CC Statements

[Anonymous]

I think I've been doing it wrong! Right now I currently have a CapOne Secured card w/ a $200 limit. I have been using $10-15 on it and immediately paying it off. After reading through these forums, I think I am supposed to wait until a statement generates before paying. Can anyone confirm this?

[FireMedic1]

You can use it all you want. Just PIF before statement cut date. Cap1 likes heavy usage and PIF for starter cards.

[Anonymous]

So to be clear, all my statements seem to come out on the 4th, I should have any balanced PIF prior to that date?

Sorry if my questions are obvious. I started rebuilding in April so this is all new to me. 

[dragontears]

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@Anonymous wrote:

I think I've been doing it wrong! Right now I currently have a CapOne Secured card w/ a $200 limit. I have been using $10-15 on it and immediately paying it off. After reading through these forums, I think I am supposed to wait until a statement generates before paying. Can anyone confirm this?

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If this is your only card, you should wait until after the statement closes to pay otherwise you have the "no revolving" penalty in scoring models. 

I also completely disagree agree with the meme "use the card heavily" when it comes to capital one secure card since it won't graduate or "grow" there is no point in running up the balance and remembering to pay it down before the statement. 

[Anonymous]

I've been spending around $10 and paying it off when the app allows me to. How bad is this no revolving penalty? Should I just make sure to use between 1-9% and let the statement generate before paying? 

[dragontears]

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@Anonymous wrote:

I've been spending around $10 and paying it off when the app allows me to. How bad is this no revolving penalty? Should I just make sure to use between 1-9% and let the statement generate before paying? 

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$10 is fine 

What I did back when I only had a  secure cap1 card was to spend $10-20 on it, wait until there was a minimum payment on the app (i.e. just after the statement) then pay the full amount. Repeated that for 6 months then was able to get better cards and closed the secure cap1 card when it hit 2 years old.

From what I have seen the all zero balance penalty is 10-30 points depending on scorecard and profile 

[Anonymous]

Gotcha. Ill shoot for that then. Also, why doesn't the CapOne secured card graduate anymore? 

[Girlzilla88]

What I like to do is Lets use the 200 CL is use 198 during the month make several large payments before Payment Due (so for example one payment of 50, one payment 75, one payment for the remaining balance of 198 even if you want) THEN put a small amount after to report for Statement so add 16 and let that report to Statement.    Then rinse and repeat for next one as long as you can comfortably pay it back and usually Statement hits 3-5 days after payment due so be sure to keep up with that part, but if you have trouble paying off 198 in one month or go then of course put what you are comfortable with never stretch yourself to bad to where if you had a super emergency you have NO WIGGLE if that makes sense?!      Good luck to you and we look forward to your CLI posts or Approvals down the road

[FireMedic1]

What do I know. I started with a 1200 Plat and grew to $56,000 three yrs later with 3 primes and turned in 16g's because i thought it was too high for my income. And closed out the Plat and the QS1. So I dont know a thing. Cap1 watches how you handle your secured in case you move on up to primes. Its your starting wheels. Then they get removed.