Just basically paid of all my CC debt, have some questions. ( So Confused)

[torry590]

I have not cared about my credit card utilization until now. I know I Know shame on me lol.

I have three credit cards:

Wells Fargo College Platinum Visa. (Opened 2 years ago) Limit: 1400  Balace is 124$

US Bank College Visa (Opened 2 years ago).  Limit 300 Balance is 0

Capital One Platinum Mastercard (Opened 2 months ago) 19$ annual fee waived, not that bad I dont mind paying it next year if they will not waive it.. Limit 300 (Will be inscreased to 500 per credit steps)  balance is 0

First of all, when do these banks usually report their balances to the CRAs?

Right now my UTL% is 6.2% which is great I know.  I want to circulate this utilization from time to time to show usage.  How much should I let Report? Should I let that 124$ on my wells fargo report then pay it off?

Do I pay before the statement cuts or after? Dont they report the balances to the CRA's when the balances cut?

I also have one paid off car loan (never late opened in '09) and one current opened car loan with Toyota Financial (never late opened in June of '10). That pretty much sums up my Credit File. 

Oh and I am one month shy of my 21st birthday.  Am I doing well?

[tntexans72]

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@torry590 wrote:

I have not cared about my credit card utilization until now. I know I Know shame on me lol.

I have three credit cards:

Wells Fargo College Platinum Visa. (Opened 2 years ago) Limit: 1400  Balace is 124$

US Bank College Visa (Opened 2 years ago).  Limit 300 Balance is 0

Capital One Platinum Mastercard (Opened 2 months ago) 19$ annual fee waived, not that bad I dont mind paying it next year if they will not waive it.. Limit 300 (Will be inscreased to 500 per credit steps)  balance is 0

First of all, when do these banks usually report their balances to the CRAs?

Right now my UTL% is 6.2% which is great I know.  I want to circulate this utilization from time to time to show usage.  How much should I let Report? Should I let that 124$ on my wells fargo report then pay it off?

Do I pay before the statement cuts or after? Dont they report the balances to the CRA's when the balances cut?

I also have one paid off car loan (never late opened in '09) and one current opened car loan with Toyota Financial (never late opened in June of '10). That pretty much sums up my Credit File. 

Oh and I am one month shy of my 21st birthday.  Am I doing well?

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My CC from Chase will report after the monthly statement cut. So ifyou want the balance to report to your CB as ZERO, PIF before the statement cut and your good. That's what I've been doing for the last 6 months and the reports are accurate.

[Creditaddict]

Ideally you would want just 1 of your 3 cards to report a balance to CR with a utilization below 9%, then when it comes pay it off in full to avoid finance charges.

[tntexans72]

Your 1 month shy of being 21 and you registered with myfico.com back in 2007? So you were about 17 when you registered here? If that is the case, seems like you got an early jump at 17 and watching your finances. I would consider that "doing great" if that's what you want to hear.

[happy0510]

Happy Birthday

[torry590]

ahahaha, ya I was 17 when I registered, been lurking since 16.  I saw my parents go through a financial mess, bad credit until recently.  I remember the phone calls, I remember answering the phone calls asking for them.  At the time I did not know what they were for, but as I got older I realized.  At that point I did NOT want that to be me.

So Should I let the 124$ on the wells fargo card limit 1400 report?  That is 8% alone on that card and my utilization overall would be 6.2.  Do you think that is okay?

[Creditaddict]

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@torry590 wrote:

ahahaha, ya I was 17 when I registered, been lurking since 16.  I saw my parents go through a financial mess, bad credit until recently.  I remember the phone calls, I remember answering the phone calls asking for them.  At the time I did not know what they were for, but as I got older I realized.  At that point I did NOT want that to be me.

So Should I let the 124$ on the wells fargo card limit 1400 report?  That is 8% alone on that card and my utilization overall would be 6.2.  Do you think that is okay?

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sounds perfect.

[torry590]

I called US bank they said they report around the 1st of the month and they said if I do not want a balance to show then to pay it off within the week before the first.  Does anyone know when Capital one updates to the CRAs, so I do not have to call them (I hate their CS).

[haulingthescoreup]

Cap 1 reports the balance that shows on your statement on the night that your statement drops. So if the date on your statement (not the due date) says 4/19/2011, they send in the info sometime that evening or early on the 20th.

This is true of almost all CC's. Known exceptions:

• HSBC/ Orchard bank (not store) cards --they report your balance as of the last business day of the month, although they don't send it in for another week or two
• US Bank cards, including store cards like Kroger --they report your balance as of the last business day of the month, and they send it in that night.
• some American Express cards --they're getting better, but on many cards they still report the balance that shows on your statement, but they don't send in the info for another 4 weeks, right before your next statement, so in effect, it's always reporting nearly a month behind

Otherwise, expect your CC's to report the balance that shows on your statement, and to submit it on that date.

[torry590]

Thank you for this information.  Should I just stick with these three cards, or once my balances report paid off should I apply for another card or just hold steady where I am at with these?

Forgot to mention I have a student loan reporting of 5,500, payments defferred until 2014. I dont know how these factor into credit card approvals and or increases.