A few questions....

For just about anything you want to get off your chest about credit cards.
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Snowman
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Postby Snowman » Fri Jun 01, 2012 1:34 pm

Also I have about 750 in my account but I have 524.06 balance, I paid it today, so when does the payment go through? What I did was click where it says Make Payment-Pay to CC, and put in the amount. So it should be paid soon, and I get paid soon also so would that mean that my paycheck amount be included or not? I just want to use the card if I do not have to much cash available with me. I just want the payment to go through without any issues.
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Snowman
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Postby Snowman » Tue Jun 05, 2012 3:27 pm

I have another Question. I have a current balance of 66 dollars on my CC. However, I paid off my last months balance and this months balance in full when the bill comes in. Will it hurt my Credit score if I have a 700.00 limit but I spend nearly 300-600 every month on it (I will of course pay it off every month)? and also once I have this card for a few more months (I'm thinking about applying for another card in December) what Card should i get?
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JMK
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Postby JMK » Tue Jun 05, 2012 3:41 pm

You will need to pay the balance before your statement closing date to avoid the balance being reported to the credit bureau...if you let the statement close and the balance is 300-500 on a 700 limit, it will increase your utilzation, thus affecting your credit score.
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Snowman
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Postby Snowman » Tue Jun 05, 2012 4:36 pm

How much effect is it on a credit score? because I was planning to pay it off with my next paycheck as opposed to waiting until the end of the month. Last month my balance was 524.06 which I paid in full...so idk how much effect it was on my credit score, since that was my first payment.
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Postby JMK » Tue Jun 05, 2012 5:32 pm

Check out this link regarding utilization and how it affects your score. http://www.mint.com/blog/goals/credit-utilization-02282011/
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Postby Snowman » Tue Jun 05, 2012 7:02 pm

I was thinking that that I would pay my card off every Friday so that when the balance is reported is 0 or close to 0 as possible. Would that be a good idea or not? Also another question on my mind is that lets say that the first bill is high (like my first one was 520+$) but lets say this month the bill goes down to 100 or the reported balance (If I pay the card a week earlier than the due date) is 0, How would that affect my credit score in any way? Do creditors (BOFA) look for consistency in how much I charge a month or not? lets say some months are 0 reported balance or I pay the balance every friday there is nothing. I didn't that high of utilization was bad for my score....
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Postby Snowman » Fri Jun 08, 2012 12:36 pm

bumping post
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