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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A few questions....

Postby Snowman » Wed May 16, 2012 7:37 pm

I have a few questions since I just recieved my first CC and I don't want to go overboard with it and another random question.

1.) I have an Bankamericard Cash Rewards card from BOFA. I notice when I'm checking my purchases that it says that the statement closing date is 5/25/2012, and I have my settings set at paperless, so I ask, when would my bill be due (I know there a few members on this forum that have the card and I would be glad if you can help me out here). I just do not want to pay any interest or anything and pay it late since it is my first card. And also If I were to buy something say on 24th or 25th, would the purchase show up on the next statement, or will it be included with the first statement, because on some of my transactions like buying gas or buying food it just says it's pending and eventually about 5-6 days later the charges are added to my balance.

2.) I want online pay the bill when it does infact come (I know it has a grace period) but I do not know how. Would it be explained on the bill or not, and if not would someone mind explaining it to me, and also I'm wondering how long it would take for the money to be taken out of my checking account and show that my balance is 0?

3.) I know this is a bit early and random, but if I were lets say by December or November If I have strong credit, would I be able to apply for Amex's blue cash card or the preferred version? I'm curious how my credit would have to be. (I know it comes with an annual fee and I don't mind it as long as it's not to excessive.)

That is all for now and I appreciate if my questions could be answered :D

If need be I will do my best to clarify what I am trying to ask.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.


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Snowman
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Postby Snowman » Mon May 21, 2012 4:35 pm

bumping thread.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

Crashem
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Postby Crashem » Mon May 21, 2012 7:29 pm

1) Grace period for this card is at least 25 days. So a payment is not due until at least 25 days. If you have online account, it should tell you the due date. If you don't want this card to report a balance, you need to pay everything before the statement date. Any transactions that settle before the statement date will be included on that statement. There is a difference between settlement date and date you charged it. Sometimes it is same day. Other times it could be up to a week later (you see this often with hotels).

2) You should create online account for your card. If you have BofA checking account, it should be attached. If that is the case, you can pay for BofA card from checking account online. If you don't, you will need to attach a checking account to BofA card. Other option is to use bill pay from your bank. Please allow appropriate time for payments to post.

3) No one has any idea but I doubt it. I would probably recommend you apply for a couple more easier to get revolving credit lines once you have a FICO. Are you a student with income? Give us some more details.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

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Postby Snowman » Wed May 23, 2012 4:23 pm

Thank you crashem. What do you mean if I want to report the balance? I intend to pay it off on June 4th or when my statement comes in When my next check comes in. But it says my statement date end is may 25th. I'm a part time student but I have a job as well (minimum wage). What cards would you recommend that I could apply for? Also I'll add more info if would like me too.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

DoingHomework
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Postby DoingHomework » Wed May 23, 2012 4:41 pm

Just to add a bit regarding #2...

You will probably need to create an online account with both your credit card company and your bank. Each of these can take a couple of days or could be immediate. Once that is done you might also need to make a "connection" between the two. To do this you either do it through your bank by adding the credit card company as a payee or through the credit card company by adding your checking account as a source of funds/payer. Each company is a little bit different on how to do this but you should be able to call customer service to get help if needed. You might need to wait a day or two for this connection to be implemented although it is usually almost immediate.

After that you just go online when you want to and enter the payment. It is usually fairly easy.

The bottom line is that there are two ways to do it (at least). You can send a payment to your credit card by logging into the site for your checking account or you can pull a payment from your checking account by logging into your credit card. There could be slight differences in this. In my case, for example, my bank would charge me a fee to pay my Amex card from the bank but I pay no fee to log in to the Amex site and pay my bill by pulling from my checking account. But, I pay my Visa bill directly from my checking account with no fee. Does any of that make sense? Not to me either but that's the kind of thing you need to figure out for your specific situation.

Good luck to you.

Crashem
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Postby Crashem » Wed May 23, 2012 6:24 pm

Utilization is 30ish% of your credit score. Basically they look at how much of your credit is being used. The amount used is whatever the card issuer reports to the credit bureaus. For most card issuers, the report to the credit bureaus when your statement is generated and not when the payment is due. So if you want to have the card issuer report a low utilization percentage, you would need to pay most/all of your bill before a statement is even generated for it.

As a student with income, you can get a head start on your credit by taking advanatge of student cards which have lesser credit/income standards than standard versions of their cards. Having 3 open revolving trade lines is ideal to maxing FICO score in long term. However, make sure you are honest with yourself on your ability to handle your finances. More credit = more potential problems. Discover, Capital One, and Citibank all have student versions of their cards. There are other issuers including a lot of credit unions that also have them. Definitely get cards with no AF unless you really want to start your AMEX relationship early. If you can handle the extra credit, I would consider the student version of those issuers I mentioned or local CU you like. By the time you graduate, you will hopefuly have awesome FICO score. With a full time job at graduation and a great FICO score and credit history, you can probably get almost any card.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

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Postby Snowman » Wed May 23, 2012 6:47 pm

Okay I looked at my the total amount of bill compared to my credit line. My bill stands at 519.32. My cl is 700.00. In my checking account I have about 756.00 and I don't get paid again 6/1/12. So I want to deposit that check and then pay off the balance entirely. The reason why my balance has been this high is because Ive had alot of school related stuff that has come up and I do not want to completely Drain my checking account. Next month I hope to use my cc only for gas and smaller expenses so that way my bill s much more smaller. Does this sound reasonable or have I pushed my credit too much this month?
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

Crashem
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Postby Crashem » Wed May 23, 2012 8:17 pm

When is the due date? Are you going to pay off completely before due date? Don't apply for any cards with that reported balance.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

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Postby Snowman » Wed May 23, 2012 8:28 pm

Crashem, all I know is that my statement date is may 25th. And the grace period according to others that have the card is 25 days. I intend to pay it on June fourth. Because June first is when I get paid next. And I'm going to pay the whole balance after that date. I'm not sure when my due date is though.
Bank Of America: BankAmeriCard Cash Rewards-4.2k
Citi: Forward-4.5k American Airlines Advantage Platinum Select World Elite MasterCard 9/6/15-4K
Discover: More-7k
Amex BCE.2k- Amex SPG-5k
Chase: Freedom-5kSouthwest Rapid Rewards Plus- 3.6k
Capital one: Venture one-10,000, Visa Signature.

Crashem
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Postby Crashem » Wed May 23, 2012 10:08 pm

Have you created an online account? Can't you just log in and see. If statement is generated, you should be able to pull up in PDF and see what it says there. It also should say due date when you select pay card.
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k



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