If you are trying to report a $0 balance, than that works.
@xXIDaShizIXx wrote:So I don't need to make a purchase until the 16th of this month and pay it off before the 12th of february right? And then make another purchase and pay it off before march 12th on the same time schedule?
EX:694 TU:744 EQ:777
ok. i did already explain this, but I will try to rephrase it differently.
The balance owed that is printed on your monthly statement (on the 16th, in your case) is the amount that will be reported each month on your credit reports. This amount owed on the statement is what you should pay on the due date (on the 12th).
So, for example, say your card currently has a $0 balance. You use your card once or twice and charge a total of $40. This amount is floated until the next statement comes out on the 16th and shows that you owe $40. Now you have until the due date (12th) to pay this amount without being charged any interest. You can also use your card for other things during this time, for example, you charge $50 and also pay your $40 bill before the due date on the 12th. Then on the 16th, a new statement will come out showing that you owe $50. You now have until the next due date to pay this $50 without being charged any interest.
Thats how you should do it. It costs you no money and builds credit while keeping the low utilization reporting that you wanted.