topic Re: A little confused in Rebuilding Your Credit

A little confused

Anonymous — Tue, 04 Aug 2015 23:52:33 GMT

So, my cap 1 secured card arrived yesterday finally. I am an au on my dads cc which has a $2300 limit. I explained to him what utilization is and its importance. As far as my $400 securd card, I am under the impression that only one card needs a small balance. My dad will likely keep his cc around a $500 balance, so as far as util goes, that's plenty. So, I can pay mine down to $0 before the statement, correct?

Btw, thanks to everyone here. My rebuilding journey is going well now. Collections are all taken care of, just 2 that won't be deleted, both small medical debts (under $200). Secured card is here and I will pay every month. I do have a few too many inquiries but that's ok.

Re: A little confused

J91605 — Wed, 05 Aug 2015 05:27:11 GMT

Good job! Keep up the good work!

Re: A little confused

Anonymous — Wed, 05 Aug 2015 08:01:51 GMT

I got anxious to see my 3b report just now from cct which was my second one of august already lol. Good to see only one new inquiry and not 2 or 3. Just one on eq from discover. Cap one didnt inquire again, likely because I just applied late july so they had already just did hp. So 6 on eq, 6 on tu, 2 on ex. No point changes.

Re: A little confused

Anonymous — Wed, 05 Aug 2015 08:03:07 GMT

Good work! It always feels so good to make progress. Keep up the good work!

Re: A little confused

Anonymous — Thu, 06 Aug 2015 04:40:12 GMT

This is a bit early to ask but I am very curious haha. My secured card should report hopefully at the end of this month. After it does should I apply for an unsecured card or wait another month? Maybe qs1? After i get an unsecured card i will close my secured card and still stay on as an au for my dads card. In october or November ill apply for another unsecured card, maybe discover it or amazon visa? I'll move into my own apartment around then and i will get a car around this time too. Sometime at the beginning of next year I will apply for a third card and remove myself as au. Hopefully chase freedom if my scores are good enough.

Re: A little confused

J91605 — Thu, 06 Aug 2015 05:50:14 GMT

Call and ask for a off cycle reporting.

Re: A little confused

Anonymous — Thu, 06 Aug 2015 11:30:43 GMT

What is that?

Re: A little confused

Anonymous — Fri, 07 Aug 2015 00:08:37 GMT

Just called barclays on my dad's behalf. Wanted to be sure his util is in check since I'm an au on his account. I asked what day each month they report to the bureaus and I was told the 23rd. Due date is the 20th. So he could theoretically spend whatever of his $2300 limit before the due date and pay it off entirely but then what amount gets reported?

Re: A little confused

J91605 — Fri, 07 Aug 2015 02:31:19 GMT

You can call and ask for them to report your account to the CRAs now. They will report and then report again after you first statement cuts.

You can charge as much as you want on an account as long as you stay below your limit. You will need to pay it down to below 9% of the limit before the statement cuts. Not before the due date if if you want them to report low UTI%.

Re: A little confused

Anonymous — Fri, 07 Aug 2015 02:53:17 GMT

@Anonymous wrote:
Just called barclays on my dad's behalf. Wanted to be sure his util is in check since I'm an au on his account. I asked what day each month they report to the bureaus and I was told the 23rd. Due date is the 20th. So he could theoretically spend whatever of his $2300 limit before the due date and pay it off entirely but then what amount gets reported?

The day it reports is not really whats important. Its the day the statement closes thats key. That days balance is what will get reported. You can run it all the way up to $2300 and pay it back down as often as you like during the month, just make sure the balance is low on the 23rd. When you log into the barclays account management page, it will tell you when your next statement closing date is. Just click on "view activity & statements".

Re: A little confused

Anonymous — Fri, 07 Aug 2015 03:09:54 GMT

@Anonymous wrote:
@Anonymous wrote:
Just called barclays on my dad's behalf. Wanted to be sure his util is in check since I'm an au on his account. I asked what day each month they report to the bureaus and I was told the 23rd. Due date is the 20th. So he could theoretically spend whatever of his $2300 limit before the due date and pay it off entirely but then what amount gets reported?
The day it reports is not really whats important. Its the day the statement closes thats key. That days balance is what will get reported. You can run it all the way up to $2300 and pay it back down as often as you like during the month, just make sure the balance is low on the 23rd. When you log into the barclays account management page, it will tell you when your next statement closing date is. Just click on "view activity & statements".

Okay thanks. His barclay app on his phone shows all of his statements have been on the 23rd so I will tell him to spend however as long as its paid down to a good balance by the 23rd. Then after he can pay off the remaining balance before the due date, which is somehow the 20th, which I don't get. Because wouldn't his balance be $0 before the 20th? Then 3 days later his statement generates with only 3 days of activity? He always pays in full each month. Or am I just really dumb?

Re: A little confused

Anonymous — Fri, 07 Aug 2015 04:25:14 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Just called barclays on my dad's behalf. Wanted to be sure his util is in check since I'm an au on his account. I asked what day each month they report to the bureaus and I was told the 23rd. Due date is the 20th. So he could theoretically spend whatever of his $2300 limit before the due date and pay it off entirely but then what amount gets reported?
The day it reports is not really whats important. Its the day the statement closes thats key. That days balance is what will get reported. You can run it all the way up to $2300 and pay it back down as often as you like during the month, just make sure the balance is low on the 23rd. When you log into the barclays account management page, it will tell you when your next statement closing date is. Just click on "view activity & statements".
Okay thanks. His barclay app on his phone shows all of his statements have been on the 23rd so I will tell him to spend however as long as its paid down to a good balance by the 23rd. Then after he can pay off the remaining balance before the due date, which is somehow the 20th, which I don't get. Because wouldn't his balance be $0 before the 20th? Then 3 days later his statement generates with only 3 days of activity? He always pays in full each month. Or am I just really dumb?

No, your just looking at it backwards - The statement date actually comes first, then 27 days later is the due date. As long as you are making multiple payments throughout the month, the due date essentially becomes irrelelevant, and all you will be concerned with is the statement date.

Re: A little confused

Anonymous — Fri, 07 Aug 2015 04:34:06 GMT

Ohhh ok thanks!

Re: A little confused

J91605 — Fri, 07 Aug 2015 04:37:15 GMT

Sorry, Norman definitely explained that a lot better. That is was I was trying for.

Re: A little confused

Anonymous — Fri, 07 Aug 2015 04:44:12 GMT

Both your posts make sense, I was just not thinking haha. Sorry. Anyway, I can have cap 1 report my card monday since my balance is now $100 of $200, that way I could pay it down tomorrow. My second $200 deposit wont be on there until the 16th I was told.

Re: A little confused

J91605 — Fri, 07 Aug 2015 04:50:36 GMT

I have a cap 1 secured also. It's been taking one to two days to post my payments and a third to come out of my bank account. Just make sure your payment its posted.

Good luck!

Re: A little confused

Anonymous — Sat, 08 Aug 2015 21:00:58 GMT

Bump!

After getting my secured card this past Monday, I paid off my $100 balance already also, for the hell of it. Spending and paying it off frequently is good right? My secured card should report at the end of this month. After it does, should I apply for an unsecured card or wait another month? Maybe qs1? My cs should go up quite a bit considering 2 COs i have were pfd this month, another co was pif (its from 2010), another falling off and im an au on my dads cc which will drastically improve via util compared to his 68% last month. So, should I still plan on a qs1 card or something better? Thanks!

After i get an unsecured card i will close my secured card and still stay on as an au for my dads card. In october or November ill apply for another unsecured card, maybe discover it or amazon visa? I'll move into my own apartment around then and i will get a car around this time too. Sometime at the beginning of next year I will apply for a third card and remove myself as au. Hopefully chase freedom if my scores are good enough.

Does all of this sound right?

Re: A little confused

Anonymous — Sat, 08 Aug 2015 21:54:52 GMT

@Anonymous wrote:
Bump!

After getting my secured card this past Monday, I paid off my $100 balance already also, for the hell of it. Spending and paying it off frequently is good right? My secured card should report at the end of this month. After it does, should I apply for an unsecured card or wait another month? Maybe qs1? My cs should go up quite a bit considering 2 COs i have were pfd this month, another co was pif (its from 2010), another falling off and im an au on my dads cc which will drastically improve via util compared to his 68% last month. So, should I still plan on a qs1 card or something better? Thanks!

After i get an unsecured card i will close my secured card and still stay on as an au for my dads card. In october or November ill apply for another unsecured card, maybe discover it or amazon visa? I'll move into my own apartment around then and i will get a car around this time too. Sometime at the beginning of next year I will apply for a third card and remove myself as au. Hopefully chase freedom if my scores are good enough.

Does all of this sound right?

Yes, definitely apply for the QS1 card once this one reports its first statement.

Re: A little confused

Anonymous — Sat, 08 Aug 2015 22:01:58 GMT

The best thing is to always pay whatever you're going to pay by the due date, and if you can't pay it off but are able to make another payment before the statement date then do it. But never put any charger on the card between the due date and statement date, unless you can make a payment before the due date.

What are your Fico scores?

I always say, join a credit union and see what help they offer.

Re: A little confused

Anonymous — Sat, 08 Aug 2015 22:06:04 GMT

Ex is 602, tu is 618 and eq is 628.