How does carry a planned balance work?

[DigitalArk]

I want to rebuild my credit scores faster after I have opened 4-5 new accounts recently. So I am planning to carry a small amount of balance on one of my credit cards. Most likely will be the NFCU cash rewards. But I don't know how this work.

1. For example, if My balance is $285, due day is 08/12/2013, minimum is $25 and I pay $280 by the due day. Is there a time fram to pay off the rest of the $5? If so, what is the time frame in general? If not, when is the best time to pay it off? Is it any day before the next due day?

2. If I carry a balance, does it forfeit my rewards?

3. I notice that If I pay the statement balance in full, and keep using the card, the new balance after the cut off day will still be repoted to CB. Is that considered a planned balance?

[takeshi74]

If you pay before the statement cuts then you reduce the reported balance.  If you pay after the statement cuts then it's too late to affect the reported balance.  You're just reducing the next balance that will get reported.

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@DigitalArk wrote:
For example, if My balance is $285, due day is 08/12/2013, minimum is $25 and I pay $280 by the due day. Is there a time fram to pay off the rest of the $5? If so, what is the time frame in general? If not, when is the best time to pay it off? Is it any day before the next due day?

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Time for what?  If you don't pay your balance in full then you're assessed interest as your grace period has run out.

Define "best".  If you want maximum scoring then reduce your reported balance.  If you want to avoid interest then pay your balance in full.

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@DigitalArk wrote:
If I carry a balance, does it forfeit my rewards?

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I'm not aware of any cards that do.  Check your terms.

[longtimelurker]

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@DigitalArk wrote:
I want to rebuild my credit scores faster after I have opened 4-5 new accounts recently. So I am planning to carry a small amount of balance on one of my credit cards. Most likely will be the NFCU cash rewards. But I don't know how this work.

1. For example, if My balance is $285, due day is 08/12/2013, minimum is $25 and I pay $280 by the due day. Is there a time fram to pay off the rest of the $5? If so, what is the time frame in general? If not, when is the best time to pay it off? Is it any day before the next due day?

2. If I carry a balance, does it forfeit my rewards?

3. I notice that If I pay the statement balance in full, and keep using the card, the new balance after the cut off day will still be repoted to CB. Is that considered a planned balance?

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I don't know what you mean by a "planned balance"

Are you proposing NOT paying in full by the due date?   This is a bad idea (unless you have no choice, or have a 0% APR promo) as it costs you money and doesn't help your score.

What people here talk about is letting one card REPORT a balance (not paying in full before the statement cuts) but then paying in full before the due date.

[HiLine]

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@DigitalArk wrote:

3. I notice that If I pay the statement balance in full, and keep using the card, the new balance after on the cut off day will still be repoted to CB.

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This is correct. So plan on always paying the statement balance in full before the due date and forget about the mysterious planned balance thing.