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I can't believe it. Capital One gave me a card. YEAAAAAAAAAAAAAAAA.
300.00 limit. Increase in limit after 3 timely minimum payments. No interest until Febuary 2009.
All this in the middle of a credit crisis.
Does it help or hurt if I make 2 payments a month paying the balance down to zero.
Is this the way to do it? I plan to only put gas on it.
About 200.00 per month.
I understand that keeping the balance low shows that more credit is allowed to me that Im not using and thats a good thing, right.
Sorry about the elementary questions. But the last time I used credit cards about 8 years ago, I used them to live on. And bye stuff I could have lived without. Just what to use credit this time, not let credit use me.
It does not hurt to pay twice a month.
I usually pay once a month, but I know when my statement cut, so I pay on line 5-6 days before statement cuts. If I know that I'll use a card in those 5-6 days, I pay more.
FICO likes to see some credit usage, so once in a while let low balance be reported (no more than 9%).
Congrats.
nocreditcard wrote:
Does it help or hurt if I make 2 payments a month paying the balance down to zero.
Is this the way to do it? I plan to only put gas on it.
About 200.00 per month.
I understand that keeping the balance low shows that more credit is allowed to me that Im not using and thats a good thing, right.
Sorry about the elementary questions. But the last time I used credit cards about 8 years ago, I used them to live on. And bye stuff I could have lived without. Just what to use credit this time, not let credit use me.
@Anonymous wrote:Does it help or hurt if I make 2 payments a month paying the balance down to zero.
Is this the way to do it? I plan to only put gas on it.
About 200.00 per month.
I understand that keeping the balance low shows that more credit is allowed to me that Im not using and thats a good thing, right.
Sorry about the elementary questions. But the last time I used credit cards about 8 years ago, I used them to live on. And bye stuff I could have lived without. Just what to use credit this time, not let credit use me.
Actually with a limit like that you will have no choice but to pay early and often to keep the utilization down. I would pay heavy a few days before closing date every month and only let less than $30 report to the bureaus. Then PIF the small remaining balance before due.
Allowing $200 a month report would weigh down your FICO showing 66% utilization.
Ok, I should run a balance of no more than 9% or less than 30.00.
But I'm unclear about how often I should keep the balance at less than 30.00.
Should it be all the time or just once in a while maybe 4 or 5 times per year and the rest of the time carry a zero balance?
Thank you everyone.
General opinion is that you should not allow balance to be reported on more than 50% of your revolving accounts.
I have 15 CC's. I exclude Amex (always PIFed) and 6 store cards, so I have on rotation 8 cards. I let report to 3 at the same time.
For instance.
Statement cut on my BOA card with 18k CL on fourth of every month. Let's say I have balance of 3K on this card, so I pay on 1st 1500 and on 5th 1500. This way I show usage on this cart, low util, do not pay financial charges or late fees, get 1-2 FICO points and everybody's happy.
So you should show low util by the time statement cut or when your lender reports to CRA's
Got it thanks wmarat
@nocreditcard
what did your reports look like when you applied?