Question about CC utilization with small limit

[Mr_Mojo_Risin]

I've been rebuilding with a Cap 1 Platinum 300 limit for the past couple of months. Whenever the balance gets close to 90$ I pay it off cause I dont want it to go over 30%. My question is during the month can it go over 30% and me not get penalized as long as I've PIF by my statement date and only let 1% or so show?

[RSX]

You can max it out completely if you want during the month.  It only matters what the % is when the statement cuts 

[Mr_Mojo_Risin]

Glad to learn that. I've been a little nervous about going over the 30% of the limit. Appreciate the info and reply 

[Nomad3]

Yup. When my plat was $300 I was using about 90% and then paid down before statement so it only reported 8% then PIF. Cap1 bumped me to $1500 really quick ($500 at credit steps mark, then took it to $1500 a couple months after that)

I hit the more button 6mo+1day after the previous increase and they only gave me +$150 tho. $1650 is a weird limit lol.

PC'd to QS at the 1y mark.

Good luck with yours!

[Mr_Mojo_Risin]

Thanks for the insight Nomad! Hopefully it'll work that well for me also.  Thanks again 

[Taurus22]

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@RSX wrote:

You can max it out completely if you want during the month.  It only matters what the % is when the statement cuts 

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This is somewhat incorrect.  The credit card companies usually report to the bureaus between the 24th-31st of the month. Depending on when your statement cuts, this could sync up and help you, or it could be bad timing and hurt you.

I call each CC lender as soon as I receive my card to change my statement date to between the 1st-5th of the month. When the lender reports to the bureaus (24th-31st) my statement cuts shortly after. So in order to reduce my utilization each month, I pay down my card to 10% or less by the 22nd to be safe. After that, I don't put anything else on the card until the day my statement cuts.

Be careful, you don't want to get caught with your pants down... UT% is a temporary credit hit, but if you have something going on (mortgage loan or app'ing for a new card, etc) then this could drop you a few needed points at an important time.

[pinkandgrey]

I had that exact same fear early in my credit building! You can put as much as you want on it as long as you pay it down before the statement cuts. USUALLY, lenders report only the statement balance. 

[dragontears]

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@Taurus22 wrote:

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@RSX wrote:

You can max it out completely if you want during the month.  It only matters what the % is when the statement cuts 

---

This is somewhat incorrect.  The credit card companies usually report to the bureaus between the 24th-31st of the month. Depending on when your statement cuts, this could sync up and help you, or it could be bad timing and hurt you.

I call each CC lender as soon as I receive my card to change my statement date to between the 1st-5th of the month. When the lender reports to the bureaus (24th-31st) my statement cuts shortly after. So in order to reduce my utilization each month, I pay down my card to 10% or less by the 22nd to be safe. After that, I don't put anything else on the card until the day my statement cuts.

Be careful, you don't want to get caught with your pants down... UT% is a temporary credit hit, but if you have something going on (mortgage loan or app'ing for a new card, etc) then this could drop you a few needed points at an important time.

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What??? 

I have several lenders that report outside of 24th-31st of the month time frame. 

[Mr_Mojo_Risin]

Thanks pinkandgrey! Rebuilding is stressful. I'm new to CC's so I'm just trying to learn all I can. I've scoured this forum the past month and have learned so much about credit that I didn't know existed! Lol  Thanks again   Be well

[Mr_Mojo_Risin]

 I opened the CC on Feb 12th and Cap 1 told me my statement date would be on the 11th every month. Does this not sound normal? Earlier this month I paid it down by the 11th and left 1% on it and that's what was reported to CB