Managing my new cards

[Anonymous]

So I have received all of my new cards now. Everything in my signature has arrived and activated on Wednesday, although I had my Fingerhut in mid Feb. Anyways, I am trying to make sure I handle these well, and get the maximum score benefits. My plan was to just let them all report a $0 balance except 1 at less than 10%.

I bought something for $35 on Fingerhut last month, but havent gotten my statement yet, I was going to let that one report a balance as the others arent on my CRAs yet. I charged $16 on my Platinum today and my QS1 shows the $39 annual fee.

What I was thinking was to use the 3 bankcards but pay them off right away, except let 1 report a small balance, and pay off my fingerhut to $0 right after the statement reports any day now. Is this the right track?

My main thing is how do I know when my Cap1 statements will come out? I want to use it and pay it before that happens right? Im sorry if these are all dumb questions, but I am paranoid about messing something up and not rebuilding properly after working so hard to get these. Thanks

[crrredit]

Just give them a call and ask for your statement date. If you're not going to apply for anything for a while, you could also just go through a statement cycle and find out. Your Utilization % is a current number that's not affected at all by your past % so you can just optimize it when you are getting ready to apply for somethng.

[seruby]

From what I noticed on my reports, your balance on the first statement doesn't report.  At least the Capital One didn't report it on mine for the first month - I got a QS in Dec, the first statement date was Dec 17,  but nothing posted on my report for that account until January after the 2nd statement.

Also, you don't have to pay them off right away, just make sure they're paid before the statement date.  

[alienfico]

congrats!

[Anonymous]

Easiest way to manage your Cap One accounts is to register them online at Cap1's website. That will allow you to see your current balance at any given time, as well as charges that have not yet posted, and payments that have been made, payment due date, and statement date. You can pay online from their site as well as scheduling payments up to three months in advance.

[Anonymous]

Got them setup online the day I activated them for the reasons you mentioned. I paid my annual fee but am waiting for it to post. Didnt realize it would take a full day or two. Mainly I just wanted to make sure I use/pay the cards right for optimal reporting to the CRA's. From everything Ive seen though, FICO has no "Utilization Memory" so if I had more than 1 card report a balance, I could fix that for the next month and get the score increases, if Im understanding correctly.

[Creditwiser]

Cap 1 also has a very good phone app. All account info listed, easy to pay bill.

[Anonymous]

Got the phone app as well!