How to use Capital One Card

[Anonymous]

Hey there, 

I was recently approved for Capital One Quicksilver One and Platinum each with limits of $300. These are going to be my first two credit cards. I have slowly been rebuilding my credit & recently was approved for a fantastic rate through my credit union for my scores. They are currently TU601 EQ 597 and not sure about Experian  through Credit Karma ( I understand the difference between FAKO and FICO). I want to add a 3rd card soon and then garden but for now I need advice on how to use these two Capital One cards and utilize them to my advantage to increase my scores to be in the 700's by this time next year. I am having a hard time understanding the difference in balance reported utilization, when a statement is cut, how many payments to make in a month to PIF, etc.. Any advice would be appreciated on how to use these to my advantage. 

Thanks in advance! 

[degs138]

I would set up your checking account to the cards so you can continually pay off the balance throughout the month.  I started with a 300 limit with credit steps.  I called right away to ask for a limit increase and was denied.  I used the QS as my primary card and just kept paying off the balance.  When it got close to the end of the month I would let my statement cut with <5% untilization.  Once my statment cut I would pay off the balance and continue using and paying off.  I never went above 50% untilization without paying the card off.

After 3 months They upped my limit to 1300 and 2 months later I have a 5k limit.  I would periodicly call in and complain about having to pay off my card several times a month and they would just state that there is nothing they can do until credit steps is over.  It is a bunch of BS because they will just raise your limit when you make a few months of on time payments.  That is what I would do to get the most out of your cards reward program and increase your score.

[Anonymous]

Well I currently have two capital one cards as well and when I started my scores were almost the same as yours. Now my scores are in the high 600s. The way I do it is i pay in full all the time everytime and NEVER go over 10% of your available credit meaning don't go over $30 bucks. Also before your statement cuts be sure to have a few dollars as your balance so you can have a payment due and so that small amount can be reported because 90% of the time capital one reports the balance at the end of your statement. Also capital one and many other banks do not mind if you make multiple payments and after three months you can be eligible for a CLI even if you have credit steps and the request is a soft pull on your credit which will not affect your scores.

[Anonymous]

Thanks for the great info!

How will I be able to know when my statement is getting ready to cut, when to make a PIF payment before the due date and it still report a small balance to the CRA's etc? All of that is what I am confused about. 

[Anonymous]

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@Anonymous wrote:

Thanks for the great info!

How will I be able to know when my statement is getting ready to cut, when to make a PIF payment before the due date and it still report a small balance to the CRA's etc? All of that is what I am confused about. 

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My statements from capital one cut 3 days after my due date.  I assume that's the same for everyone.  So just log into your cap1 account and see when your due date is and add 3 days, that's when your statement will cut.   Someone can correct me if I'm wrong but transactions that are still "pending" on your statement date won't be counted on that statement.

[Shooting-For-800]

use your cards as much as possible

pay them off weekly or even sooner

treat them like a debit card

leave a $20 balance on each for credit report

apply for QS in 3-6 months

Cap One has treated me like a king over the last 18 months.

hang in there.  steady and consistant wins the race.

[Anonymous]

Thanks so much! 

[Anonymous]

Dont use your debit card ever. Set something recurring to charge each month on the platinum. On the quicksilver use that puppy every day. And use the mobile app to pay the bill as often as possible. Or you could use your banks bill pay (as im not sure if cap1 lets you overpay a ton).

I have heard of folks that have money, get in with a low limit, then pay the bill for whatever they anticipate their months charges to be. Then swipe away.

[Anonymous]

This has all been great advice! Thank you!

I have one more question...

I should receive my card next week sometime before Thursday 10/1. I get paid bi weekly 1st and 15th of every month, I want to try and coordinate my due date to be the 16th,17th,18th, so I can make payment out of the 15th paycheck this would be my best case scenario but is not a have too

If I activate my card on October 1st & only use the Quicksilver One like a debit card (0% apr) and make my first purchase on the 1st when will my statement cut & my bill be due? Will it be in the month of October or does it take a full 30 day cycle for purchases and then the statement cut? somewhere along the way I read that your payments are due 25 days after your purchase, when is my main bill date that if I did not make small payments through out the month and had a ending balance of $299 and wanted to pay that in full every month when would that be due and around what date would I need to have no more than $20 balance for good utilization? I am preparing a budget for the next 90 days so that is why I am trying to figure out this before actually activating the card. 

Thanks in advance again! 

[Anonymous]

You won't have a bill until sometime in November and your statement usually cuts 3 days after your due date!