topic Re: A Little help needed in Credit Cards

A Little help needed

Anonymous — Thu, 06 Sep 2007 02:32:13 GMT

I just got my first credit card in many years, due to screwing up my credit when i was younger. It has a $300 limit and no intrest untill 2008. My questions are how much do i purchase on it every month and what should i pay on that balance every month? The only reason for this card is to help repair my credit. After a few months would it be good to apply for another card or just stick with one card for a year or longer? Thanks so much

Re: A Little help needed

phumanr — Thu, 06 Sep 2007 02:35:25 GMT

Hi Jake,

I would stick to less than $20 a month on this card. You will probably want to pay it in full each month, but shortly after the bill comes out. You do want to show activity on your credit report that you are handling the account successfully....but never go over $30...this will ding your credit score...anything over 30% of your credit limit.

Phumanr

Re: A Little help needed

Anonymous — Thu, 06 Sep 2007 02:40:13 GMT

Jake you can use the balance but pay itoff before the statement date ( the amount usualy reported to the CBs). P is right about 30%, if you are going to carry a balance kep it to 100.00 if possible

Re: A Little help needed

Anonymous — Thu, 06 Sep 2007 02:46:04 GMT

Ok so if i am going to pay it off every month keep it too $30. If i am going to carry a balance keep it too $100, right? What is better for my credit? Thanks so much guys.... And then what about another card? Good idea or no?

Message Edited by jake on 09-05-2007 07:46 PM

Re: A Little help needed

Anonymous — Thu, 06 Sep 2007 02:48:22 GMT

10% is the best utillization but I dn't think your card company expects that on such a low limit. You should start getting increases within about 6 mos. What card is it?

Depending on yur scores you may qual for highr limits on other cards. The higher the limit the better the scores a long as you remember the 1-9% rule and not over 30%.

Re: A Little help needed

Anonymous — Thu, 06 Sep 2007 02:58:41 GMT

Sorry bear with me... Long day...10% of what, and what the 1-9 rule...and it's a cap one

So i im understanding you put 10 to 30 bucks on it every month and pay it a few days after the bill comes out?

Message Edited by jake on 09-05-2007 07:56 PM

Message Edited by jake on 09-05-2007 07:58 PM

Re: A Little help needed

Anonymous — Thu, 06 Sep 2007 03:05:51 GMT

Cap One makes it a horse of a different color. When you first receive purchase check (not cash advance or fee BT checks. Write yourself a check up to 5.00 below the limit, put in your account and as soon as it hits your CAPONE account pay in full. They do not report limits so whatever you use will make you look maxed out.

Afterwards. use the card as you need but try to keep the reporting balance (balance when your statement falls with these guys) at or below 100.00. You can pay it off as you like just try not to go over a 100.00 reporting balance.

Message Edited by Brammy on 09-05-2007 11:05 PM

Re: A Little help needed

Anonymous — Thu, 06 Sep 2007 03:05:25 GMT

My card never came with any of those checks? But i got you on the rest!

Re: A Little help needed

Anonymous — Thu, 06 Sep 2007 03:06:28 GMT

is that to establish a highest reported limit and a 10% revolving balance sort of thing?

Re: A Little help needed

Anonymous — Thu, 06 Sep 2007 03:07:33 GMT

jake wrote:

My card never came with any of those checks? But i got you on the rest!

They don't usually come with the card. You can even buy groceries or pay normal bills like cell phone and cable but immeditely pay it off once you near limit to give Fico something to work wuth. Max it out and pay it off

Re: A Little help needed

Anonymous — Thu, 06 Sep 2007 03:08:01 GMT

dnm45227 wrote:

is that to establish a highest reported limit and a 10% revolving balance sort of thing?

Yes

Re: A Little help needed

Anonymous — Thu, 06 Sep 2007 03:11:50 GMT

My first couple of purcahses and there $45 annual fee came to around $250, will that work?

Re: A Little help needed

Anonymous — Thu, 06 Sep 2007 03:13:11 GMT

jake wrote:

My first couple of purcahses and there $45 annual fee came to around $250, will that work?

go buy gas or whatever for 40 more bucks but that will reduce your max to about 90-95$

Re: A Little help needed

Anonymous — Thu, 06 Sep 2007 03:17:22 GMT

oops all ready paid it off So i guess i'll be putting around eighty bucks a month on it now, right... Thanks again for all your help