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Established Member
bltrrt
Posts: 12
Registered: ‎05-15-2012
0

How to use cards.

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

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
Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: How to use cards.

You need to call in to find out your statement closing dates on your cards. You want all of your cards except 1 to report 0 and 1 card to have a 1-9% balance on it for optimal fico points. That can be YMMV for certain individuals but that's usually the golden rule for everyone.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: How to use cards.

Congrats on your new accounts :smileyhappy: The answer is yes. Pay all of the balance except 9% before the statement cuts. For my zync card this is the 8th. Then you can PIF by the due date. Other things you can do to help with the house is to develop a good history of saving money: retirement accounts count.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Regular Contributor
ACsteel
Posts: 237
Registered: ‎08-19-2012
0

Re: How to use cards.

I suggest you always PIF, I take 9% to be the threshold if needed, but I always PIF and have always recieved a credit score increase when I do so.  It is better to be safe than sorry, and being totally responsible is always a safer bet.


Garden Member Since: 2014 - 4 - 1
Established Contributor
Jlu
Posts: 922
Registered: ‎06-12-2012
0

Re: How to use cards.

Seems like you got your answers above. My question is how did you get an SPG and not a Zync? Did you app for the SPG first?
JP Morgan Select $10k | CSP $10k | Citi TY Premier $15k | BofA 3-2-1 $15k | Chase Freedom $10k | Discover IT $10k | Barclaycard $15k | AMEX SPG $5k | AMEX PRG NPSL | NASA Platinum-Advantage $10k | CapOne Quicksilver $3k | Walmart Card $5k | Amazon Card $10k | Chase Auto 1.49% | Joined myFICO 6/12 with a 540 FICO & today I'm over 750!
Regular Contributor
XxRaVeNxX
Posts: 201
Registered: ‎08-19-2012
0

Re: How to use cards.

So...quick question...On my capital one card, is my due date the same as my statement closing date?

Chase Southwest $5000 - November 2012 Wal Mart $1000 - November 2012 NFCU Visa $5,000 - Sept 2012 NFCU NavCheck $3,000 - October 2012 Amazon $900 - Aug 2012 Kay's Jewlery $2700 - Aug 2012 Buckle $250 (Shopping cart trick) - October 2012 Roaman's $250 (Shopping cart trick) - October 2012 Capital One Secured $225 - April 2012 Capital One Platinum $2500 - July 2012
Senior Contributor
jsucool76
Posts: 4,022
Registered: ‎12-11-2011
0

Re: How to use cards.

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. 

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Established Contributor
kobe2012
Posts: 697
Registered: ‎03-16-2012
0

Re: How to use cards.

Isn't it easier to get the zync than a revolver??? What was your EX score if you don't mind sharing


Starting Score: TU: 598 03/23/2012 EQ:607 05/24/2012 EX:607 04/26/2012 (lender pull) EX FAKO:522 03/2012
Current Score: TU(Myfico)04/2013:689 EQ(Myfico)04/2013:701 EX(AMEX pull)04/01/2013:675 (CreditSecure FAKOS) 5/14/2013 EX:726 EQ:701 TU:730 TU(Walmart):699
Barclay Rewards:5k/Cap1:$3.5k/Cap1:$2.5k/Citi TYP:2k/Freedom:$5k/Slate:3k/Marriott visa sig 5k/BCE:$1k/Zync: $500 PSL/Discover IT:$1.9k/Walmart:$8k/Chevron:$5k/Gap:$5k/Kay:$3.4kk



Established Contributor
gettnthere
Posts: 912
Registered: ‎06-14-2012
0

Re: How to use cards.


Jlu wrote:
Seems like you got your answers above. My question is how did you get an SPG and not a Zync? Did you app for the SPG first?

+1, that stuck out to me right away. how in the world did that happen?



Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 :smileywink:
Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: How to use cards.


gettnthere wrote:

Jlu wrote:
Seems like you got your answers above. My question is how did you get an SPG and not a Zync? Did you app for the SPG first?

+1, that stuck out to me right away. how in the world did that happen?


I agree... how did that happen!

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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