My first statement date with Capital One -- need help

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Amerikcana
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My first statement date with Capital One -- need help

Postby Amerikcana » Thu Jun 05, 2014 3:27 pm

Hi everyone

New in credit history, no baddies and no collections at all.

I have Capital One credit secured card with a $300 limit.

The statement date on your account is 13th of every month, the first statement will be generated on 06/13/2014 and the first due date will be 07/10/2014.

For build good history and good score credit, do I need to pay 2 or 3 days before 6/13/2014 and leave less than 10% and PIF before my date due 07/10/2014 ?

Thanks and appreciated for advice


dragon452
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Postby dragon452 » Thu Jun 05, 2014 7:37 pm

Okay, take it easy: you only have $300.00 to deal with, so you "can't go crazy" and spend yourself into a hole. That's a good thing. You don't have to pay BEFORE a statement is issued (you can go online and see the statement as soon as it comes out). When the monthly statement is issued, you can take a little time and pay the balance in full, and do that the next time, and the next time, and the next, and the bank will see that you are a good payer. But listen to me carefully: NEVER be late on your payment (especially with a new account), as there is no excuse for being late. In the old days, you could say there was a slowdown in mail delivery, or you didn't get the darn statement in the darn mail until 5 days before it was due, the weather was terrible, etc. etc. blah blah blah...you can't do that now!!! Payments can be instantly made via the internet site or with a telephone call, so the bank won't be sympathetic to why your payment was late. You have the right attitude, I can see that, and I wish you a long and fruitful credit history!

takeshi
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Postby takeshi » Fri Jun 06, 2014 8:34 am

dragon452 wrote:Okay, take it easy: you only have $300.00 to deal with, so you "can't go crazy" and spend yourself into a hole. That's a good thing. You don't have to pay BEFORE a statement is issued (you can go online and see the statement as soon as it comes out).

OP is concerned with reported utilization, not spending into a hole, and that's why the OP is asking about paying before statement end. With a $300 limit it's very easy to end up with very high reported utilization.

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kcm7
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Postby kcm7 » Fri Jun 06, 2014 10:02 am

Amerikcana wrote:For build good history and good score credit, do I need to pay 2 or 3 days before 6/13/2014 and leave less than 10% and PIF before my date due 07/10/2014 ?



Based on my understanding, yes. And that's exactly what I do. I use the card, go in a few business days before the statement cuts, and pay down to 10 percent of my limit. On the day the statement cuts, I go in and pay in full.
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PlyrStar93
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Postby PlyrStar93 » Fri Jun 06, 2014 10:15 am

Amerikcana wrote:For build good history and good score credit, do I need to pay 2 or 3 days before 6/13/2014 and leave less than 10% and PIF before my date due 07/10/2014 ?

That's exactly what I would do if I am in this situation. Assuming that your credit card company reports your statement balance to bureaus, you want to let the statement balance be a low one. So, you let Cap One report less-than-10% utilization. Credit card companies don't have to report your statement balance, but most likely they do, so yeah most likely you can do what you are saying.

It is always good you pay frequently to prevent from charging too much on your card, since you have $300 limit (that was what I did when my first card had $1000 limit, as I could charge the card more than $300). When you see your balance is like 30%, you may pay it down so it can be more comfortable for you to continue using the card.
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flan
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Postby flan » Fri Jun 06, 2014 7:50 pm

Amerikcana wrote:The statement date on your account is 13th of every month, the first statement will be generated on 06/13/2014 and the first due date will be 07/10/2014.

For build good history and good score credit, do I need to pay 2 or 3 days before 6/13/2014 and leave less than 10% and PIF before my date due 07/10/2014 ?


That's right, but you only really need to do that if you're worried about maximizing your score, and you should really only be worried about that if you're planning on applying for other credit that month. In general, the balance in the past isn't considered. (past late payments are counted, of course!)

If the cap one is your first reporting tradeline, I'd not worry about maximizing your score for six months or more. You can pay ahead of the bill if you want, or if you need to spend more than $300 a month, but you don't need to.

Amerikcana
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Postby Amerikcana » Wed Jun 11, 2014 6:47 pm

Hello everyone

Thanks guys for advice, i am 35 years old new in US ,come from CANADA ,yes i know i cant not bring my credit history to here... i need starting new :) i have capital one secured $300 limited and CU share secured loan with $1000 thanks my CU and capital one in June 2014 :) i want to buy car 2 or 3 months after my 6 months credit history and 3 years later for house ..

1:capital one secure $300 limited .. sure pay it full and never late
2:credit union $1000 / paying $90 every month for 12 months sure never late

I like buy food from Walmart and Gas ..what is the best credit card for me and when do i need to apply ?

For mortgage do i need apply some credit card ?



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