Teach me how to credit...newb here.

[Anonymous]

---

@Anonymous wrote:

I did not activate the card, I called the customer service line and spoke to someone with extremely broken english and then got transfered to play the "why would you like to close this account"....I played Marshawn Lynch...."I want to close this account please". "Well sir we can offer you $25 credit so your fee is only $50"...."I want to close this account please"....did this three times and then got put on hold. Supposedly told I was not responsible for any payments and it was closed. Hope this is true and don't see some random bill pop up

So today I purchased $39 worth of stuff and came home and paid it directly off. I see where the multiple payments throughout the month was made and this was my intentions, but I also was unsure of if I needed to let some sort of balance carry over, say 10% of the limit. I've learned quite a bit from this forum and appreciate all the information you guys/gals have given.

Someone asked what my credit situation was. Current scores are 613 EQ/ 609 TRN/ 613 EX.....no auto loans, current mortgage, some collections mostly medical, but all paid off in full....nothing else really derogatory.

---

Congrats! FWIW, that is another one of the reasons why CreditOne is an awful company. You get bonus congrats for getting rid of them. If you take a video of actually burning the card, you may go viral here.

You do want to have something report; between 1% and 9% is the ideal. You can pay this off the day after the statement cuts, if you wish. 

[LuckyBird]

---

@onstar wrote:

(1) Yeah, cancel. AF & monthly fees are not worht it.

(2) Payment and utilitzation. This is soooooo overblown here. 99% of the time, utilization is meaningless. Until you're ready to do a CLI (or request any additional credit), use cc like it's intended.

1. Buy stuff

2. Let statement cut

3. Pay before due date

4. Repeat

As long as you're making payments on time, utilization is generally meaningless. That is, until you want additional credit (CLI, new credit, mortgage, etc) and need an artificial boost in credit score. Then a month before this, make payments before the statement cuts so that your statements will report $0. This will boost your credit score some (this is due to a flaw in the credit scoring system). 

(3) Pay on time. Don't buy stuff you cannot PIF. Pay on time. Live within your means. Pay on time. Save 20%. Pay on time. You get the point. Pay on time.

---

Simple, EXCELLENT advice.  If nothing else soaks in, definitely take this to heart.