Question about statement dates

[Anonymous]

Are the dates when a statement cuts/reports the same for everyone that has that particular card or does it vary person-by-person depending on when they were approved, processed etc?

I just got approved for two cards (USAA secured and a Best Buy Rewards unsecured) and I want to practice proper utilization on them.

[Wolf3]

They vary.   Some cards will let you pick your date.   

I think with the new laws the due date has to be consistent, so the statement date will vary some.

[Anonymous]

Thanks wolf. So I guess the safe bet is to call and ask them when my statement gets created once I get the cards so i know how to proceed.

So for example if the statement cuts on the 25th of each month and they usually report during the following days, I should make sure to PIF and leave a 7% balance of my combined CLs by the 23rd to be safe. Then pay the remainder when I get the bill, then rinse and repeat the next month. Ham I doing this rite?

[Wolf3]

Some (like HSBC) report at end of the month regardless of the statement date, so you need to find that out.

This strategy will keep the utilization low.   I don't know if there is a right.   

I am rebuilding with 2 secured cards.   One has 0% APR for 6 months.   I am keeping that at 95% utilization constantly until the interest changes, then I will PIF.   The other card, I run to close to max and pay in full by due date.    I do pay minimum payment online after statement cuts (for safety) and the PIF a couple days before due date.   I think you need to show you can handle credit to build it.     I am now getting offers to apply for rewards card.   I will pay everything to low utilization in the month before I plan to apply for anything, but I don't see the need to do it  every month.

I know I am in the minority with this opinion, but that is how I am doing it.   

[Anonymous]

Well, I was planning on sock drawering the HSBC card because its a lower limit, do the 7% util for a month or two on the USAA card, then open up a CU secured card for 1,500-2,000 and a savings account that I will use as my main savings account so I can establish a relationship with them for future car/home loans if possible. As well as open other cards along my journey. I burned almost all prime banks when I was young (bofa, discover, citi), so I don't have many options left.

[Wolf3]

HSBC does not like to be ignored.   I suggest you run small charge or recurring monthly bill through there.

When you get the CU secured card, Use it.   Good Luck