I need points fast! Please help with Capital One credit card

[Anonymous]

I got a credit card, capital one limit $300.00, to boost my score. In the beginning it really helped. Now I am losing points because I am using. Anyhow, I need to improve my score asap before I close on my house in July. My balance is $120.45. I need to make a payment by May 11th.  What do I pay on it? Minimum $25 or take the balance all the way down to 20% and make a $45 payment? Thank you!

[Santi78342]

Pay that sucker down to about $25. You should only be letting 1-9% of the limit report if you're trying to maximize FICO scoring.

[Anonymous]

Now I am losing points bc Im using - How? If its bc your utilization is high pay it down to below 10% before the statement closes.
Why 20%? If you're looking to maximize score less than 10% is ideal if you have the money to pay as much.

[Pway]

Is this capital one account your only credit card?  Are you allowing the whole balance to report after the statement cuts?  

[Anonymous]

I have been told keep the balance around 20% to 25% utilization. Never have I been told to have it below 10%.

[Jpmack29]

If i were you, i would pay it all the way down as far as you can before your due date. Statement cuts 3 days later showing $20-25 dollars, a few days after it is sent to to CB's. Just my opinion. I always pay down or pif before the due date. 

[Anonymous]

What credit cards are on your bureaus? When you have a $300 limit card if you owe more than $90 when your statement closes, your utilization is too high. With that small of a limit card just pay it all off before your due date and don't charge on it until your statement closes.

[Anonymous]

Yes this is my only credit card. I opened it up in December. Come Feb I had paid my first minimum payment of $25 of balance $100 and by score went up 20+ points. Now I make a purchace and do min pament i notice im losing points. I always let my payment reflect before statement closes.

[Santi78342]

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@Anonymous wrote:

Yes this is my only credit card. I opened it up in December. Come Feb I had paid my first minimum payment of $25 of balance $100 and by score went up 20+ points. Now I make a purchace and do min pament i notice im losing points. I always let my payment reflect before statement closes.

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You should never be making just the minimum payments on any card. 

[Pway]

To maximize your scores it is suggested that you have atleast 3 tradelines open and reporting.  With only one I see, 1-9% is where you want to be when that statement cuts each month.