How long until I get good credit with my Capital One credit card?
Credit Card
Mary Moon asked:
I have zero credit. I have been trying to gain good credit but no one will give me a loan, Target and Walmart refused me their credit cards because I have no credit. So I got an offer from Capital One for their credit card, and they approved me! I was so excited but now I am hearing the horror stories about them. If I keep my card for a year, charge as little as possible and pay slightly over the minimum would I have enough good credit that I could cancel the card and get myself a better one?
Edwin
I have zero credit. I have been trying to gain good credit but no one will give me a loan, Target and Walmart refused me their credit cards because I have no credit. So I got an offer from Capital One for their credit card, and they approved me! I was so excited but now I am hearing the horror stories about them. If I keep my card for a year, charge as little as possible and pay slightly over the minimum would I have enough good credit that I could cancel the card and get myself a better one?
Edwin
December 19th, 2008 at 11:43 pm
I have a Capital One card and never had any problems with them. If you pay on time and stay under your credit limit then you should be fine.
December 20th, 2008 at 4:05 am
That is a good plan to build credit. I do recommend (if you are going to use a credit card) paying the balance in full each month, and not carry a balance. When you carry a balance from month to month you are charged interest on the balance. I recommend never charging any more than you can pay off in full when the statement is available.
December 20th, 2008 at 10:32 am
Use it conservatively, pay off the full balance on time every month and you will be fine.
December 21st, 2008 at 8:50 am
Use the card wisely by charging only what you can pay when the monthly statement comes in. Always pay in full and pay on time. Do not carry a balance and do not ever be late with your payment. In six months your credit rating will have improve good to excellent.
December 21st, 2008 at 3:05 pm
Paying slightly over the minimum will do nothing to help your credit…pay it off in full. And as for Captial One, they can’t take a hint. I only returned about 1,000 of their offers by ‘return to sender’ and I finally had to call the opt out line which can be found at the bottom of most offer memos.