- Centurion Member
- Posts: 188
- Joined: Tue Jan 10, 2012 7:11 pm
- Location: New York, NY
OK, if I understand your question(s), you want to know how much of your credit line you can use and not ruin it(?). Well, if you're asking how much of the $200 you can use, the answer is, $200. If you do max out at any given time, you shouldn't go over your limit. They probably won't allow you to by declining your transaction anyway, but you could still go over by, say, carrying a $190 balance at the statement cut off date and then you incur an interest rate charge of $30, tacked on to the unpaid balance which means you would have a new balance of $220 which puts you over your limit. Some cards (signature cards for example) let you go over your "limit." with no penalty, but you aren't at the point of a signature card yet. Other cards allow you to go over your limit for a fee. I seem to recall reading Orchard Bank allowed you to go over your limit for a $35 fee. You had to give your permission to do that. There was controversy in the past about banks automatically letting you go over your limit without your permission and hitting you with a fee for the courtesy, but now they have to ask you first before letting you go over your limit. Bottom line is, use it and pay it off. Completely, or about 90% of the credit line is best.
Statement balance and statement closing? Two different and distinct issues. What I think you may be asking is the difference between the due date and the statement date. If so, the due date is the date they want your payment. The statement date is the date in which your statement is cut, or printed. Usually that is a minimum of five days after your due date. If you're asking something else, you will need to be clearer.
Really, about the only way you can "ruin" your credit is by not paying your bills on time, or at all. Severe issues result in bankruptcy and you really never want to go there if you can avoid it. I messed up years ago and it takes years for it to be right again. I will live in a cardboard box and eat out of cans before I damage my credit like that again.
You need to pay at least the minimum payment by the due date. Go on Capital One's website and read up on ways to pay and the due date criteria. Nowadays, there is really no reason to be late with a payment unless you just have absolutely no funds to make the payment on the day that it's due, or you are so scatterbrained that you can't keep up with your finances. The latter has no business with credit to begin with, in my opinion, nor should they have financial dealings more complex then counting bills when paying in cash. I would go a step further and say they shouldn't even be loose on society, but that is whole 'nother issue.
There are several different ways to pay your bill: online, by mail, by phone, by automatic deduction, etc. and a few of the ways can get even more involved by, say, setting up you checking account's online bill pay to send in payments automatically at set intervals. Capital One's website will give you all that info.
Credit is a huge responsibility. It's also a privilege, and not a right. You need to take care of it, use in judiciously, respect it, but you don't need to fear it. Just remember that if you ever mess it up, which can be easy to do if you don't keep an eye on it, it can be a b****h to repair.
Sorry, I can get wordy.
Cards and Credit lines Acquired:
Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).