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I recently got approved for a 4k NFCU CashRewards. I'm very happy with this approval but am a bit intimidated by spending enough on the card every month. From what I've read, 15-30% utilization is optimal. (Someone please correct me if I've misunderstood this.) I live and work in Korea (not military) so everything I spend is in Korean won. As of now, I just use cash for everything and buy most of my food from street shops because it's so much cheaper. I can use the card at established restaurants or bigger stores for grocery shopping, but that's about it. Between the two i don't see myself spending more that $300 a month. I wish I could pay my student loans with this, but the lender won't allow it. The card also charges a 1% international fee (or $1.00 whichever is greater).
Any advice would be appreciated. Thanks in advance
When rebuilding, it is generally advised to let a balance of 9% or under report to the CRAs. You can spend what you want just let 9% or under report then pay the rest off before the due date so you don't incurr interest rates.
20-30% is still kind of high.
If you have more than one CC let all but one report a 0 balance, never all. Let the last one report 9% or below. If it is your only card let it report 9% or below. FICO does not like to see all CC reporting a 0 balance and likes to see you use the credit you have but wisely.
No, wait for it to report to the CRAs showing 9% or below balance. Then pay off the remainder so you don't have to pay interest.
You can call the CCC and find out what day they report to the CRAs.