Master Chief wrote:Hello,
I am very new to this but I have been working on me credit and it’s been getting better little by little. 663 FICO so far.
I want to better my credit (like most of us) and I recently was approved for an American Express Premiere Rewards Gold card and a Capital One Reward One card ($2,000) CL.
I know I need to pay the AMEX card off each month and I just got an email asking me to please pay by current balance of $990 by June 6th. I have no problems with paying this but I am wanting to know when I should (if at the end of the month is better than now, etc.) or if it matters for credit reporting on a charge card like this.
In regards to my Capital One Rewards Card I would like to know when I should pay balances down on this card as well each month. I have heard people talking about paying before the card companies report to the agencies but how do I know when they report to the agencies?
I guess I am wanting to pay at a time that will maximize my score and make it better but also show I am using the cards as well. I hear it’s not the best practice to just pay the balance right away (is this correct)?
Any advice is greatly appreciated.
Welcome to the forum Brother!
You will get much advice on this forum so like many things you will just have to do what works for you. I’ll share what has worked for me and what I’ve learned in this and other forums. As always, YMMV.
Make sure you pay that Amex off each month and if you can, do it before the statement closes so it shows a zero balance.
For your Cap1 if you can do the same, do it. If you must carry a balance try to keep it below the 20% or so. This is where having a limit higher than you think you need comes in handy.
Everything from here on has nothing to do with what you asked I just wanted to share something while I have the mic.
I just requested a credit limit increase (CLI) on one of my cards; while I was on the phone with someone that identified them self the "senior credit analysis" or something to that effect she indicated the way I was using my card was very desirable. I was max’ing it out almost every month but making two substantial payments each month as well.
Now, I took that as more than my raw score went into making the decision to raise my limit. To be honest I had no doubt my limit would be increased as the current limit on this particular card represented only 1% of my total available credit. This card is used exclusively by my wife while I am deployed. I requested a CLI only to avoid it being reported as being 100% utilized—she can spend faster than I can pay :-)