No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I think I am seeing to different points being made here..
1. PIF before the statement cuts
2. Let the statement cut then PIF.
I currently have a Slate and waiting (been waiting) on a Cap1 Secured Card both have $200 balances. So my plan (please correct me if I am wrong)
1 & 3 week use the slate PIF on Friday(s)
2 & 4 week use Cap1 PIF on Friday(s)
Garden for 6 months then maybe asks for CLI's. I will have a baby by then so I might just keep digging
My goal is to raise my score period. My wife has two $3300 (freedom and slate) cards so in an emergency we're okay.
Or vica versa depending on when Cap1 is due. I bank with Chase so its very easy for me to pay it. I check my account a few times a day while slow @ work.
Use heavily and PIF works the best for me.
When you let the balances report FICO calculates your UTL as high...whiich inturn mean risk and low FICO score.
PIF before the statement cut. You can call the ccc and ask when does the billing cycle end or look on your statement if you have not recieved your statement yet then call. Never let your balance report on all your cards. Best bet is to have a UTL lower than 10% on 1 cards and thoers report 0
Hope this helps...thats the true way I have used to maximize my FICO score
Ive been using about 30% so roughly 60 bucks then paying it in Full.. Will this also work?
The only time that it is actually necessary to worry about whether or not your pay before the statement cuts is if you are fine tuning your utilization for a higher FICO score. Unless you are tuning it for apping, a new car, a mortgage, or you are like many of us and just a little OCD about your FICO score, you do not need to be concerned with paying before the statement cut date. The cc companies (for the purposes of a relationship, not apping) are only interested in whether you pay your balance or at least more than the minimum before the due date. And yes, they do like to see heavy usage, but responsible usage.
@localuser wrote:Ive been using about 30% so roughly 60 bucks then paying it in Full.. Will this also work?
If you want to "raise your score period" as you stated use what you can handle and PIF before your statement cut to see the rise...however its not going to rise that high; however, over the course of good payment and usage and PIF (6 months to a yr) you will see more than what you see now....Hope this helps
@AZHeather wrote:The only time that it is actually necessary to worry about whether or not your pay before the statement cuts is if you are fine tuning your utilization for a higher FICO score. Unless you are tuning it for apping, a new car, a mortgage, or you are like many of us and just a little OCD about your FICO score, you do not need to be concerned with paying before the statement cut date. The cc companies (for the purposes of a relationship, not apping) are only interested in whether you pay your balance or at least more than the minimum before the due date. And yes, they do like to see heavy usage, but responsible usage.
+1. You have to keep in mind what your particular goal is. For example, I am not in the market for any major (car/house) purchase. So for me, the only purpose in paying before the statement date, and letting minimum amounts report is if I was trying to get my score as high as possible. For me, I try to PIF before the statement because I have alot of cards, and sometimes will use one and forget about it until the statement comes if I don't PIF as soon as it posts on the account. But I also work in front of a computer all day, so I can check balances, pay bills, etc. and read My Fico throughout the day. For a person that is less OCD, this method may not work. I do keep my utilization low (it is 4-5% at the moment).
If you are apping for something soon (in the next 6 months or so), limited utilization (>9%) is one of the main ways to increase your score. If not, just regular, responsible usage is fine. The OP was maily concerned about building a relationship to grow their credit line. You have to use the card to show you need a higher limit (in most cases). And the higher you limits get with the few cards you get, the higher limits you will eventually be granted by other creditors.
The OP was maily concerned about building a relationship to grow their credit line. You have to use the card to show you need a higher limit (in most cases). And the higher you limits get with the few cards you get, the higher limits you will eventually be granted by other creditors.
I am mainly concerned with establishing postive credit history with my lender. For example one of my cards is Capitol One and I have a 7.5k limit and I have used 500. I was trying to decide whether I should pay it off or pay most of it. I have been using the card alot for mostly small purchases and bills.
Does the PIF method of one card affect other lender's decisions to either increase your limit on another card or to upgrade?
They look at the history of your use/payment history of their card first and foremost; but yes, they take into consideration your entire credit file when reviewing for a CLI.