04-16-2013 06:30 AM
Starting my rebuild!
04-16-2013 06:57 AM
Planning to utilize my nRewards card for rewards. And I mean, I'm going to use it a LOT, almost completely obliterating the use of my debit card. I want the balance PIF before interest accrues.
#1: Do you reconcile your card(s) daily, weekly, or monthly?
Monthly for me. But if you have a smaller credit line you may need to do it more often, but considering it's Navy that's not likely for you.
#2: What is the general cut off date to ensure you aren't carrying a balance? If you have already received a statement, does that mean it's too late?
With almost every credit card company what is on your bill is what is reported to the CRA's so you need to pay and have the payment posted before your statement ending date. Usually 24hrs is enough.
#3: Do you pay via the CC site or through a bill pay option at your bank? (We have opened an NFCU checking account, but are transitioning from Wells Fargo to them right now)
I pay throught the CC site.
#4 I read in one of the sticky threads that it is best to carry at least 1% util. True?
For the max score you want to have your cards reporting 0% except for one card which you want to leave a balance of <9%. Unless you plan on acquiring more credit it's not that big of a deal. Just don't have all of your cards report as being maxed out and you'll be fine.
#5 Have you noticed that you get better CLI on cards that you use heavily, but PIF or close to PIF every month?
I haven't really noticed a big coorelation. If you show a pattern of charging close to the max of the CL everymonth or have to make mutliple payments because of the CL it's easier to justify the increase. It really just varies with lenders. Some are good with auto and some just won't do it without a hard pull.
#6 Do any of you utilize a website that keeps all of your accounts in one place for easier tracking?
I use pageonce and manilla. I like pageonce much better but for the time being GE accounts don't work with it so I use manilla as well.
Just trying to get some input from those used to tracking and using high limit CC. The nRewards we have is 10k, which is plenty to run our household bills through. I just want to get a good game plan to make this card work for me, and to help set me up with good habits to broaden my future credit horizons.
04-16-2013 08:39 AM
Heresy to some here, but unless you are planning to apply for new credit that month, I would be inclined to wait for the statement to post. Then you have an accurate summary of your charges, complete with any rewards, and you can set up an autopay to make sure that you are never late.
When you do need to apply for credit, you can push extra payments through to get the reported balance 0 or close to 0.
Unless your time has little value, micromanaging payments when you don't need to optimize a credit score is non-productive, causes you to lose interest you may have gained on your payment by waiting until nearer the due date, increases the need to track to make sure that you haven't missed a required payment etc.
Unless you find it fun of course!
04-16-2013 08:46 AM
Starting my rebuild!