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Just got my first cc few questions

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Anonymous
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Just got my first cc few questions

So I just received my first cc with capital one and it says billing will be 45 days out is that because it's the first bill I have received? And if so it says it will be billed April 14th so my limit is 200 so use 30 or 40 dollars and pay my bill before due date do I leave a balance of a few dollars or no? Thanks guys! I'm new with this
Message 1 of 6
5 REPLIES 5
Anonymous
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Re: Just got my first cc few questions

Welcome to credit and to the boards. It is best to keep the reporting balance smallish, under 29% is fine for now with this one card. You will learn plenty more about optimising your score on down the road in your credit journey. 

 

Don't charge more than you can afford to pay off, and don't spend on frivioulous things just for the sake of using the card, but do use it frequently for your normal spend so Cap 1 will see you can handle the bill. You can charge it up and pay it off more than once a month if you usually spend that much. It will improve your chances of getting a better CLI when the time comes. And always, always pay on time!

Message 2 of 6
Anonymous
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Re: Just got my first cc few questions

When I go to pay bill do I leave a small balance does that matter like a few dollars I've read to do that but not sure? Thanks!
Message 3 of 6
K-in-Boston
Credit Mentor

Re: Just got my first cc few questions

No, you will accrue interest if you do not pay the “statement balance” in full by the due date, which may differ from your actual current balance if you have used the card since the previous statement. (You would also likely lose your grace period of 25 days or so, so any new purchases would accrue interest from the day you made the charges.) The small balance is what should show on your statement from your charges so that you are showing use of the card on your credit reports. Zero is almost as bad as maxed out if none of your credit cards are showing a balance. Try to use $5 up to 29% of your limit each month. If you need to use more, you can always pay the card down mid-month to get the statement balance lower.
Message 4 of 6
Anonymous
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Re: Just got my first cc few questions

Good catch, K. I at first read that as OP wanted to leave a few dollars at statement cut date then pay by due date (which you should).

Message 5 of 6
Anonymous
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Re: Just got my first cc few questions

Thanks for the guidance very appreciated!!
Message 6 of 6
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