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How to use CC's

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How to use CC's

I've been trying to rebuild my credit. I've had my Citi Bank Card for about 19 months. I was just approved for a Discover IT Card. I have a $200 limit on one and a $500 limit on the other. What is the best way to use the card? Should I have both cards on the same due date or different times of the month? How much should I carry over for a balance on each card?
Message 1 of 7
6 REPLIES 6
Frequent Contributor

Re: How to use CC's

When I got my first 2 cards, their due dates were 2 weeks apart from each other. As one got near the statment cut date I would make sure it was PIF prior to that date. If I had to charge anything durring that time I would put it on the other card and so on. Just my 2 cents.

 

Good Luck!






RIP: EECU PLOC | BBVA PLOC | Chase SP | Chase Amazon | Chase Freedom | WF Propel | Cap1 QS |
Message 2 of 7
Established Contributor

Re: How to use CC's

Agreed with the above. It's convenient when you have staggered due/close date.

Use the CCs as much as you need. Pay it down if you are brushing against the credit limit.

Try not to carry a high balance or pay interest. Before the due date on one card, you want to pay to zero and report zero. On your 2nd card, have it report a small balance, eg. $10. You want to be 8.9% or under for reported utilization. Once billing cycle closes, pay it. This should help with your FICO score.
Message 3 of 7
Senior Contributor

Re: How to use CC's

Congrats on your Disco approval. The above posters were correct. Once you start to get more cards. It will get confusing. I have 1 card with a mid-month statement date I use only when my other 7 have the same statement dates between the 1st and 4th. I worked it out that way. I use each card each month. One payday is cards. The other is rent.

 

Once you get out about 4-6 months since Disco. Go for the third card for the rebuild FICO bonus. FICO likes less than 50% of your cards reporting a balance. Just some examples as you grow the cards. Good Luck!





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC. My siggy is not to brag at all. Just to show fellow members what can be accomplished when you do it right and play the FICO Credit Game.
Message 4 of 7
New Member

Re: How to use CC's

Thank you for your help!!
Message 5 of 7
New Member

Re: How to use CC's

Thank you!!
Message 6 of 7
New Member

Re: How to use CC's

Thanks!!
Message 7 of 7
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