Hello, I'm new here. I applied for a Chase Freedom card last month and got declined probably because of my limited credit history. I'm a college freshman at the moment. After looking around, I decided to look for student cards or ones that were for those with fair or limited credit history. I ended up getting approved for a Capital One Platimum card with a $500 monthly limit. Now I'm wondering when exactly does my credit replenishes. I got my card on 9/8/11 I think. I paid $35 when it first posted to my balance and that was more then the minimum payment. My current balance is $450 but my available credit is $60. I don't get how it adds up, it's more than $500. So will the $500 appear in my account as soon as October begins or at another time? Also, what is the purpose of the minimum payment? Sorry for the noob questions and I appreciate any help! Thanks! 
Hi there!
Welcome to the forums! I always think it is great when a young person such as yourself is concerned about credit. I always joke around and say that there are only two numbers that follow you around the rest of your life: your age 
and your credit score.
Chase wants longer credit history. I spoke with them regarding my 19 year old, and they said no app until there is AT LEAST 1 year credit history and preferably 2.
I know Chase has a lot of great cards, but in time you will get there.
Student cards was definitely the best way to go, and yes.....Cap1 is the easiest. Probably the only credit card company that will give out a card with no history (what I call a credit ghost). They will generally give you a credit limit increase after 3-6 months, so long as you make timely payments every month, and keep your utilization low.
I am not sure why your statement is showing balance of $450 with available credit $60. Obviously that does not add up to $500.00. You available credit should only be $50.00. I suggest you do not go over your $500 limit even though it says you have $60 available. You could get stuck with over the limit fees, which are hefty. Also, you do not want to charge close up to your limit either because any interest for the month may also put you over the limit. If you pay down and have a $200 balance, then your available credit is $300.
The minimum payment is simply the amount that you have to pay every month to keep your card in good standing and pay down the debt. The purpose it to make it an affordable minimum payment for the month in case you cannot pay more. You ALWAYS have to pay AT LEAST the minimum payment due.
I understand you are a student and you have expenses. The best way to handle a credit card, IMO, is to pay the balance in full every month. If you are unable to do that, pay as much as possible every month until you pay it down. Since you are new to establishing credit, there are a few things you should know. Perhaps you already know them.
A credit score is based on various factors. Read the sticky on this forum regarding what goes into a credit score. You are not going to have an optimum score when u are first starting out obviously. However, a big part in scoring is utilization. Utilization is simply your overall percentage of use. Right now, your utilization is at 90% (you have a $450 balance with a $500 credit limit). This is quite high. You should set a goal to keep your utilization under 10%. This will open better opportunities to obtain better cards down the road, and obtain credit limit increases. A high utilization will hurt your score in the long run. The GOOD news however, is that your scores will improve as soon as you pay down the card.
@Anonymous wrote:Hello, I'm new here. I applied for a Chase Freedom card last month and got declined probably because of my limited credit history. I'm a college freshman at the moment. After looking around, I decided to look for student cards or ones that were for those with fair or limited credit history. I ended up getting approved for a Capital One Platimum card with a $500 monthly limit. Now I'm wondering when exactly does my credit replenishes. I got my card on 9/8/11 I think. I paid $35 when it first posted to my balance and that was more then the minimum payment. My current balance is $450 but my available credit is $60. I don't get how it adds up, it's more than $500. So will the $500 appear in my account as soon as October begins or at another time? Also, what is the purpose of the minimum payment? Sorry for the noob questions and I appreciate any help! Thanks!
The available credit will increase after you make a payment. It may be the next day, or up to 10 days. Generally new accounts will hold the maximum time. After a history of on time payments, it will be available the next day. Larger than normal payments will often get held longer.
Don't worry about the total not adding up, it usually does. Do worry about not going over your limt, and always make the minimum payment.
For people carrying a balance over, the minimum payment allows the bank to collect the monthly interest and still leave a big balance for more interest to accrue.
Here's a list of things I think might help make the whole credit card thing clearer for you
1. Your $500 limit means you can charge up to $500 at a time without making any payments. Keep track of your available limit, you do not want to go over it.
2. Making a payment frees up some or all (depending on the amount you pay) of your credit limit. Charge $200, pay back $100, now you have $400 available credit.
3. Your due date may vary by a day or two each month, but other than that it does not change unless you call and request for a new due date (I think Cap 1 will let you change it once every 6 months). You can't use this as a way to postpone a payment, however, because it won't change until the next billing period.
4. Some credit card companies limit how many times per month you can pay, but as long as you pay the minimum before your due date each month, you will not be charged a late fee. There are many reasons why paying only the minimum is not recommended, but that's for another thread.
5. Since this is your first card, you may forget to pay it each month. I suggest you setup an autopay for the minimum, entire balance, or some other amount depending on what your checking account looks like. Personally I have mine set to pay the minimum each month just in case I forget to pay by the due date (I haven't forgotten to pay since I got my first card about 2 years ago though).
6. In regard to your balance being $450 and saying you have $60 available: It just means that your account hasn't completely updated online. If you were to call Cap 1 and ask them about it, the CSR would tell you that you only have $50 available and your last $10 in charges hadn't finished updating yet. When in doubt, don't use the card!