topic Re: little confused? in Credit Cards

little confused?

Anonymous — Fri, 17 Apr 2015 00:26:42 GMT

I have a secured cap one card ($200). I keep reading that i should use the card often to get cli. I also hear that i should keep the utilization down as much as possible, below 30%. My question is, if i use say $150 on the card, and pay that off say a day or 2 later. Does that amount show up on my credit report and affect my utilization? Basically i am wondering if i can use whatever amount on the card i want as long as i pay it off right away and not wait until the statement post. Thanks

Re: little confused?

Anonymous — Fri, 17 Apr 2015 00:28:46 GMT

Yes you can pay as many times as you want and the only thing that will show on your reports is what you owe when they cut your statement

Re: little confused?

Anonymous — Fri, 17 Apr 2015 00:40:20 GMT

ok, so they cut my statement the 13th of every month, so the trick is just to use whatever and have it payed by the 13th.

Re: little confused?

jamesdwi — Fri, 17 Apr 2015 01:08:52 GMT

@Anonymous wrote:
ok, so they cut my statement the 13th of every month, so the trick is just to use whatever and have it payed by the 13th.

paid by the 12th is a better idea... maybe even the 11th, you don't want to let a paypment hickup to effect your plans. You can try pushing it a bit latter once you have seen how payments are accounted for and statements cutting.

Re: little confused?

Anonymous — Fri, 17 Apr 2015 03:28:47 GMT

@jamesdwi wrote:
@Anonymous wrote:
ok, so they cut my statement the 13th of every month, so the trick is just to use whatever and have it payed by the 13th.
paid by the 12th is a better idea... maybe even the 11th, you don't want to let a paypment hickup to effect your plans. You can try pushing it a bit latter once you have seen how payments are accounted for and statements cutting.

I agree.. Pay by the 12th and you will be golden..

Re: little confused?

Anonymous — Fri, 17 Apr 2015 04:29:53 GMT

Cool,

I will put away the atm for a while and just use the capital one. Thanks for the info.

Re: little confused?

Anonymous — Fri, 17 Apr 2015 04:32:00 GMT

@Anonymous wrote:
Cool,

I will put away the atm for a while and just use the capital one. Thanks for the info.

Are you looking to build your credit? Also, do you have any other cards?

Re: little confused?

Anonymous — Fri, 17 Apr 2015 04:38:00 GMT

Rebuild, My scores range from 495 to 552. i dont have any other credit cards and other than that i have a fingerhut account that i am keeping in good standing. I have tried to get other cc but no luck.

Re: little confused?

Anonymous — Fri, 17 Apr 2015 04:48:18 GMT

@Anonymous wrote:
Rebuild, My scores range from 495 to 552. i dont have any other credit cards and other than that i have a fingerhut account that i am keeping in good standing. I have tried to get other cc but no luck.

We all have to start from somewhere.. Is your report clean or do you have some baddies? You are in the right forum so don't be shy to ask questions.. If you have baddies, what are they?

Also, the rebuild section here has a wealth of info.. Check it out when you have some time....

Re: little confused?

Anonymous — Fri, 17 Apr 2015 04:49:48 GMT

Quite a few, around $7000 in judgements and $10,000 in other old credit card debt and some medical. Most things will drop off soon. And i have to take care of the judgements when i can.

Re: little confused?

Anonymous — Fri, 17 Apr 2015 05:00:32 GMT

@Anonymous wrote:
Quite a few, around $7000 in judgements and $10,000 in other old credit card debt and some medical. Most things will drop off soon. And i have to take care of the judgements when i can.

@Anonymous,

Honesty is what gets us ahead. I am glad most things are going to fall off and plan on taking care of the judgement. Hang in there as all you can do is try. Have you already tried to get the BOA secured card? It is another great card for rebuilding..

Edit: I am on the east coast and it is almost 1am so I am going to sleep. I have your screen name and will find you tomorrow...

Re: little confused?

Anonymous — Fri, 17 Apr 2015 04:58:34 GMT

Yes, but what turned down. I can only assume cause i have an old boa card on my report. I heard about open sy but dont like some of the stories i have heard from them.

Re: little confused?

Anonymous — Fri, 17 Apr 2015 05:02:22 GMT

@Anonymous wrote:
Yes, but what turned down. I can only assume cause i have an old boa card on my report. I heard about open sy but dont like some of the stories i have heard from them.

Which companies do you owe? If you have time list them.. Lets continue chatting tomorrow /see my earlier post...

Re: little confused?

Anonymous — Fri, 17 Apr 2015 09:25:05 GMT

you really don't have to use the heck out of cap1 secured cards for increase at least in my case. my secured started at 400, increased it with a deposit to 1000, have gotten 2 increases now to 1600. It sits in my safe and the only charge I put on it is my 17 dollar sprint tablet bill every month.

Re: little confused?

Anonymous — Fri, 17 Apr 2015 12:38:53 GMT

How long did it take you to recieve the increases?

Re: little confused?

takeshi74 — Fri, 17 Apr 2015 12:43:27 GMT

@Anonymous wrote:
I keep reading that i should use the card often to get cli.

Usage is overstated as a way to get CLI's IMO. One's credit and income determine the CL, APR, CLI's, etc that one qualifies for.

If you can do so you might want to look at getting 1 or 2 other cards for rebuilding. If you need to go secured there are secured cards that do not require a credit check.

That said, while building positive payment history on new accounts will help the biggest impact will come from addressing your derogs. As long as they're on your reports you will be held back. Definitely hit the Rebuilding subforum and focus on addressing them. Also do whatever it takes to avoid derogs in future. As you've seen it's a long struggle to overcome them. If you need to set up autopay to cover at least the miniimums then do so. If you aren't paying in full then do so. If you aren't budgeting and sticking to it then do so. 100% of your payments must be on time.

Re: little confused?

Anonymous — Fri, 17 Apr 2015 18:58:46 GMT

One other quick question i have, my statement just cut on the 13th and it says i have to make a payment of $25 due on may 10th. I already payed the full balance off in full which was $40 dollars. Now does any purchases i make from here to may 10 count towards that due date, or will it count towards the next statement and due date?

Re: little confused?

Anonymous — Fri, 17 Apr 2015 20:35:49 GMT

@Anonymous wrote:
One other quick question i have, my statement just cut on the 13th and it says i have to make a payment of $25 due on may 10th. I already payed the full balance off in full which was $40 dollars. Now does any purchases i make from here to may 10 count towards that due date, or will it count towards the next statement and due date?

@Anonymous,

Any purchases you make will count towards the next statement cycle thus May 13th...