Now what?

[ktl55]

since I got this cc, do I have to use it in order to raise my score or will it raise once the card is reported? I didn't really want to start charging this right away

[MidnightVoice]

Try 1% utilization every month 

[ktl55]

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MidnightVoice wrote:

Try 1% utilization every month 

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at kay's? that's on $10. Maybe I'll buy a watch battery every month.........lol

[MidnightVoice]

Spend some money on Dad's day, pay it all off bar $10. 

Leave it there and pay the interest 

[Anonymous]

I managed to have a $1 balance on my CapitalOne card reported to the credit bureaus last month.

[Anonymous]

From what I have been told from people who work for Equifax, The credit agencies only see the balance that is reported to them at the end of the billing cycle. Before that you could charge anything to the card as long as you pay the card down to 10% before they report it...can someone back me up on this? Tuscani perhaps?

[MidnightVoice]

All mine report on the statement date each and every month, and that is what the CRA sees

[Tuscani]

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MidnightVoice wrote:

All mine report on the statement date each and every month, and that is what the CRA sees

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Same here!

[Anonymous]

Correct, so if the CC companies report to the credit Agencies on a certain date and that's all they see, then you shouldn't feel pressure to stay under 10% utilization ALL MONTH LONG, correct? Lets say I have a card with $1000 limit (just got that yesterday). Now lets say I use it to purchase a $500 plane ticket--my utilization is now 50%. But it's early in the month and that balance is not going to be reported if I pay it down before reporting time. A week before the CC company reports that $500 balance to the Credit Agencies, I send a check for $400 to the CC company. Now my balance is $100, 10% utilization. That's all they see.

[MidnightVoice]

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rifleman wrote:
Correct, so if the CC companies report to the credit Agencies on a certain date and that's all they see, then you shouldn't feel pressure to stay under 10% utilization ALL MONTH LONG, correct? Lets say I have a card with $1000 limit (just got that yesterday). Now lets say I use it to purchase a $500 plane ticket--my utilization is now 50%. But it's early in the month and that balance is not going to be reported if I pay it down before reporting time. A week before the CC company reports that $500 balance to the Credit Agencies, I send a check for $400 to the CC company. Now my balance is $100, 10% utilization. That's all they see.

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Correct.  I call it Creative Accounting