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Capitol one and Orcharid Bank Credit Cards ?

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Capitol one and Orcharid Bank Credit Cards ?

Just got theses approved for these cards, however from what iam reading there is a better time of the month to pay cards that will help with your score....can anyone teel me when the best time of month is to pay, also I plan to stay under 10% DTU, so should I pay off at this time every month?

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Senior Contributor

Re: Capitol one and Orcharid Bank Credit Cards ?

it's not a certain time of month, you just have to pay before your statement comes out, because that's when your accounts get reported to the CRAs.  so whenever your statements come out, those are the dates you have to stay on top of, if you want to tweak your scores that way.  not everyone's statement dates are the same, so i can't really tell you when yours are released.

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Member

Re: Capitol one and Orcharid Bank Credit Cards ?

Once you find out when your statement is made, you can pay off your card the day before and it will report with a 0 balance. You have to wait til you get your first statement though, which is usually 4 weeks after having the card shipped to you.

 

So I suggest the first month don't use more then $20 on the card to keep utilization low and then you can find out your statement generation date.

Mines is always on the 17th so I always pay off my card before then.

Message 3 of 5
Senior Contributor

Re: Capitol one and Orcharid Bank Credit Cards ?


@laz98 wrote:

it's not a certain time of month, you just have to pay before your statement comes out, because that's when your accounts get reported to the CRAs.  so whenever your statements come out, those are the dates you have to stay on top of, if you want to tweak your scores that way.  not everyone's statement dates are the same, so i can't really tell you when yours are released.



For me Orchard always reported my balance on the last business day of the month reguardless of when the statement cut, Capital One does on statement date

Message 4 of 5
Frequent Contributor

Re: Capitol one and Orcharid Bank Credit Cards ?


@john398 wrote:

@laz98 wrote:

it's not a certain time of month, you just have to pay before your statement comes out, because that's when your accounts get reported to the CRAs.  so whenever your statements come out, those are the dates you have to stay on top of, if you want to tweak your scores that way.  not everyone's statement dates are the same, so i can't really tell you when yours are released.



For me Orchard always reported my balance on the last business day of the month reguardless of when the statement cut, Capital One does on statement date


With the news of them looking for a buyer, they recently started reporting after the statement cuts as most other cards do, so they now report after the statement, not at the end of the month.


Starting Score: 596 EQ 5-22-11 / 554 TU 5-23-11
Current Score: 615 EQ 08-15-11 / 631 TU 09-27-11
Goal Score: 700+


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