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In my opinion… you should not pay a cent… keep your money, let all the negative stuff disappear by 2014, use your cap one credit card here and there, never above 30% of the credit line, pay in FULL… and then… in 2014 or 2015 do what you want to do with the house… right now, don’t even try in my opinion. Do this and by 2015 you will be reborn….
I’m 32 and I messed up my credit big time too when I was your age… Now by august this year, I will be reborn.
I added another $599.00 now I have $1,500 credit line… I think I will stay at this for a while… yes I know I have to close the account in order to get back the money… Is just that this is a temporary “investment” for me… I’m planning to apply for an unsecured card in the next few months… $300 credit line is really useless this days… more useless if I can only use about 30% of it in order to boost score ($90 at 30%) With $90 dollars I can’t even pay my cell phone… so… 30% of 1,500 is $450… and that’s more logical for the reality of this days… With $450 I can pay cell phone and another 1 or 2 things… thank you!
I guess I will just continue to add money then… until 3,000… and later, in 6 months then ask for the unsecured card… thank you for all your answers! really…
Thank you for your answer… that was something I have been asking myself for quite sometime…
1st Question:
Now… another example… If I Pay AT&T today with capital one secured credit card… and I pay the credit card in 15 days… am I free of interests? Are there any interests or dairy fees for each day passing by… or are the interest only If I wait for the bill after 25 days? Just want to make sure… thank you again…
2nd Question:
This might sound like a retard question… but… for example… If I have a credit line of $1,000 and I pay the credit card via my bank… (without having any previous charge on credit card) I pay $1,000… my credit card balance should be $-1000… (in other words, $2,000 available in theory right?) Can I use the credit card always in negative (-) ??? Can I buy something that costs $2,000? Does it work that way? Because I was thinking instead of raising my credit line via wasting money that I never see on the “saving account” (since is a secured card) just pay the credit card and raise it in negative… is that even possible? Does it also reflect on credit score? Does it boost credit score too by making all transactions in negative?
Here is my Timeline:
01/12/12: Applied Online and was instantly approved with the $49 Deposit. (Sent $750 Online than same moment) (On 01/13/2012 money disappeared from my bank account)
01/17/2012: Got letter on mail from: CapitalOne 30280 Salt Lake City, UT 84130-0280 with message “You”ve been approved for the CapitalOne Secured MasterCard with a minimum security deposit of $49.00… 2 to 3 Weeks and card will get here also says…
When I get the card I will spend 30% by paying my cell provider and anything else in order to get to about 30% as recommended… My question is…, in order to improve score… should I wait for the invoice and pay with interests in order for it to show well on credit reports… or can I just pay it in full the next day? In other words, for example… If I pay AT&T with my credit card today… Can I pay it in full tomorrow to the credit card? (Pay credit card the next day in full) or do I have to wait for the invoice and 20%+ fees and then pay in order for it to improve score? thank you in advance!
