Discharged 2 weeks ago and got approved for a Capital One CC

[NY1]

Discharged 2 weeks ago and got approved for a Capital One Credit Card. My credit scores are 605, 632, 640. I do not know the limit yet but I will find out in a week or so.

[notavictim]

Nice - I got mine back then as well. The limit is $1250 for me and I keep the balance way too high for rebuilding. I'm hacking it down again though. I think you are supposed to keep your balance below 50%.

[StartingOver08]

To really increase your score, the balance needs to be less than 10% of the credit line.

If you pay off every month but charge it up in the meantime, make sure you pay it before the statement drops or before the actual reporting date if it is different from your statement date.

[NY1]

How can people really expect me to keep my balance below 10% . my credit limit is $500...so i have to keep my spending below $50 per month..lol... I had the card for 1 day and put $480 on it and paid it back on day 3.....

[StartingOver08]

How can people really expect me to keep my balance below 10% . my credit limit is $500...so i have to keep my spending below $50 per month..lol... I had the card for 1 day and put $480 on it and paid it back on day 3.....

Exactly! That's why you have to know the date the cc reports to the CRA so you can have a zero balance (or less than $50) on the reporting day...

[jadams]

Capital One usually reports your statement balance within a few days of the statement closing.

So whatever you charge, if you send a payment to post the day before or even day of the statement closing, it will report as a $0 balance on your credit reports. My statement closes on the 18th, I have a bill pay scheduled from my bank to go through tomorrow to bring my balance to $0. That's what will report even though I charged about $1500 this month.

Others report at different times. HSBC is known for reporting your balance as of the last day of the month -- regardless of when your statement closes. My HSBC statement closes on the 19th. By coincidence I only put some recurring charges on that card (cell phone, internet, netflix, etc.) that happen at the beginning of the month. So I don't need to worry about it. If I pay right when I get the statement it will have a $0 balance for reporting, new charges happen, new statement, repeat.

That being said, if you aren't planning on seeking other credit, an increase, or some other thing in your life that depends on credit score (insurance, job applications, etc.), just stay under your limit and pay the balance in full. What reports won't really be a problem.

Congratulations on the approval! Use it wisely.

[liz417]

I got a cc from Cap One about a week or two out of Discharge and I had lower credit scores than you! It's been great and I haven't had any problems They'll increase your limit after three months.