Just Got Discharged (Rebuilding Credit)

[cubswin]

Ok, just got discharged last week. Was looking for some tips on how/when to start rebuilding given my specific situation.

- I have a credit card with a $2,000 limit, zero balance, 14% interest rate

My credit union allowed me to keep it. Do I rack up monthly charges on this card and pay it off each month? (never carry a balance)

Will that be helpful towards rebuilding my credit?

- Is it too early to worry about looking at my credit report? When is the time to pull the credit report and start picking it apart looking for errors? 1 month from now? My discharge is only 1 week old so just didn't want to start so soon if it needs time to process, etc.

[Amy26]

No I would definately start looking at your credit report... the faster you get things reporting correctly the faster your scores will start to go up.

Definately use that card and do as you said. Its a nice limit you got there... most people can only get 100, 300, 500 limit cards.

One card will definately help you and may be plenty... I however didn't like seeing my credit report saying I didn't have enough major credit cards, so I now have 3. Three is kinda the magic number but for now you should be ok and then maybe apply for one or two more later down the road.