So pretty much the only thing I have in my wallet at this point is Capital One -- 3 different unsecured Cap1 cards each with limits of about 2000 each.
I've wanted to get a foot into the Discover door (though I dispise the commercial with the 2 chicks and one dancing with her cashback bonus!). I had applied for a secured card a couple of years ago and was shot down. But had to unfreeze my credit reports for an auto loan and had no inquiries so figured "**bleep**... one more inquiry won't hurt!"
And much to my surprise, I was actually approved!
So I *really* want to graduate in 8 months. However, I have also read on the forums that you have to keep a low utilization. I'm currently funding with 1000.
So my question is this: If I use it for basically EVERYTHING but keep paying off throughout the month corresponding to my pay days and ensuring that I leave a zero balance when statements cut, does it matter if my utilization goes above 30 percent for short periods of time even if it is paid off before the statement cut? Or do I need to make sure I never go above 30 percent utilization?
I hope this makes sense. Essentially, I want to use it like a debit card throughout the month and PIF after each pay period to a) generate the swipes for Discover and b) get the cash rewards. However, I don't want to mess up my shot at graduating in 8 months because I would really like my deposit back.
Thanks in advance for any "Discover Secured Card Whisperers" out there. I really want to prove myself "worthy" with them so that I can have another bank besides Cap1 (not that there is anything wrong with Cap1 -- they've been very very good to me despite my credit woes -- they even just gave me an auto loan!)
Cheers!
I agree with all the sentiment above. I would stray on one thing. Let them report $10. balances a month. Show them you use it and pay it.