Hi! I’m new here! I’m currently in the process of rebuilding my credit so I can get a mortgage in the next year or 2. I have a credit score ranging from 637-660 depending on who it comes from. I had only one baddie on my report of $203 which I paid in full a couple weeks ago. After paying that in full, I disputed the debt with TU (told them it was paid in full). Woke up a week ago to it being completely removed from my report and TransUnion score jumped 87 points! In the process I applied for a Discover IT card. I was approved and gave a $200 deposite. I charged $35 for gas and now I’m trying to figure out the best way to pay that. I still don’t have a statement due date showing up. Is it better to pay the $35 now before my due date even posts? Or am I better off waiting for the due date to post and just paying the minimum? Thanks! I’m new to this and have no clue what’s best for my credit score.
Dont pay just the minimum, that does not help you build credit. All it does it costs you money. Wait for the statement then pay in full.
For using it, one figure out when it reports to the credit reporting agencies, give them call and see if they will tell you, also figure out what your due date is.
As for reporting purposes, you want to keep it under 30% ideally 10%. After it reports make sure you pay the balance in full each month to avoid interest.
If this is your only card, then you don't want a 0 balance reported. Let it report around 5 dollars, but less than 9. Discover will report about 5 days after the statement cut. Just pay the 35 down to 6-7 bucks, then watch for your statement cut. Once you get the first statement cut then it will be the same. Discover will report the balance on the day of the reporting at the time, so you want to let it report before you pay it off.
Was the secured all they would give you? I would have thought with the mid 600's you could have gotten an unsecured. Can't do anything about that now as you have to have that one a year before you can get another Discover card.
Yeh, just make a small charge and let it sit. It may not report until the second statement cut( I've seen some people report 3 statements), but just to be safe I would leave a small amount just in case. Each profile is different so YMMV, but when I went from 0 revolvers reporting to 1, I saw about a 40 point jump and my wife got a 60 point jump.