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How to use cards.

Established Contributor

Re: How to use cards.

Was surprised nobody asked before I did.

OP please clarify.
AMEX SPG $30K | Citi TY Premier $20k | PenFed PlatRewards $25k | Barclay Arrival+ 40k | Chase Freedom $20k | BofA AMEX $15k | Discover IT $20k | | NASA Platinum-Advantage $20k | CapOne Quicksilver $15k | Amazon Card $10k |

My Journey from Sub-600s:
Message 11 of 15
Established Contributor

Re: How to use cards.


bltrrt wrote:

So with 8 new inq and a 663 score which is probably lower now with the in q I have been approved for a children's place store card, capital one cash rewards and believe it or not my first American express. I wanted the zync but was denied but I did get the starwood guest card. The only other card I have is a jcpenny card which has 80/1500. The card will be PIF the end of the month. The limits are not all that great as i have student loans and a few lates from 2 years ago. They range from 800 to 1500. Anyway i want to buy a house in about 2 years once my student debt gets down a little so I want to show that I can manage my credit correctly. So is it my understanding that when I use a card and pay all but like 10 % before the statement date then PIF before the due date? Am I understanding that correctly? How can I tell the difference between statement and due date? Thanks in advance for your help


I'm surprised you were able to get a Starwood but not the Zync, many consider the Starwood to be Amex's best card.  Your Amex limit can grow quickly, use the card heavily and pay-in-full every month to help.  And yes, if you pay all accounts except one to a 0 balance and let one report a balance of less than 10%, you will raise your FICO a few points.  However, past utilization has no impact on FICO scores, so there's no real need to do this unless you are applying for credit in the next month or so.

 

The statement date is the date the statement is generated, the payment due date is the date that is printed on the statement telling you to pay by.  If your statement is generated every 10th of the month, your payment date will probably be sometime between the 1st through 6th of the next month.  The absolute important thing is to make sure to pay the statment balance by the statement due date.  If you want the account to report a 0 balance, make sure that the account has no balance when the statement is generated.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Message 12 of 15
Established Member

Re: How to use cards.

hey guys! Thanks for the input. I am as surprised as you guys are. I was told zync was easier to get and that is why i applied for it first. Last time i get denied fora BOA my EX score was 716 they told me in the letter and that was about 2 months ago (im not sure what it was when i applied for the zync) but since since then i have paid off 2 student loans and that is the only thing that has changed. Im sorry i cannot be any more help

Starting 05/15/12: FICO EQ 663
Current score: 1/2013 EQ 718, EXP 683
Goal : 700...now 750,mortgage someday

In my wallet: Amex SPG $2k, Citi thank you $2k, Toys R Us mastercard $2k, Capital one cash rewards$1500, Lowes $1200, Old navy $800, Children's place $800, JCP $1350, New york and company $200, Bank of America cash rewards $5000, Chase Disney Visa $1600, Citi simplicity $1500, Southwest visa $4500, Kohl's $ 500, Dillard's $300, Macy's $800
Message 13 of 15
Senior Contributor

Re: How to use cards.


jsucool76 wrote:

Your due date will be sometime between 21-25 days after your statement closing date. It depends (it will say on your papers somewhere "Grace period - X amount of days") and your due date is that many days after your statement closing. 


Not quite correct.    Your due date is always the same date each month (by law).    The statement date can vary each month, but is is usally about 25 days before it.  If you want to know your statement date for the next month, it may be listed online, sometime not.    

 

 

 

Message 14 of 15
Highlighted
Super Contributor

Re: How to use cards.


Wolf3 wrote:

jsucool76 wrote:

Your due date will be sometime between 21-25 days after your statement closing date. It depends (it will say on your papers somewhere "Grace period - X amount of days") and your due date is that many days after your statement closing. 


Not quite correct.    Your due date is always the same date each month (by law).    The statement date can vary each month, but is is usally about 25 days before it.  If you want to know your statement date for the next month, it may be listed online, sometime not.    

 

 

 


I meant the grace period varied by lender, not every month, sorry if that was misunderstood! haha

 

Your statement date needs to be AT LEAST 21 days before your due date, however, some lenders go up to 25 days, it all depends Smiley Tongue 

Message 15 of 15