I just received my Capital One Platinum card at the beginning of August and my QS1 card Sept 2nd. I started using both immediatedly. My question is when should I pay my platinum card again? My first statement cut for $25 for the minimum payment due on 9/15 but I paid the full balance of $66 off bringing it to a zero balance. Then I used it again. Should I wait to pay it when the second bill cuts or just pay it as I use it? By the way, the CL for the platinum is $300 an QS1 is $500. Any advice is welcomed.
- Current Balance:$107.47
- Minimum Payment:$0.00
Due: Sep. 15, 2015 - Available Credit:$104.52
Credit Line: $300 - Last Statement Balance:$66.90
As of Aug. 18, 2015 - Last Payment:$66.90
Posted Aug. 26, 2015
Rewards: $0.00 cash
- Current Balance:$39.00
- Minimum Payment:$0.00
- Available Credit:$104.52
Credit Line: $500 - Last Statement Balance:$0.00
- Last Payment:$0.00
@jsucool76 wrote:
my method is just...
keep using
pay your statement balance when your statement cuts.
depends what you want. I have no need to maximize my fico and calculate 1-9% of my credit on a card to only let it report that much and pay everything else off before the statement cuts and blah blah. some people enjoy that though.
+1
My goal is to avoid paying interest whenever possible, so I usually PIF. This being said, I have several cards right now with 0% APR promotions, and on those I generally pay whatever I'm comfortable paying each month. Before the promo ends, I'll have them down to -0- as well.
Playing the 'maximize FICO' game would wear me out. I could do it for a little while if I were getting a mortgage, but otherwise it's just too much work for me. 
@UncleB wrote:
@jsucool76 wrote:
my method is just...
keep using
pay your statement balance when your statement cuts.
depends what you want. I have no need to maximize my fico and calculate 1-9% of my credit on a card to only let it report that much and pay everything else off before the statement cuts and blah blah. some people enjoy that though.+1
My goal is to avoid paying interest whenever possible, so I usually PIF. This being said, I have several cards right now with 0% APR promotions, and on those I generally pay whatever I'm comfortable paying each month. Before the promo ends, I'll have them down to -0- as well.
Playing the 'maximize FICO' game would wear me out. I could do it for a little while if I were getting a mortgage, but otherwise it's just too much work for me.
Right, unless one needs to maximize Fico scoring for a new app or loan or working around an insufficient CL, I just prefer to let the balance cut, whatever the amount. High short term utilization isn't a concern for issuers.
Matter of fact, I like to let the balance float for as long as possible to pay my creditors at the last possible moment.
*Edited* PS - when short term mm rates increase, there is no compelling reason to pay before the balance, ever.
After the 3rd statement cuts for each card, try for a manual CLI via their website for each card. You will also get your steps CLI after the 6th statement cuts as well, so you could get 2 CLI's in the first 6 months for each card.
Make sure you use these cards heavily if possible in the next 3-6 months for maximum CLI's.
Thanks Everyone for the response. Sorry for the late reply.
I am trying to get a good CLI for both cards and I am also trying to get the maximum point increase for my fico score.
On my QS1 card, I rented a car through enterprise and they held $351 on it and when that happened, Capital one added the $39 fee that they charge.
On the platinum, there are pending transations on that one. Should I wait till the second bill cuts before I PIF the Platinum? This will be the first month of reporting from capital one on Sept. 15th.