How much should I pay to Chevron Card to get a good score bump?

[Anonymous]

Hi there,

This is my first post in my journey. I currently only have a Chevron Card reporting. My limit is 2300 and I have a 1500 balance. How much should I pay off to see the best and fastest increase in score?

[-Cal-]

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@Anonymous wrote:

Hi there,

This is my first post in my journey. I currently only have a Chevron Card reporting. My limit is 2300 and I have a 1500 balance. How much should I pay off to see the best and fastest increase in score?

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Welcome to the forums.

You can pay $1,498 and let $2 report to the CRAs when your statement cuts then pay off the $2 balance. Repeat every month. 

[happypill]

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@Anonymous wrote:

Hi there,

This is my first post in my journey. I currently only have a Chevron Card reporting. My limit is 2300 and I have a 1500 balance. How much should I pay off to see the best and fastest increase in score?

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Optimally you should pay it down to between 1-10%, so up to $230 reporting balance.  At worst you should probably have it below 30% or around $690 in this case.

I know you're not asking for this advice, but it's pretty crazy to carry a balance on a gas card.  The rates on those things are usually super high.  Just a friendly suggestion, but try to control you spending on your gas card before getting yourself a general use card like a Visa/MC because you could get into way more trouble if you're able to spend everywhere.  I know many people would have appreciated such advice at some time in their credit past.

[happypill]

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@-Cal- wrote:

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@Anonymous wrote:

Hi there,

This is my first post in my journey. I currently only have a Chevron Card reporting. My limit is 2300 and I have a 1500 balance. How much should I pay off to see the best and fastest increase in score?

---

Welcome to the forums.

You can pay $1,498 and let $2 report to the CRAs when your statement cuts then pay off the $2 balance. Repeat every month. 

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I'm not sure if this is the case with all cards, but I have experience with a Cap One card where if it reports less than 1% (in the case of this Chevron Card $23), then it will actually score as $0 balance, which is not optimal.

[Anonymous]

Thanks for the response. I appreciate your advice. Believe me, I have learned my lesson ... it has been taking me forever to pay down the balance as I ran it up during hard times and have just now come to the point that I could pay a good chunk off. Excited to get this monkey off my back and head down the right road going forward.

[Anonymous]

Thanks for the speedy response.