This is my first time ever posting to a forum so please bear with me if I seem uneducated. I’m in the process of rebuilding my credit and I just received my Citi card after the LONG application process. I’ve only had two credit cards before (Cap One and my local credit union) so I’m not sure exactly how I should handle this card. My plan is to keep my utilization at 10% or less and PIF each month but I’ve read other posts on various forums saying I shouldn’t PIF or a statement won’t be generated. Can someone shed some insight on this for me?
First off — Welcome to the forum! You’re are going to learn sooooo much by coming here.
Secondly - Congrats on the new card Citi, even their secured division, can be very picky. It’s a good bank, sometimes a stingy bank lol, but still a good bank.
As far as your question, what you’ve described is real, but varies by bank. My Fifth-Third Card does not update on my reports when no balance reported in that particular month, however I see regular monthly updates from Citi on all 3 of my cards, and I’ve never carried a balance on all theee at the same time. I think you’re safe with Citi. Again, YMMV
I’m sure there are a few guru’s here who will set us straight. Congrats again!
Finally! An actual answer to my question by someone who has a Citi card. I’ll definitely be paying in full each month. Thanks for letting me know and the warm welcome! I’m very excited to be a part of this community and soak up some great knowledge. One last question if you don’t mind, do you think me keeping my utilization at 10% or less is too low? It’s a Secured Card so I see no need in going beyond that, especially while I’m paying down my other card and various debts.
10% is perfectly fine. 30% is generally the ‘mark’ to hit, but some feel more comfortable at 10% — that’s what I do with all my cards if it’s going to have a balance.
In my experience, Citi likes to see balances report, even if they are small and recurring. They are still banking on merchant fees so if the amount is the same every month for the same things, they won’t care.