what %age is the rule for building credit?

[Anonymous]

What amount of type total available balance is optimal to use on your card?

And how do you time the payoff so that it doesn't just look like you have a zero balance card?

Thanks!

[daybreakgonesXe]

Hey seriously!

It's wise to report 1-9% utilization on one card and 0s on the other, and let it report for each statement. Otherwise, use your cards to your hearts content! Make sure the balances or 0s that need to report are paid off each due date, then try not to spend on those cards until the statement's close (your statement date).

Good luck!

[xerostatus]

In order to maximize FICO at any given time, only allow one card to report <1~9% utilization, all others should report $0 balance.

In order to make sure accounts report $0 on reports, pay in full the oustanding/current balance BEFORE the statement date. 

[Anonymous]

So... 1 to 9% on one card as of the statement date... how do you know what date it was actually reported if you want to use it again?

[xerostatus]

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@Anonymous wrote:
So... 1 to 9% on one card as of the statement date... how do you know what date it was actually reported if you want to use it again?

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Once your statement "cuts", you can use the card again. Your actual statement document should appear in your account within 1 or 2 days after the cut-date. Once the statement cuts with $0 balance, it stays that way until the next billing/statement period. Then, whatever balance you've charged up by then, you pay before the NEXT statement cut date.

[Anonymous]

Ok I think I get it now...think of your statement date as your due date.. whatever shows when your statement generates is what reports... duh...why couldn't I grasp that???? Lol

[coldnmn]

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@Anonymous wrote:
Ok I think I get it now...think of your statement date as your due date.. whatever shows when your statement generates is what reports... duh...why couldn't I grasp that???? Lol

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Not always US Bank usually reports the 30th even if your statement closes on another date. It's kind of trial and error until you figure out when each credit card reports to credit bureaus

[xerostatus]

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@Anonymous wrote:
Ok I think I get it now...think of your statement date as your due date.. whatever shows when your statement generates is what reports... duh...why couldn't I grasp that???? Lol

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You got it, basically. If you keep doing this each month, you can basically have a perpetual "$0 min payment due" which is kind of neat. 

[-Wade-]

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@coldnmn wrote:

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@Anonymous wrote:
Ok I think I get it now...think of your statement date as your due date.. whatever shows when your statement generates is what reports... duh...why couldn't I grasp that???? Lol

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Not always US Bank usually reports the 30th even if your statement closes on another date. It's kind of trial and error until you figure out when each credit card reports to credit bureaus

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+1 they always report at the end of each month ( US BANK )

[golfitup]

Need a little clarification please - just got one credit card started (Credit Union Visa) with a $1,500 limit.

Lets say my statement date is the 20th of each month. August 20th will be my 1st statement date. I need to have charged between 1~9% of my limit before the 20th and then it will cut this as my charged amount for the month. Then, after my bill becomes due, what do I do to keep it going? LOL. I will get a bill for payment next I guess. Then do I pay it off lets say the 1st of September and then charge 1~9% again to it before the 20th of September and it cuts again? 

Thanks!

Golfitup