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Established Contributor
Posts: 577
Registered: ‎01-31-2008
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New Credit Cards

I recently got two new credit cards...orchard bank and cap one...both low limits (500 and 300).  The first month i paid on time in full, however i missed how the date the statement generates is when they report, so i had balances reported.  So this time I paid off before that statement generated.  I guess my question is trying to understand scoring...how much will paying in full before the report date help me?  And until that new report comes out, how much is having balances hurting me?  They aren't high balances, but higher than i'd like on my CR (about 25% util), and they should become 0 next report.  I know before i was denied credit and they always pointed to know revolving credit, so how much is having these credit cards really helping me?

Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $6600, PayPal $2200
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: New Credit Cards

Having 2 CC will help a lot, especially when they get a little age.  

 

Capital One reports after statement date.   Orchard reports at end of calendar month.

 

Your score will vary based on current utilization.   So you want to control how it is reported when you are applying for new credit.

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