iwantgoodcredit Posted December 17, 2004 Report Share Posted December 17, 2004 Ok, just got a Capital 1 for $500 about 2 weeks ago. I want to use the card in the best way to get my scores up. I was reading the previous post about the target card and I have some questions if someone can help me:1. If I buy per say today something for $450.00, when do I have to pay it off to get better results? Before I get the bill or after I get the bill?I guess I'm just not sure how the whole system works with this. I was planning to just use the card for gas/groceries and then pay it all off every month when I receive my bill. Is that wrong? Thanks for any advice. Link to comment Share on other sites More sharing options...
edubb007 Posted December 17, 2004 Report Share Posted December 17, 2004 Check this thread! Very similar!http://www.debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=23377 Link to comment Share on other sites More sharing options...
miracle Posted December 17, 2004 Report Share Posted December 17, 2004 Congrats on the new line of credit!! Link to comment Share on other sites More sharing options...
jeglove2 Posted December 17, 2004 Report Share Posted December 17, 2004 My experience with Cap1 has been as follows:1. I received a Cap1 Platinum at $300 CL and 12.65% apr w/6 months 0% interest for balance x-fer and purchases. 2. After 3 months of paying off full balance 2 weeks before statement, I was given and automatic increase to $3000 CL. 3. Cap1 reports my account to the Credit bureaus on the same date as my payment due date. 4. Since Cap1 does not report credit limit and only high balance, it will slightly lower your credit score due to an artificially high B/L ratio. 5. When you get your credit score to a respectable level, run from Cap1 and don't look back! Link to comment Share on other sites More sharing options...
iwantgoodcredit Posted December 17, 2004 Author Report Share Posted December 17, 2004 Check this thread! Very similar! http://www.debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=23377I read that threat, but I still had questions, that's why I posted. 2. After 3 months of paying off full balance 2 weeks before statement, I was given and automatic increase to $3000 CL. 4. Since Cap1 does not report credit limit and only high balance, it will slightly lower your credit score due to an artificially high B/L ratio. Excuse my ignorance, but does that mean to pay it 2 weeks before I normally receive the statement or 2 weeks before the payment is due? Also, by doing paying it off that way, the B/L ratio would be fine, right? Link to comment Share on other sites More sharing options...
jeglove2 Posted December 18, 2004 Report Share Posted December 18, 2004 Pay it off a week or so before it's due and you will be fine. Even charging near your limit and paying it off won't fully help your utilization. I know this first hand because I charged $2950 in one month and paid it off. When Cap1 reported the zero balance my FICO only went up 6 points to 697. I did the same experiment with CitiBanks Platinum select and my Fico had an 18 point increase to 715. I have $13,000 available between 3 CC. $5000 State Credit Union Visa, $5000 CitiBank Platinum MC, and $3000 Cap1 Platinum. I'm currently using $2200 between the 3 and my utilization is reported as 22%. The Cap1 limit not being factored is costing my utilization to be artificially raised by over 5%. So instead of closing this almost 2 year old tradeline (my first after BK 13) I guess I now have a $3000 Cap1 Platinum Gas card. Link to comment Share on other sites More sharing options...
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