topic Re: I need points fast! Please help with Capital One credit card in Credit Cards

I need points fast! Please help with Capital One credit card

Anonymous — Mon, 04 May 2015 21:06:31 GMT

I got a credit card, capital one limit $300.00, to boost my score. In the beginning it really helped. Now I am losing points because I am using. Anyhow, I need to improve my score asap before I close on my house in July. My balance is $120.45. I need to make a payment by May 11th. What do I pay on it? Minimum $25 or take the balance all the way down to 20% and make a $45 payment? Thank you!

Re: I need points fast! Please help with Capital One credit card

Santi78342 — Mon, 04 May 2015 21:09:09 GMT

Pay that sucker down to about $25. You should only be letting 1-9% of the limit report if you're trying to maximize FICO scoring.

Re: I need points fast! Please help with Capital One credit card

Anonymous — Mon, 04 May 2015 21:09:21 GMT

Now I am losing points bc Im using - How? If its bc your utilization is high pay it down to below 10% before the statement closes.
Why 20%? If you're looking to maximize score less than 10% is ideal if you have the money to pay as much.

Re: I need points fast! Please help with Capital One credit card

Pway — Mon, 04 May 2015 21:09:22 GMT

Is this capital one account your only credit card? Are you allowing the whole balance to report after the statement cuts?

Re: I need points fast! Please help with Capital One credit card

Anonymous — Mon, 04 May 2015 21:13:26 GMT

I have been told keep the balance around 20% to 25% utilization. Never have I been told to have it below 10%.

Re: I need points fast! Please help with Capital One credit card

Jpmack29 — Mon, 04 May 2015 21:14:55 GMT

If i were you, i would pay it all the way down as far as you can before your due date. Statement cuts 3 days later showing $20-25 dollars, a few days after it is sent to to CB's. Just my opinion. I always pay down or pif before the due date.

Re: I need points fast! Please help with Capital One credit card

Anonymous — Mon, 04 May 2015 21:15:39 GMT

What credit cards are on your bureaus? When you have a $300 limit card if you owe more than $90 when your statement closes, your utilization is too high. With that small of a limit card just pay it all off before your due date and don't charge on it until your statement closes.

Re: I need points fast! Please help with Capital One credit card

Anonymous — Mon, 04 May 2015 21:16:10 GMT

Yes this is my only credit card. I opened it up in December. Come Feb I had paid my first minimum payment of $25 of balance $100 and by score went up 20+ points. Now I make a purchace and do min pament i notice im losing points. I always let my payment reflect before statement closes.

Re: I need points fast! Please help with Capital One credit card

Santi78342 — Mon, 04 May 2015 21:20:05 GMT

@Anonymous wrote:
Yes this is my only credit card. I opened it up in December. Come Feb I had paid my first minimum payment of $25 of balance $100 and by score went up 20+ points. Now I make a purchace and do min pament i notice im losing points. I always let my payment reflect before statement closes.

You should never be making just the minimum payments on any card.

Re: I need points fast! Please help with Capital One credit card

Pway — Mon, 04 May 2015 21:20:47 GMT

To maximize your scores it is suggested that you have atleast 3 tradelines open and reporting. With only one I see, 1-9% is where you want to be when that statement cuts each month.

Re: I need points fast! Please help with Capital One credit card

coldnmn — Mon, 04 May 2015 21:32:55 GMT

@Anonymous wrote:
Yes this is my only credit card. I opened it up in December. Come Feb I had paid my first minimum payment of $25 of balance $100 and by score went up 20+ points. Now I make a purchace and do min pament i notice im losing points. I always let my payment reflect before statement closes.

1%-9% is ideal on one credit card reporting when statement closes. Once statement posts pay in full if possible to avoid interest. The reason for 1%-9% is some get a better score at 1% and some get better credit scores at possibly 9% it's something you have to play with to get your maximum score. Trust most of the people paying it forward most of us have been in your shoes. Good Luck!

Re: I need points fast! Please help with Capital One credit card

Santi78342 — Mon, 04 May 2015 21:37:50 GMT

@Pway wrote:
To maximize your scores it is suggested that you have atleast 3 tradelines open and reporting. With only one I see, 1-9% is where you want to be when that statement cuts each month.

This is true OP. But as I'm sure you already know, don't app for anything until you close.

Re: I need points fast! Please help with Capital One credit card

Anonymous — Mon, 04 May 2015 21:49:23 GMT

This is my only credit card open. Do my furniture accounts count as tradelines? Such as conns furniture account? I have that open.

Re: I need points fast! Please help with Capital One credit card

Anonymous — Mon, 04 May 2015 21:52:41 GMT

pay that thang down quicker than asap!

Re: I need points fast! Please help with Capital One credit card

dropluvnotbombs — Mon, 04 May 2015 21:53:36 GMT

Do as others are saying, only let 1%-9% of the credit limit report. For a $300 limit that would be anywhere from, $3-$27.(3 days after your due date). You should never just pay the min payment. Always pay the statement balance in full every month, so you will not be charged with unnecessary interest. After you pay the statement balance by your due date, maybe charge something small like $10 and let that report on the statement balance, again always just 3 days after for due date for Capital One. & Yes no new apps or anything credit related before your mortgage closing. After your mortgage gets settled, you should apply for 2 new cards, of your choice, and only let one report a balance of 1%-9% of the credit limit and let the other two report a $0 balance. But switch out which one has the balance and which ones reports $0.

Re: I need points fast! Please help with Capital One credit card

coldnmn — Mon, 04 May 2015 21:59:11 GMT

@Anonymous wrote:
This is my only credit card open. Do my furniture accounts count as tradelines? Such as conns furniture account? I have that open.

Yes it does! It would be included in your total utilization. It can help if it has no balance as you can carry a larger balance to maintain your 1%-9% utilization on one card. But it can hurt if it has a balance and raises your utilization. When we say 1%-9% doesn't mean you can't spend more. You can use your credit limit without going over just have it paid down to 1%-9% on one card before statement closes.

Re: I need points fast! Please help with Capital One credit card

Anonymous — Mon, 04 May 2015 22:12:38 GMT

I have the following accounts:

Student Loan: $6,671

Conn's Furniture: $713

Conn's Furniture: $1,222

USA Discounter's (furniture): $1,082

Capial One: $120.45

I need a drastic score change....please advise

Re: I need points fast! Please help with Capital One credit card

Anonymous — Mon, 04 May 2015 22:15:34 GMT

Yep, $25.00 would be best.

Re: I need points fast! Please help with Capital One credit card

Jpmack29 — Mon, 04 May 2015 22:20:31 GMT

Keep making timely payments, keep your utilization low ( the percentage thats being advised), avoid inquiries and with time your score will start looking alot better. Then later maybe 6 months or so, app for more and or better cards, cli's ect

Re: I need points fast! Please help with Capital One credit card

Anonymous — Mon, 04 May 2015 22:22:20 GMT

@Jpmack29 wrote:
Keep making timely payments, keep your utilization low ( the percentage thats being advised), avoid inquiries and with time your score will start looking alot better. Then later maybe 6 months or so, app for more and or better cards, cli's ect

Right, but OP is trying to close on a house in July