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Frequent Contributor
WarJar101
Posts: 341
Registered: ‎08-14-2012
0

Questions about Capital One Platinum Card (Unsecured)

This is my first line of credit ever. I'm a college student trying to build some credit history.  My CL is $500, no annual fees for the first year, 19$ dollars after that.

 

1. I want to know with Capital One, should I leave a revolving balance of <%9 utilization until the statement posts or just pay it in full right after I use, to build up my scores quickly? (Remember this is my first card)

 

2. Do they still report your highest balance as your credit limit?

 

3. Over this next year, while I'm trying to build a good credit history, what are some of the easiest ways for me to keep tabs on Capital One? (Just to make sure everything is going smoothly and there's no funny business.)

 

4.  With Capital One in particular, is it safe to charge more than 9% utilization or can I utilize whatever amount I want and be safe as long as I pay it off before the statement generates?

 

I plan on closing this card as soon as I get approved for a prime lender in the near future, I know it will affect my AAoA, but rather have it in my sockdrawer. Thanks ahead of time for the answers guys!

 

Cap One Platinum MC $2.5k CL (08/12)
Citi Forward Student Visa Card $1.5k CL (09/12)
Express NEXT Card $0.25k CL (02/13), Jcrew CC $0.7k CL(02/13)
AMEX PRG NPSL (03/13), AMEX Gold Delta Skymiles 2k (03/13)
Walmart Credit Card $1.5k (03/13)
TU: 687 FICO (3/13) | EX: 692 Lender Pull (3/13) | EQ: 678 (4/1/13)
Senior Contributor
jsucool76
Posts: 3,599
Registered: ‎12-11-2011
0

Re: Questions about Capital One Platinum Card (Unsecured)

[ Edited ]

WarJar101 wrote:

This is my first line of credit ever. I'm a college student trying to build some credit history.  My CL is $500, no annual fees for the first year, 19$ dollars after that.

 

1. I want to know with Capital One, should I leave a revolving balance of <%9 utilization until the statement posts or just pay it in full right after I use, to build up my scores quickly? (Remember this is my first card)

 

2. Do they still report your highest balance as your credit limit?

 

3. Over this next year, while I'm trying to build a good credit history, what are some of the easiest ways for me to keep tabs on Capital One? (Just to make sure everything is going smoothly and there's no funny business.)

 

4.  With Capital One in particular, is it safe to charge more than 9% utilization or can I utilize whatever amount I want and be safe as long as I pay it off before the statement generates?

 

I plan on closing this card as soon as I get approved for a prime lender in the near future, I know it will affect my AAoA, but rather have it in my sockdrawer. Thanks ahead of time for the answers guys!

 



1. You only really need to do the 1%-9% thing when you plan on applying for credit in that month. It gives you a little boost to your scores.

2. No, they started reporting true CLs from what I have read. 

3. Just use your card as normal. Check your account online often, ( I do at least once a day, and usually after I make any purchase, #OCD) I've already had 3 fraud alerts on my account within the first 2 months, but they've been eager to help me through them. They're not as bad as everyone says (to me at least) 

4. You can always charge as much as you want to your card. The main thing is to pay it off. The card will still report as paid so long as you make at least your minimum payments. If you plan on applying for new credit, always (if you can) get your util to 1%-9%, otherwise your util can go up. It's hard to stay at a low util on a $500 card. And yes, so long as you pay it off a couple days before your statement cuts, your reported balance will be whatever is left that you haven't paid off. Then if you pay it off in full by the end of your grace period, you will accrue no interest. 

 

 

Good luck, capital one is great for starting, and you'll move up to better cards pretty soon. :smileyvery-happy:  

Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012
0

Re: Questions about Capital One Platinum Card (Unsecured)

To me u should just used your card for snack and drink or coffee and stuff and keep balance about 50 bucks and make sure you paid it up before the cut off time and leave like 1 -2 dollars for them to report to credit bureas and you would have like 1% utili. The card would never get any increase but since its your first card i would recom you using this card for at least 3-4 years so your history and your balance utili would be low if in case you had any other small card. They wont charge any interest if you paid in full and dont used cash advance. So just keep it up and paid like $20 a years for about 4 years ( its no thing right ). And another thing is check your credit score and see where you stand at. And mite as well apply for another card for a near future.

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Valued Contributor
jamesdwi
Posts: 1,895
Registered: ‎09-16-2011
0

Re: Questions about Capital One Platinum Card (Unsecured)


jsucool76 wrote:

WarJar101 wrote:

This is my first line of credit ever. I'm a college student trying to build some credit history.  My CL is $500, no annual fees for the first year, 19$ dollars after that.

 

1. I want to know with Capital One, should I leave a revolving balance of <%9 utilization until the statement posts or just pay it in full right after I use, to build up my scores quickly? (Remember this is my first card)

 

2. Do they still report your highest balance as your credit limit?

 

3. Over this next year, while I'm trying to build a good credit history, what are some of the easiest ways for me to keep tabs on Capital One? (Just to make sure everything is going smoothly and there's no funny business.)

 

4.  With Capital One in particular, is it safe to charge more than 9% utilization or can I utilize whatever amount I want and be safe as long as I pay it off before the statement generates?

 

I plan on closing this card as soon as I get approved for a prime lender in the near future, I know it will affect my AAoA, but rather have it in my sockdrawer. Thanks ahead of time for the answers guys!

 



1. You only really need to do the 1%-9% thing when you plan on applying for credit in that month. It gives you a little boost to your scores.

2. No, they started reporting true CLs from what I have read. 

3. Just use your card as normal. Check your account online often, ( I do at least once a day, and usually after I make any purchase, #OCD) I've already had 3 fraud alerts on my account within the first 2 months, but they've been eager to help me through them. They're not as bad as everyone says (to me at least) 

4. You can always charge as much as you want to your card. The main thing is to pay it off. The card will still report as paid so long as you make at least your minimum payments. If you plan on applying for new credit, always (if you can) get your util to 1%-9%, otherwise your util can go up. It's hard to stay at a low util on a $500 card. And yes, so long as you pay it off a couple days before your statement cuts, your reported balance will be whatever is left that you haven't paid off. Then if you pay it off in full by the end of your grace period, you will accrue no interest. 

 

 

Good luck, capital one is great for starting, and you'll move up to better cards pretty soon. :smileyvery-happy:  


use the card, don't go over your limit, pay early and often, more than the minimum payment they don't care if you make multiple payments a month, if you pay every 2 week or even everyweek its impossible to be late. You will get one auto-CLI at 6 months if you follow these rules, after that don't hold your breath they don't really care how you use it, just be sure and pay and they will be happy and leave you alone untill you are ready to move on to a better card. Expecting more than this is a recipe for disapointment. When you are ready to move on to others cards, pay your card in full before statement cut date so your UTL shows low. 

 

I have spend 3k a month on a card with a 750 limit, I have done balance transfers to the card, done everything I can think of to get them to give me a CLI, it just doesn't happen. So use the card, pay the bill, they will like you.  Don't worry about high balance it will only be mentioned in a manual review/recon and you just say its a low limit card and my only card at the time, I made the purchase and paid it off.  

 

 


Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Zync NPSL, Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Frequent Contributor
WarJar101
Posts: 341
Registered: ‎08-14-2012
0

Re: Questions about Capital One Platinum Card (Unsecured)

I appreciate the help guys! Now, how would I be able to determine when the statement cuts or generates? What is the easiest way of finding out this piece of information? Thank You!

Cap One Platinum MC $2.5k CL (08/12)
Citi Forward Student Visa Card $1.5k CL (09/12)
Express NEXT Card $0.25k CL (02/13), Jcrew CC $0.7k CL(02/13)
AMEX PRG NPSL (03/13), AMEX Gold Delta Skymiles 2k (03/13)
Walmart Credit Card $1.5k (03/13)
TU: 687 FICO (3/13) | EX: 692 Lender Pull (3/13) | EQ: 678 (4/1/13)
Frequent Contributor
scarrollprint
Posts: 382
Registered: ‎06-26-2012
0

Re: Questions about Capital One Platinum Card (Unsecured)


WarJar101 wrote:

I appreciate the help guys! Now, how would I be able to determine when the statement cuts or generates? What is the easiest way of finding out this piece of information? Thank You!


you won't be able to figure this info out until your first statement cuts. If you already got your first bill then it will show the exact day it cuts (it will be that day every month).

 

If you haven't gotten your bill yet, look at your due date and add a couple days.

 

 

I will suggest with Cap 1 - make sure you let SOMETHING post. I was paying off 100% of my charges within the week of them posting (I use the card as my main card for gas/groceries for the 2% cash back I get) and I would make sure it posted as a $0 balance. There were quite a few months that they just didn't report anything to all 3 CRA. It doesn't do harm, but it surly doesn't help. I then tested the waters with leaving $1 unpaid and sure enough all 3 CRA started posting that I had balance. Not sure if others had the same issue, but honestly as long as you pay off the $1 within the next billing cycle there are no interest charges to worry about...

 



Current: Eq- 624 Ex - 631 (lender pulled) TU - 661 (lender pulled)
Goal 700+ across all three
Contributor
SpeedingWheels
Posts: 253
Registered: ‎08-06-2012
0

Re: Questions about Capital One Platinum Card (Unsecured)

Just a tip: 

 

I have a Cap1 Cash Rewards card with a $500 limit. 

I use the card for ALL of my daily purchases and my monthly bills.

 

I just make payments throughout the month to cover purchases/bill payments. 

My aim is to get under 30% before the statement generates. 

 

I get 1% CB on all my daily purchases and my balance is rarely ever in danger of going over the limit. 

Cap1 is great with posting the next business day as long as you make the payment by 5pm Eastern time. 

 

 

I've only had the card 4 months but I typically go through about $700/month on the card... I love the CB!


Walmart Discover ($5000) - Amazon ($5500) - Cap1 Cash Rewards ($2000) - Meijer ($5000) - Discover More ($1800) - Car Care One ($2100) - Amex Delta Skymiles ($2000) - Citi Thank You Preferred ($2000) - Chase Freedom ($500) - Sam's Club, GE ($1237?)
Frequent Contributor
WarJar101
Posts: 341
Registered: ‎08-14-2012
0

Re: Questions about Capital One Platinum Card (Unsecured)

@Scarrollprint or anyone who gets what I'm saying lol: For clarification, I would pay a couple days before the statement generates, leave a small balanace (<%9),  after the statement generates, then I would pay it off in full?

 

 

 

When does the next billing cycle start? After the statement cuts or after the due date? How long after the statement cuts would the balance get reported to the credit bureaus.

Cap One Platinum MC $2.5k CL (08/12)
Citi Forward Student Visa Card $1.5k CL (09/12)
Express NEXT Card $0.25k CL (02/13), Jcrew CC $0.7k CL(02/13)
AMEX PRG NPSL (03/13), AMEX Gold Delta Skymiles 2k (03/13)
Walmart Credit Card $1.5k (03/13)
TU: 687 FICO (3/13) | EX: 692 Lender Pull (3/13) | EQ: 678 (4/1/13)
Senior Contributor
jsucool76
Posts: 3,599
Registered: ‎12-11-2011
0

Re: Questions about Capital One Platinum Card (Unsecured)

1. Yes, if you want to get an optimal fico score than you would have all of your cards report 0 other than one, and you would pay them all off before the statement date, and leave 1%-9% on one of the cards, and then pay it off after your statement. 

Note: You only really need to do this if you plan on applying for new credit during that month. 

 

2. Your next billing cycle starts immediately after the statement date. 


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