One Credit Card - Question

[Total80sKid]

Hello all

I am reading and reading here on this site, but am not finding an exact answer to a couple questions I have.

I just discharged from a BK7 and was approved for a credit card.

Two questions:

#1

I am pretty sure I am wanting a balance to report to get a score boost for using my credit, correct? If so, am I wanting less than 9% to report?

#2

If I want a balance to report without any interest added, when do I pay it? Like my new card tells me my due date is Sept 05. To get the balance to report, how long after I get a statement should I make the payment?

Sorry, just want to do things right. 

[Remedios]

To avoid interest, you need to pay before or on due date.

As far as how much you should let report, that's up to you. 

If you want to get into micromanaging, then yes, one card with small balance. 

There really isn't a need for that unless you're planning mortgage application, but I do understand every point counts when rebuilding. 

[Total80sKid]

@Remedios 

Thank you! 

[Mr_Mojo_Risin]

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@Total80sKid wrote:

Hello all

I am reading and reading here on this site, but am not finding an exact answer to a couple questions I have.

I just discharged from a BK7 and was approved for a credit card.

Two questions:

#1

I am pretty sure I am wanting a balance to report to get a score boost for using my credit, correct? If so, am I wanting less than 9% to report?

#2

If I want a balance to report without any interest added, when do I pay it? Like my new card tells me my due date is Sept 05. To get the balance to report, how long after I get a statement should I make the payment?

Sorry, just want to do things right. 

---

Yes, with having one card you would want to let a balance report or you would end up with the all zero "penalty".  Then pay your statement balance before or on your due date to avoid paying interest.

Under 9% is where you'll have optimal scoring, closer to 3-4 was always where I received the most points. 

[Total80sKid]

@Mr_Mojo_Risin 

Thank you for the additional info.

This may be a dumb question, but how do I know when enough time has passed that a balance reported before I pay the balance off?

[Mr_Mojo_Risin]

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@Total80sKid wrote:

@Mr_Mojo_Risin 

Thank you for the additional info.

This may be a dumb question, but how do I know when enough time has passed that a balance reported before I pay the balance off?

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Soon as your statement cuts/generates, anytime from then until your due date, you can pay it off.

Normally you about 25 days from statement date to due date.

[Total80sKid]

@Mr_Mojo_Risin 

Thank you.

Ok, so as soon as I get my statement, say it says I owe $84. That will be what is reported on my credit report, even if I pay it to $0 the day after I get my statement?

[Mr_Mojo_Risin]

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@Total80sKid wrote:

@Mr_Mojo_Risin 

Thank you.

Ok, so as soon as I get my statement, say it says I owe $84. That will be what is reported on my credit report, even if I pay it to $0 the day after I get my statement?

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Yes, whatever amount is on your statement is what will be reported to the credit bureaus.

[SouthJamaica]

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@Total80sKid wrote:

@Mr_Mojo_Risin 

Thank you.

Ok, so as soon as I get my statement, say it says I owe $84. That will be what is reported on my credit report, even if I pay it to $0 the day after I get my statement?

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Yes. Assuming your lender's reported balance is the statement balance. That is true in most cases, but not all.

[Total80sKid]

@Mr_Mojo_Risin 

@SouthJamaica 

Thank you both.