I am very prepared to play the game because I want to raise my score, so will the bank tell me what day they report to the bureaus? Is that free info.?
Credit reports show
If you using the card, the recent and monthly payments will not be zero. So this will show you are actively using the card.
I called my bank to find out when the statement will be cut for my new cc; the rep did not have that info. but said I can contact the cc distributor(VISA)directly to ask them. She had a number for me but I refused because I'm not sure I should call.Does this sound right?
Yes - go ahead and call them if you're comfortable and wanting to do that.
Another option: when I have a new card, I use it and pay it off online immediately after it posts. Then I sit back and watch. Next month, you'll have all your ducks in a row.
Good luck & congrats on your willingness to be a PIF'er!
Great news! I just logged onto my bank's website and found that with the online banking, I can schedule payment dates which allows me to transfer funds from one account to another. Now all I have to do is determine what date to schedule a cc payment, which shouldn't be difficult; since I just got the cc and have no reason to use it, I may just wait for the first statement to get an idea when monthly statements will be cut. I hope this is a good decision NO USE, NO BAL right???
No use does equal no balance, but beware. your card can be closed for inactivity depending on your bank. you want to use it every so often. And some places like seeing that you have used it wisely, maybe even all of the credit limit, but have paid it off completely when doing so. Basically lenders jsut want to see that you know what you are doing with your cards. So find out what the reporting date is for your bank, and then make sure you pay that off each month. Other than that, use the card all the way to the limit if you like. That is what its there for.
A friend of ours has that online payment. When she gets her bills she pays using the credit card, then goes online and pays off the balance immediately. She does this every few days, making sure that the card is always paid off completely, but used heavily.