Maximizing WalMart Card?

[CBARR82]

Got some great advice on using my card to its full potential and just need a bit more detail. I have 3 CC currently. 2 Cap Ones with about 75% utz on $1000.00 CL combined. I just received my WalMart card with a CL of $300. I did as advised and put a purchase on it, online for $18.xx. I know I want to immediately pay it down immediately, but want to leave a balance so they have to cut me a bill. How much should I pay now and how much to leave for my first statement?? Thanks in advance!

[notfancy]

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@CBARR82 wrote:

Got some great advice on using my card to its full potential and just need a bit more detail. I have 3 CC currently. 2 Cap Ones with about 75% utz on $1000.00 CL combined. I just received my WalMart card with a CL of $300. I did as advised and put a purchase on it, online for $18.xx. I know I want to immediately pay it down immediately, but want to leave a balance so they have to cut me a bill. How much should I pay now and how much to leave for my first statement?? Thanks in advance!

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You got a limit as low as you did on that Walmart card probably because of the balances you're carrying on your Cap One accounts. You're going to want to get your UTL down if you want credit limit increases from any one.

That being said, if you only charged $18 you can let a statement cut for that amount, but your minimum payment will likely be that $18 because I don't think they charge minimums less than that (though I could be wrong) Just do the same thing every month, charge on it, let it report then pay it off. After 4 statements, request an increase.

[CBARR82]

Sounds good! Another Q.....While I am paying down my Cap One accounts currently, is there a better way to do it than another? For example, they both have almost identical balances. Should I pay one off first or bring them down together? Both have the same APR (HIGH!) Just curious as to if one approach impacts FICO more so than the other. 

[notfancy]

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@CBARR82 wrote:

Sounds good! Another Q.....While I am paying down my Cap One accounts currently, is there a better way to do it than another? For example, they both have almost identical balances. Should I pay one off first or bring them down together? Both have the same APR (HIGH!) Just curious as to if one approach impacts FICO more so than the other. 

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Not really. If you're owing $750/1000 on both, you're considered near maxed out on both cards. If you want to get them both to 50% first then pay them both off that's good for your scores, but other wise, it doesn't much matter. Either way they are suckering you for a ton of interest. Capital One is also sensitive to balances. You'll likely see no credit limit increases from them or very, very stingy ones if you keep your UTL high.

If you want max scoring, and you intend to keep letting your Walmart card post balances for a while to get credit limit increases (you can ask every 4 months with them, and every 6 months with Capital One) I'd suggest paying both Cap One accounts to 0 and only letting those small balances from your Walmart card post to your credit reports. Walmart will give pretty frequent and fairly large credit limit increases.

Either way, get those Cap One balances paid off! Don't give them all that interest money! If you look at your statements, and especially your year end statements, you'll see how much you're paying them in interest a month /year... that's money you're giving away and getting nothing back for!

You might want to try and call them and ask them to PC the cards to Quicksilver though. At least then you'll get something back for your expenditures.

(sorry for spelling errors, spell check button is still broken and I am too lazy to cut and paste it to word to check my spelling lol)

[CBARR82]

No bother on the spelling! Always great advice. My goal is to have both the Cap Ones paid off by the end of this month. Keeping both of these cards at $0 would be ideal and use the WalMArt card to my advantage. I will have to do a little research and see what the Quicksilver card is. Thanks again. I am so ready to get this credit straight and move on!

[notfancy]

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@CBARR82 wrote:

No bother on the spelling! Always great advice. My goal is to have both the Cap Ones paid off by the end of this month. Keeping both of these cards at $0 would be ideal and use the WalMArt card to my advantage. I will have to do a little research and see what the Quicksilver card is. Thanks again. I am so ready to get this credit straight and move on!

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Quicksilver is a cash back card. Every purchase you make, you get 1.5% cash back for. It's basically free money for using your CC as long as you don't carry a balance. (as it would then get eaten up by the interest) It's great and I love it. There is no limit, no revolving categories etc... I don't spend a whole lot, but I seem to be getting about $30-50 back a month from it just for doing what I'd normally do. (phone bill, electric, groceries etc) I'd love to have cards that give more in those categories but sadly my credit is such that I can't get those cards yet.

[CBARR82]

Got ya! I see PC means product change also. Shoulder I wait till I pay down UTZ before requesting a PC? You may not be able to get them yet, but it sounds like you def have the knowledge to make it happen. Patience I suppose is what anyone rebuilding credit must have/learn. I myself am not good at waiting. Lol. 

[notfancy]

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@CBARR82 wrote:

Got ya! I see PC means product change also. Shoulder I wait till I pay down UTZ before requesting a PC? You may not be able to get them yet, but it sounds like you def have the knowledge to make it happen. Patience I suppose is what anyone rebuilding credit must have/learn. I myself am not good at waiting. Lol. 

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Lol I'm learning to have patience, and this forum has been a huge help to me.

You can call the number on the back of your card today and ask for the PC if you'd like. They seem to be pretty good about that. Just don't ask for any credit limit increases til they're paid off first.

[CBARR82]

I appreciate the help and guidance. Hopefully one day I ll have a bit of info you need and can help you out!

[TRC2k13]

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@notfancy wrote:

If you want max scoring, and you intend to keep letting your Walmart card post balances for a while to get credit limit increases (you can ask every 4 months with them, and every 6 months with Capital One) I'd suggest paying both Cap One accounts to 0 and only letting those small balances from your Walmart card post to your credit reports. Walmart will give pretty frequent and fairly large credit limit increases.

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Just don't make the mistake I did and let your statement cut with a 0 balance... because even though it will say "statement date" and give you a due date if you look under the statement list you won't have one.

I requested a CLI last week... and was denied.   I've had my account 4 months... but  only 3 statements.  I wasted a month due to my February "statement" having a  0 balance.

Live and learn... gotta love how it shows a statement date of 2/25 but I didn't actually get a statement.  My consolation prize was a 5 point increase in my FICO score due to the account reporting a 0 balance.