I got approved online for a capital one card and im supposed to get it between 7 and 10 days.

Question

When i get it i will use it like this - I will use it Once every month and pay it off in full when the monthly bill comes. The credit limit is $300 i think. So i will only use 150 and less. How long do i have to do this in order to get good credit and be able to apply for a better card ? Like Amex or Discover ?

BTW I'm 18 years old.

Answer 1

I've had a capital one card the card came in handy just be careful because they charge high interest rate. When I was able to pay due to Family Violence and couldn't work they charge me triple times what I owe. Also you can go to the link below and put in company name to see how they do business.

Good Luck Hope This Help!!!

Answer 2

I actually love my capital one card.  I've never had a problem with it.  Avoid Discover.  I've never heard of Amex.  That sounds good- your payment plan.  Just charge $20, you don't have to charge alot on it.  They are only interested in your payback.  The credit card will report your payments in about 3 months.  Do it for about 6 months to a year.  You can have your amount increased.  You'll also start getting tons of offers in the mail.

Answer 3

you are smart and your plan sounds good- Capital one has been known to "s***w you" if you do not pay on time.  Very high rates- So  do what you planned, and you will be okay.

Answer 4

Actually, if possible, keep your monthly charges below 30% of the credit limit. Over 30% can make your score go down. Wait a couple of years and then look for a better card IF you've been perfect about paying on time (that's more important than paying in full).

Answer 5

good idea . . . but there is a catch. Credit rating is based on how much you CAN borrow minus what you have borrowed. You need to build up the amount you CAN borrow. In the meantime Capital One is notorious for reporting to credit agencies, not the amount but the percentage of your available credit  . . .   the idea being that this keeps your credit rating down, so that you will only be able to borrow from them . . . .  

as my vaunted father once said "we know they're all crooks, I just want to be on their side".

Run, do not walk to the exit. Keep the card and your credit limit but do not, under any circumstance . . .  use the thing. Also check the rules about charges if you do NOT use the card. If there are any cut and run immediately.

There is not really much you can do except to establish a history of payments with things that have a larger value (home is number one . . . but I'm sure you are not contemplating a home yet . . .  a car, a student loan . . . . if you pay IT off as you go your credit score increases and, in most cases you won't pay interest.

hope this helps.

good luck