Posts: 12
Registered: ‎07-14-2012
Question about Utilization and Balance

Hi There!  I'm relatively new to the forum, and score watch.  I am in the process of obtaining a USDA loan for a home, and have been working on my credit since Nov of last year.  Upon alot of research on this forum, I've had success with 1 collection on my account (sadly, the one that was the least of my concern only reporting to one bureau) which is excellent!  I want to thank everyone for their advice, GW letter templates, and contact information for multiple companies.  It has been worth its weight in gold!


My question now, that i've been thinking about is better managing payments, utilization, and balanes on my 3 open credit cards.


I currently have a BoA secured (300$ CL), Cap1 Secured (600$ CL, 100$ of this is 'unsecured'), and a NFCU unsecured cashRewards card with a 8000$ CL.  I'm trying to figure out what is the best way to manage these, I've read keeping 1-9% utilization is key, is there a sweet spot for these numbers?  Aside from that, the utilization is only important when it reports to the bureau's I believe, so having a high balance up until it reports is possible?  Basically I'm trying to think of the best way to manage these 3 cards to keep me in that util range, make consistant payments at/on the same date, and before the card reports, to refelect a low util on my CR.  


Starting with my BoA card - Payment Due Date is 8/11, and Closing Date is 8/14 - what does the closing date mean?  Does the card report shortly after/on the closing date?

My plan is to make a charge of 10$ or so every month (myFico Scorewatch membership) on this card, let it report, and then after it reports pay it off, and repeat this every month.  What are the dates that these actions happen on?  Is there a better method?


My Cap1 card I intend on filling up my gas tank (30-40$) once a month with this, letting it report, and then pay it off, and obviously repeat this every month.  Same questions as the BoA card, what are the dates for these? 


My NFCU card I want to use as my primary card for everything now, due to the cash rewards.  In order to do this it's important to make sure the balance is paid down each month before it reports (I think), to an acceptable range (1-9%, pref less considering 9% is 750+$)  With that being said, what is the best method for this?  Pay this down each time I log into my online by transfering funds?  What is the days that NFCU reports, and bills?  I just received this card last Friday(20th).  My goal is to have reoccuring dates on my calendar and just follow these for payments/biling dates/report tdates.  Does this sound logical?  Any help is appreciated.