Starting the journey

[Charmlessman]

Hi guys

I received my CAP1 Secured CC two days ago. Yesterday I called CSR to find out my cycle cut date (13th every month) and my due date. (10th every month). My CL is 651

So after reading many pages and questions I am about to start doing. In order to make sure I understood please comment on my scenario to see if I am missing something.

April 10 - Buy  $13 worth of any product. (2% Util)

April 13 - Cycle Cut Date

According to CSR I should get my statement (paperless option online) 4 days after Cut Date so that is April 17th 

PIF May 5th or before once CC has reported a 2% utilization.

Is the cycle cut date the same date when it reports to Credit Bureau Association?

I will not use this card on a daily basis but only to meet the 2% util and start building credit so I plan to keep utilization as low as possible. Is this a good plan?

On a different subject, how do you get the myfico fitness challenge logo AND the garden badge (seed or spades) to show up on the same signature? I tried but the seed dissapeared.

Thanks in advance for the comments

[MazdaSpeed]

Is the cycle cut date the same date when it reports to Credit Bureau Association? - no, for the most part whatever your balance is on your statement will get reported but it might not be right away

If you want $13 to be reported by have a $13 balance on the 13th and then once you get your statement pay it off before the due date so you don't get changed interested or anything

[Rackham94]

Congrats on your approval! I would like keep a subscription on it like 10-12 bucks like you said on it and pay it off as soon as the statement cuts

[Charmlessman]

Subscription? You mean like setting up a payment every X date for the same amount from my checking account?

[Rackham94]

No like Spotify or like a credit monitoring service that is like 6 or 13 bucks a month no commitment that charges on your Credit Card because I imagine APR kind of high and don't want to pay interest on it

[Charmlessman]

I understand now, and Spotify certainly fits the bill!!!

Thanks

[MovingForward_2012]

Yep. I have Spotify being charged to one of my CCs...$9.99 per month!

[dddewdrop]

By Credit Bureau Association, I think you mean Credit Reporting Agencies, or CRAs.  Having a slight balance on one card can improve your score slightly in most situations but just remember the basics and you will be ok. Those being, keep your balances low on your cards month to month. Pay your bills on time. Try to pay in full every month remembering that the balance on your statement date is the one that will be reported to the CRAs.  Establish a few good tradelines through have a few open credit card accounts in good standing and you will do fine. . The little fine tuning of having a couple dollars report and that stuff, that is a small thing that people tend to over focus on but it is not a huge deal and it varies from case to case how much having a balance of 2% vs no balance really matters. I would say use your cards a little from time to time and pay your bill in full ontime and you will be good. Keep it simple. Credit building is about establishing and practicing good long term habits more than the difference of a couple dollars in a balance on one card in one month.