yet. My FICO 8s are all over the place. EX 571 (only thanks to EX boost tho) EQ 555 and TU 492.
I refuse to be in this position again so I’m going slow. I can wait and learn before getting cards 2 and 3 I think. Unfortunately I’ll need a vehicle in the near future. 😒
Correct, but if it's your only card, then leave a small balance (8.9% of your limit, or less than $26.70, so $10 would be okay, I'm just saying it doesn't necessarily have to be $10 exactly) on it to report to the credit bureaus, then pay it off before due date to avoid interest. It's perfectly fine to take your time.
As for needing a new car soon, if you aren't already, I'd look into joining a local CU (credit union) and establishing a relationship with them now. They typically offer much better interest rates on car loans than big banks.
And welcome to myFICO!
I did just that. I will pay the small balance this week after it reports.
I've been a member of a local CU for 12+ years but in the time frame leading to the BK I ended up overdrafting the account a couple times but in a big way. I was largely bedridden for a couple months and living off only 60% of my normal income (thankfully had disability pay) and ended up with a mess financially. I suspect I won't get much love from that CU with an auto loan.
It seems that all the CUs that are mentioned here will be more useful to me when I have some distance with my BK. None of them seem too pleased to deal with the recently discharged. I will join a couple so I am well positioned when the BK has aged a bit though. I'm pretty sure I'll have to settle for an awful auto loan to get started and just try and buy a vehicle that is well suited to refinancing. It's getting tough to not to buy a vehicle but I'm taking it day to day. I've had to let some amazing car deals get scooped up oh well, It'll be okay going forward if I take my steps wisely.