@Adkins wrote:OP, congratulations on your rebuild! My first question would be is who is the card issuer? Some banks/CUs are more sensitive than others to a heavy spend pattern in the first month or two. As long as your other cards are at zero balances, I think you'll be fine.
@Adkins, This is likely your answer
@PerArduaAdAstra wrote:I've been rebuilding for 2 years and the largest card I had this whole time was $500. I just got approved for a $15k card and it's coming in tomorrow. Finally hitting the 700s is going to be life changing for me after years of having to go cash and carry. My laptop was stolen and it's been killing my business, plus I have some dental work that I need to do by the end of the year if I want to take advantage of my 2019 insurance benefits.
I can easily afford to pay this back over 12 months, and I am more than happy to pay the interest on that to get ahead with my business and health in 2020. But is there anyone watching how I use my card and going to shut me down for charging a few grand or posting a 30% balance in the first month? I am sooooo paranoid about doing anything to mess up this line of credit and I have no idea what's paranoia and what's the reality of a lender giving a rebuilder a chance like this. Any advice would be appreciated.
Thank you!
Try to keep the reported balance on that card at 28% or less.
@SouthJamaica wrote:
@PerArduaAdAstra wrote:I've been rebuilding for 2 years and the largest card I had this whole time was $500. I just got approved for a $15k card and it's coming in tomorrow. Finally hitting the 700s is going to be life changing for me after years of having to go cash and carry. My laptop was stolen and it's been killing my business, plus I have some dental work that I need to do by the end of the year if I want to take advantage of my 2019 insurance benefits.
I can easily afford to pay this back over 12 months, and I am more than happy to pay the interest on that to get ahead with my business and health in 2020. But is there anyone watching how I use my card and going to shut me down for charging a few grand or posting a 30% balance in the first month? I am sooooo paranoid about doing anything to mess up this line of credit and I have no idea what's paranoia and what's the reality of a lender giving a rebuilder a chance like this. Any advice would be appreciated.
Thank you!
Try to keep the reported balance on that card at 28% or less.
That right there.
Keep the percentage down and enjoy paying off that laptop as you wish.. use it like you stole it, just follow the above advice as a top suggestion.
@PerArduaAdAstra wrote:I've been rebuilding for 2 years and the largest card I had this whole time was $500. I just got approved for a $15k card and it's coming in tomorrow. Finally hitting the 700s is going to be life changing for me after years of having to go cash and carry. My laptop was stolen and it's been killing my business, plus I have some dental work that I need to do by the end of the year if I want to take advantage of my 2019 insurance benefits.
I can easily afford to pay this back over 12 months, and I am more than happy to pay the interest on that to get ahead with my business and health in 2020. But is there anyone watching how I use my card and going to shut me down for charging a few grand or posting a 30% balance in the first month? I am sooooo paranoid (Just because you're paranoid doesn't mean someone is not watching you
Thank you!
I recently started rebuilding my credit a little over a year ago so I didn't know as much as I do now. Paranoia is sometimes warranted but I believe in your case not so much. Glad I didn't know then as much as I know now because I would have been making overly paranoid moves and would not have put over 100+ points on my credit in that time.
For example: with my first few new credit cards I used those suckers all over 40% 50% reporting balances right out the gate. No problems ever. Nowadays I get a new one I keep it under 30% out the gate due to paranoia. Right now I'm just not a PIF type of person. I'm a surviving an average type person person.
It's a big difference between the Stepford type credit people, the Middle Earth average credit people, and the Have yet to realize how important credit is people.
Suggestion
You say you need a new laptop, maybe instead of buying one straight out you could buy one on one of the shopping sites like HSN and use their flexpay that will keep that lumpsum off your credit card and give you much more time to pay a smaller amount.
Advice
Pay at least 10x your minimun if you are going to carry a balance (shows you saying I'm not going to pay you all of it but I will be paying a dog gone good amount so don't get spooked).
Keep in mind
When we get extra money all kinds of things come up that we need and before we know it we are wondering where the heck did all that money go.
When we get extra credit we have to remember it's not as good as extra money because when all kinds of things come up , we can use the credit card but we will need extra money to pay it back down.
The good thing is you respect your rebuilding and are taking steps to not risk what you have obtained so far.
Good luck
Thanks guys!!! The card got added to my account as soon as I received tracking and within hours of that the card was at my doorstep! I feel like a new chapter is beginning
As usual, wouldn't be here or know to go to NFCU if it wasn't for all the help and knowledge on this forum. So grateful and I'm sure I'll see you all around
@PerArduaAdAstra wrote:Thanks guys!!! The card got added to my account as soon as I received tracking and within hours of that the card was at my doorstep! I feel like a new chapter is beginning
As usual, wouldn't be here or know to go to NFCU if it wasn't for all the help and knowledge on this forum. So grateful and I'm sure I'll see you all around
I think most of Us can say We are greatfull, for all who contribute to this forum. I have learned so much in
the relative short time I have been here. I have a lot more to learn. Thanks to all.
Wishing everyone a great and successful New Year.
2020 the year of Vision
