Welcome aboard!
@Anonymous wrote:Hi everyone, brand new here. I've been reading a lot of posts and have learned a lot already. I filed chapter 7 bankruptcy, discharged in June. I have been able to get Orchard Bank card (300 limit). My only question regarding utilization is, since I am trying to reestablish credit, is it better to keep the 10% utilization balance or pay in full? I've heard conflicting info elsewhere, but you guys all seem to know your stuff. Just want to know if I should be carrying over a balance from month to month or just pay it off. The finance charge on a 300 dollar card isn't an issue here. Thanks in advance. (This is my only card besides a Target red card which I haven't used yet)..
In general, only let half or fewer of your cards report. That's going to be easy for you, with only two cards!
So let one report with under 10%, and the other be PIF'd. Once you have 3 cards, let one report still; with 4-5, let two report (max), with -7, let 3 report, etc.The percentage thing can be hard to do when you're starting with low limit cards, but just be patient. And like the other poster said, the Hooters card is good for getting decent limits while building/ re-building. (Not a Hooters fan myself, but I have to give them credit for helping a lot of people out. No pun intended.)
Also, I'm guessing from your screen name that you work for a hospital. Every hospital I know (at least one that's big enough for an ICU) has a credit union. They are GREAT for loans, credit cards, etc. They're much less profit-driven than commercial banks. You might want to check them out. Let them know your situation with the BK, and see if they have any suggestions. Good luck!