When should I apply for my next card?

[Anonymous]

Currently have 3 cards -

Cap1 Secured - Opened - 9/30/10  Limit -  $300.00  Balance - $120.00

Cap 1 - Opened - 10/02/11 -  Limit - $750.00  Balance - $705.00

Orchard Bank - Opened - 9/19/11 - Limit - $750.00  Balance - $662.00

And one auto loan -

Capital One Auto Finance - Opened 9/24/11  Balance $11909.00

I pay the cards down monthly then use them for expenses then pay them down again. Not paid off. One of the higher limit cards usually has a balance of about $500.00 but the others get down to $0. or close to it.  I received a pre-qualified application for JCP but would like to go for a Walmart card. I'll be more likely to use that for normal monthly purchases then pay it off plus I like being able to get my free FICO score. Credit card payments are usually done the last week and first week of the month. Car payment is around the 29th.  

When does the cc companys report to the CBs (beginning, end of the month or weekly)? I'm wondering if I should apply a few days after making all of those payments when my balances are low.

Also, would it matter if I wait until the beginning of October? The car and two of the credit cards will be over a year old then (each cc started at $500.00). The third card will then be over two years old. I think after typing that I answered my question and know what my plan is but I'd like to hear what you guys/gals think too.

Thanks! 

[jamesdwi]

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@Anonymous wrote:

Currently have 3 cards -

Cap1 Secured - Opened - 9/30/10  Limit -  $300.00  Balance - $120.00

Cap 1 - Opened - 10/02/11 -  Limit - $750.00  Balance - $705.00

Orchard Bank - Opened - 9/19/11 - Limit - $750.00  Balance - $662.00

And one auto loan -

Capital One Auto Finance - Opened 9/24/11  Balance $11909.00

I pay the cards down monthly then use them for expenses then pay them down again. Not paid off. One of the higher limit cards usually has a balance of about $500.00 but the others get down to $0. or close to it.  I received a pre-qualified application for JCP but would like to go for a Walmart card. I'll be more likely to use that for normal monthly purchases then pay it off plus I like being able to get my free FICO score. Credit card payments are usually done the last week and first week of the month. Car payment is around the 29th.  

When does the cc companys report to the CBs (beginning, end of the month or weekly)? I'm wondering if I should apply a few days after making all of those payments when my balances are low.

Also, would it matter if I wait until the beginning of October? The car and two of the credit cards will be over a year old then (each cc started at $500.00). The third card will then be over two years old. I think after typing that I answered my question and know what my plan is but I'd like to hear what you guys/gals think too.

Thanks! 

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are those reported balances or just current balances, if those balances show in your Credit Report, don't waste an INQ, not many will approve you, and if they did approve you it would be for a low limit and HIGH AF. Pay all or at least most of your cards down to zero, and AP after they are reporting near zero balances. You may wish to try for an AMEX ZYNC if you are using your cards for expenses that you PIF each month, earn points and don't have to worry about UTL on reports, and it grows with you. 

else perhaps a Chase freedom if you don;t have any baddies or recent lates. 

[Anonymous]

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@Anonymous wrote:

Currently have 3 cards -

Cap1 Secured - Opened - 9/30/10  Limit -  $300.00  Balance - $120.00

Cap 1 - Opened - 10/02/11 -  Limit - $750.00  Balance - $705.00

Orchard Bank - Opened - 9/19/11 - Limit - $750.00  Balance - $662.00

And one auto loan -

Capital One Auto Finance - Opened 9/24/11  Balance $11909.00

I pay the cards down monthly then use them for expenses then pay them down again. Not paid off. One of the higher limit cards usually has a balance of about $500.00 but the others get down to $0. or close to it.  I received a pre-qualified application for JCP but would like to go for a Walmart card. I'll be more likely to use that for normal monthly purchases then pay it off plus I like being able to get my free FICO score. Credit card payments are usually done the last week and first week of the month. Car payment is around the 29th.  

When does the cc companys report to the CBs (beginning, end of the month or weekly)? I'm wondering if I should apply a few days after making all of those payments when my balances are low.

Also, would it matter if I wait until the beginning of October? The car and two of the credit cards will be over a year old then (each cc started at $500.00). The third card will then be over two years old. I think after typing that I answered my question and know what my plan is but I'd like to hear what you guys/gals think too.

Thanks! 

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You should manage your cash flow so that you have utilization of less than 10%.   Utilization will be the reported balance at closing and it can take a few days to report.

Then apply for whatever you want.

[jsucool76]

In a convo earlier today with a cap1 CSR I was told they report to the bureaus the day after your statement cuts, which realistically means 1-3 days or something close to that, so just try to pay your balances down before your statement date (which you'll be able to see on your online account). Don't know how orchard does it though. 

[Anonymous]

I was just going over finances and when my statements close. I can pay off the low limit Cap 1 in a few days so that will show a zero balance. Then, either pay off the other Cap 1 or get it to within 10% of the available credit before it's closing date. The last one will carry a balance. So two of the three will either be 0 or close. Maybe I will apply after that.   

is it worth waiting until after the anniversaty dates of the account? They are all within a few weeks of eachother.

[webhopper]

You should pay down orchard to zero too. Those two that are maxed are hurting you really badly

[rootpooty]

typically your lender will report a few days after the statement cuts. with you having 2 capone cards check to make sure they arent spaced out 2 weeks so you know how to handle reported util. cap one has been horrible lately with reporting. some members have stated a month delay in the reporting so ymmv

[Anonymous]

It looks like cap 1 reports around the end of the month so paying off the low bal one this week will help that. Paying the others the beginning of next month might not help my score for when the other Cap 1 closes on the 11th. 

[j_casteel]

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@rootpooty wrote:

typically your lender will report a few days after the statement cuts. with you having 2 capone cards check to make sure they arent spaced out 2 weeks so you know how to handle reported util. cap one has been horrible lately with reporting. some members have stated a month delay in the reporting so ymmv

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exactly....my Cap1 card has been paid off since mid-June and still hasn't reported.

[Anonymous]

I called Cap 1 and Orchard Bank today. They said they report to the credit bureaus after the statements close.  Don't know if they do all of the time but that's what they said