Not using credit cards HURTING me?

[llecs]

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@MattieNumNums wrote:

So I am ok with just using one credit card a month and paying it off right away? I hate using credit now.

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I think this goes back to the CreditKarma comment. Ignore it. You are not being dinged like you might think you areor at least by what CK says. Now it is good to use your cards every 3-4 months to keep the OC from closing them due to non-use. And FICO tends to consider some cards inactive after several months due to non-use.

[AndySoCal]

WIth the FICO score to make sure you getting those cards fully factored into your score use them once or twice a year. The amountof the purchase does not matter.

[GypsyGal]

Just FYI... I have 4 cards... I seldom use two of them... When I allow a balance to report on one of those two cards, I have seen the MyFICO report showing that a positive factor on my score is the fact that I am using my credit... So every few months I allow a small balance to report on one of them, and pay it off.  

[Anonymous]

So making a small purchase on all of your cards, say $10 or less, once a month is better than none at all assuming you pay it before it's due?

[Booner72]

Hi there - the trick is to let a balance report on at least one of your statements.  usually due date is before a statement cuts. So after you PIF on due date, THEN charge something small 1-9% so that reports a balance.  You can find your statement dates by looking at your previous statements and making a best guess or calling and asking.

[Anonymous]

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@Booner72 wrote:

Hi there - the trick is to let a balance report on at least one of your statements.  usually due date is before a statement cuts. So after you PIF on due date, THEN charge something small 1-9% so that reports a balance.  You can find your statement dates by looking at your previous statements and making a best guess or calling and asking.

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Thanks!  While approving my new Chase Freedom card I asked the guy when they report balances and he said it's usually once every 30 days but he didn't know exactly when it was..

[GypsyGal]

By observing the balance shown on my credit reports, I have learned that 3 of my 4 credit cards report the balance on the day that the monthly statement is prepared.

The 4th card is not as easy... It is Orchard Bank. Payment is due the first day of the month and the statement is prepared around the 6th or 7th of the month.  BUT OB reports to the credit bureaus near the end of the month.  In other words, OB reports before the due date.

If I want the OB card to report a zero balance, I have to be sure that I pay it off 3 or 4 working days before the end of the month. If I want it to report a small balance, I charge something sometime during the month.  OB reports the balance near end of month.  Then I pay it in full before the statement is prepared on the 6th or 7th.

I determined when my cards reported by observing the balances on specific days when I charged something or made extra payments and then checking which number was reported to the credit bureau.

I do use my cards during the month. Then I pay them off before the card reports to the CB, That way I am using their money, but not paying interest. Also, I don't want any of the cc companies to cancel a card because I am not using it. That would hurt my score by reducing my available credit.

[Anonymous]

^Thanks for that info.  You can check which number is reported to the CB only by looking at your credit report, correct?