Discover credit card

if your credit card company reports your monthly balances to the credit bureaus, your should wait at least a month.

speaking about discover, they did not report my paid-down balance to the credit bureaus for 2 months once and i had to write them. but generally, your balances are being reported on the monthly basis, usually within a few days/week of the closing of a statement. good luck

I wouldn't rely on the monthly basis thing. If there's one thing I learned after buying a house last year - it's that credit reporting is very laggy and can be full of errors.

Quote from quangdaika : So I'm planning to open a Discover card to take advantage of there 1% cashback. I just paid a $1700 balance on another credit card reduce my debt ratio and increase my FICO score. Question is how long I should wait for all that to show up on my credit report? thanks

And as I just "Discovered" today, you don't get 1% until you spend over $3,000 in a year. Most purchases are a paltry .25%, hardly worth bothering with, when there are better cards out there that pay 1% on all purchases. The only time I'll be using my Discover card in the future is when they have a promo for at least 5% back (such as at hotels, etc). Otherwise, it'll stay parked in my wallet.

More info about the Discover Cashback Tier structure HERE [rewardscards.com]

Quote from Roundabout : And as I just "Discovered" today, you don't get 1% until you spend over $3,000 in a year. Most purchases are a paltry .25%, hardly worth bothering with, when there are better cards out there that pay 1% on all purchases. The only time I'll be using my Discover card in the future is when they have a promo for at least 5% back (such as at hotels, etc). Otherwise, it'll stay parked in my wallet. More info about the Discover Cashback Tier structure HERE [rewardscards.com]

This is true. However if you buy a lot of things online, their online cashback store is useful and sometimes they have specials (like double CB for all online sales, not just through their clickthrough store, around the holidays). For example, they have been having ~15% CB on Groupon purchases, and 5-10% back on a bunch of clothing retailers. It's not useful for everything, but if you're going to buy say, $50 in clothes from American Eagle online, you might as well bring out the Discover card for a little extra.