@Anonymouswrote:
I have a capital one card with 500$ limit. The statement period is the 21st each month. I want to have it report each month as a zero balance. I use it sometimes but try to keep utilization only at 10% max but sometimes I go over that. If I do go over but pay the balance off before the 21st will it report 0$ ? What if I pay the balance after the statement cycle wil it report the high balance ?
I pay mine at least 5 days ahead of my statement cut, to make sure it posts. As soon as my statement cuts I can charge ( I basically use it as my debit for purchases, ie cell phone bill, auto insurance, groceries, gas, yada, yada, then pay in one fell swoop to have the balance at zero. I then will either just use my bank debit, or another card (Discover, no cash rewards unless it fits the category for 5% cash back).
The utilization you speak of 10% max sometimes over is only if you plan on it reporting a balance. ie, doesn't matter if your line of credit is 1000, you can literally charge 999 a month and PIF by statement date and it does not affect the reporting utilization. Only when you can not pay it in full, that you would want only really <8.99% of the total credit line to be reported. So you carry no balance say over $85 on a 1000 credit line.
I like Cap 1 for cash back, and if you have the cash flow, can churn more of the limit during the month. Say you use it to pay a doctors visit, groceries and it is climbing to 700 mid month, pay in full then, and you can pay for bills or items again over the 300 since your credit limit will reflect 1000 available again. It all boils down to not exceeding the limit without payments if you need to, and PIF by statement cut.
If you pay after statement cut, not the high balance reports, just whatever your balance is on that date.
I hope I haven't confused you.
