Just Approved

[florida]

We just discharged our Chp7 last month so I thought it was important to try for a credit card.

I applied last week and it said I was approved, but I didn't believe it. Yeah! I just received it in the mail.

Capital One Platinum Mastercard with no annual fee

0% interest until 05/2011 BUT....then the interest goes up to 22.9%.
Are they nuts???? Like I would ever carry a balance with that! LOL

My question though - If I don't carry a balance, will it still be reflected on my credit report with my usage of a high balance? Can I go charge $700 and then pay it the following week?

I know it is important to show a high usage amount - but then a balance of $0.

Thanks!,
Malissa

[florida]

Does anybody have any insight on how to best use this card to improve my credit rating? My line of credit is $1,000.

I have no intention of using credit ever again - except for cars and a home. I have quite a bit of savings now and our new motto: If you can't pay cash - you don't need it!

Thanks for any advice!

[StartingOver08]

Keep your utilization low - less than 10% of the credit line on the reporting date.

[florida]

Thanks StartingOver - I was confused, I thought I needed to do the opposite...