Credit card question

[Anonymous]

I see a lot of mixed comments, I guess my question is, I have one capitol one card (secured) with a 201 dollar limit. I see people saying to never use over 30% because it hurts your utilization. That I understand. So they say to use between 1-9% for the best results. Now if i use between 1-9% that puts me at about 18 dollars I can use. when the payment is due do I need to let anything carry over or just pay it all off? I seen some say to let it carry a ballance of like 5-10 dollars over. is this true?

[Closingracer99]

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@Anonymous wrote:

I see a lot of mixed comments, I guess my question is, I have one capitol one card (secured) with a 201 dollar limit. I see people saying to never use over 30% because it hurts your utilization. That I understand. So they say to use between 1-9% for the best results. Now if i use between 1-9% that puts me at about 18 dollars I can use. when the payment is due do I need to let anything carry over or just pay it all off? I seen some say to let it carry a ballance of like 5-10 dollars over. is this true?

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You can max the card 5 times if you wanted to ...Just make sure when the Statement cuts it only shows 1-10% of util.   I would allow it to post a Balance around 5-10 bucks in your case 

[Closingracer99]

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@Anonymous wrote:

I see a lot of mixed comments, I guess my question is, I have one capitol one card (secured) with a 201 dollar limit. I see people saying to never use over 30% because it hurts your utilization. That I understand. So they say to use between 1-9% for the best results. Now if i use between 1-9% that puts me at about 18 dollars I can use. when the payment is due do I need to let anything carry over or just pay it all off? I seen some say to let it carry a ballance of like 5-10 dollars over. is this true?

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You can max the card 5 times if you wanted to ...Just make sure when the Statement cuts it only shows 1-10% of util.   I would allow it to post a Balance around 5-10 bucks in your case.

[Anonymous]

what do you mean by statement cuts? is this the due date? I think it has a minimum payment of 25.00 dollars so how could I get it to cary over a ballance of 5-10?

[hizzaah]

Two different dates. The due date is the day that your payment is due (obviously). You want to pay this entirely so you avoid paying interest.

The statement closing date (referred to cut date around here) is like when your billing cycle ends and the new one begins. So when the statement "cuts", all charges after that date will go on the next bill. You can charge as much as you want during the month, just pay it down before the close date so when your statement is made it only shows 1-9%

[Anonymous]

so if i charge 1-9% then pay it off the day before the due date in full, then charge another 1-9% i should be fine? does anyone know when capitol one reports your utilization?

[ezdoesit]

For example your billing cycle is from the 1st to the 30th each month.  The 30th is what they call when the statement cut date.  A few days after that most CCC will report the balance to the CRA that you had as of the 30th.  That is what is calculated for Util.  It doesn't matter if you max out the CC on the 1st pay off the balance.  Max on the  8th pay off balance, max on the 15th pay off balance.  Then again on the 21th pay off 95% of the balance.  Your balance will show $10 when your CCC reports to the CRA at 5% util. it doesn't matter what you did during the month.  The only thing that counts is your balance on the 30th.

[Closingracer99]

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@Anonymous wrote:

so if i charge 1-9% then pay it off the day before the due date in full, then charge another 1-9% i should be fine? does anyone know when capitol one reports your utilization?

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It is whenever your Statement closes date is  For Example my discover it card I get my statement on the 3rd of the month so  if I had a statement of $300 on the 3rd Discover will post my balance as $300 when they report it to my Credit Report usually.  I have read some have done it before it cuts ( the statement) but IDK how true that is since it never happened to me. Also I have noticed some cards have missed reporting my Balance for a month. My Last reported balance for my Discover card was on June 2nd with a $282 balance but I have since paid off ... 

[Anonymous]

ok so i just logged in and seen that my statement ends on the 10th of each month but my bill is due on the 7th of each month. then how am i supposed to have a ballance if i pay it off in full everymonth?

[Closingracer99]

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@Anonymous wrote:

ok so i just logged in and seen that my statement ends on the 10th of each month but my bill is due on the 7th of each month. then how am i supposed to have a ballance if i pay it off in full everymonth?

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I would purchase a Bottle of Water at CVS or something and let that your statement say you have a balance of $2 dollars. Then go pay it off that $2 dollars. You have to do this before the 7th and possible earlier ?