@Anonymous wrote:My guess is if my payment is due dec 13, 25 days back would be 19 so close date would be the Nov 19th. Say my statement closed oct 16 with a balance of 200 due Nov 13....... Do I pay $200 in full before the 13th then use the card again so it reports a balance on nov 19th?? Or if my balance closes at 200 October 16 and is due nov 13th....... would I still make purchases and say my balance becomes the $200+ $100 in purchases is now $300. Do I pay 280 by nov 13 and it will report $20 on Nov 19?? Sorry I am trying to figure out the best way to increase scores using and paying right to be able to get cli. So far I don't think I've done it right. I know I don't want to carry an old balance into a new month, I want to pay in full but still be reporting low utilization. I have been pif and having 0 balance report but get declined for cli saying I'm not using my available credit enough.
It really all depends upon what you are trying to achieve. Let's take this step by step.
For you to not have to pay any interest from the $200 balance on your October statement, you will need to pay at least $200 before the due date of November 13th. Some banks will promptly credit same day payments, but I would prefer to pay at least one day before in case there is some type of delay.
If your November statement date is indeed the 19th, then whatever the account balance is on that date will be amount that shows up on the credit reports for November.
If you are practicing AZEO (all tradelines reporting zero except one) to try to maximize your credit score, then one of your open tradelines should ideally have a statement balance of less than 9.49% of the credit limit. If the CL is $1000, then keep the statement balance below $95.
If you are trying to show Capital One that you need a bigger credit limit, then you need to put monthly spend close to or more than the current CL. You may need to make multiple payments during the month so as not to exceed the total limit at any time.
Depending upon your credit profile, the two goals of maximizing your credit score and showing the need for a higher credit limit may be in conflict. It's also possible that you have a Capital One account that will never be allowed to have a CLI. Around this forum, this is referred to as a "bucketed" account. Here is one of many threads that discuss this concept:
https://ficoforums.myfico.com/t5/Credit-Cards/Capital-one-bucket-questions/m-p/5796114#M1678234
@Anonymous wrote:That's the thing, my limit is only $400. I've been running through it $6-800 a month and paying it off before the statement so it always reports 0. I thought that's what I was supposed to do but apparently to them I'm not even using my cl doing it that way. I need to figure out how to spend, and pay in away that to them I am using it and deserving of an increase.
If your limit is only $400, then it's unfortunately likely to be one of the "bucketed" accounts. If that's the case, the limit might not ever go up very much even if you use it a lot. Do you have any other open accounts, or is this your only credit card?
@Anonymous wrote:No good ones😞 credit 1 $300 Kohl’s $300. I think I could besides I have a lot of inquiries so I'm trying to wait for them to fall off and start new, or close to new. Every time I shopped at kohl's they made me feel like I was guaranteed and got declined like 10x. If I only knew then what I know now lol
Three tradelines is a decent start, even if they aren't the best cards. It sounds like you are being very sensible when you say you're trying to wait for the multiple inquiries to fall off before applying for new cards. Let all the inquiries and accounts age over one year (two years would be even better). If you really can't wait, then be smart about where to spend your next inquiry. Perhaps a secured card would be feasible? Maybe see what's available at a local credit union?
@Anonymous wrote:My personal goal is Discover it or their secured for now. Maybe Citi later on
@NoHardLimits wrote:
@Anonymous wrote:No good ones😞 credit 1 $300 Kohl’s $300. I think I could besides I have a lot of inquiries so I'm trying to wait for them to fall off and start new, or close to new. Every time I shopped at kohl's they made me feel like I was guaranteed and got declined like 10x. If I only knew then what I know now lol
Three tradelines is a decent start, even if they aren't the best cards. It sounds like you are being very sensible when you say you're trying to wait for the multiple inquiries to fall off before applying for new cards. Let all the inquiries and accounts age over one year (two years would be even better). If you really can't wait, then be smart about where to spend your next inquiry. Perhaps a secured card would be feasible? Maybe see what's available at a local credit union?
A Discover card (secured or not) is a popular choice on this forum. Best of luck on your credit journey!
