12-30-2012 08:19 AM
I am in the process of building my credit history/score. I've been paying my current card off in full each month, sometimes twice a month.
I believe I've been going about it wrong tho. I do believe the Credit Bureau has been stating $0 Balance. The way I understand
I belive I should be showing a small balance, not to exceed 30% of my Available Credit Limit. I've just been working so hard to build that
I think I'm jumping the gun and PIF too soon. I'm just unsure if I should wait....log on to my account and check my statement for a Balance before paying.
This last statement showed $0 Balance and $0 Min due before "x" date and $300 available Credit.
Could someone please enlighten me with their expertise?
12-30-2012 08:25 AM
I am not an expert on this, but I think the idea is to have a much lower balance - i.e., 1% - 5% utilization. So 30% might be too high. with a credit limit of $300, you need to show some activity - maybe spend about $20 a month and pay it off.
HTH - Oy
WALLET (Secured): Capital One: $700 --- WellsFargo: $300 --- CapitalBank: $300