Capital One Platinum Credit Card Tips
Author: ImPulSiVe
Posted: Sat Aug 19, 2006 3:56 pm
Post subject: Got my first credit card! Capital One Platinum... Questions.
What would be the best way to get credit?
Ive read to pay in full every month... but someone mentioned to pay the minimum for 3-4 months then pay in full.
I dont want to make my credit worse....
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: bullwinkle29
Posted: Sat Aug 19, 2006 6:23 pm
Post subject:
PIF every month, never use more than 30% CL
Author: ImPulSiVe
Posted: Sat Aug 19, 2006 7:35 pm
Post subject: cap 1 re:
bullwinkle29 wrote:
PIF every month, never use more than 30% CL
why not use more than 30%?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: wierdo
Posted: Sat Aug 19, 2006 8:15 pm
Post subject:
Your FICO will go down if your utilization is too high.
In this case, since all you have is a cap1 card, I'd suggest charging to most of the limit and paying it in full after it reports, because Cap1 does not report credit limits, only the high balance. Because of that, if you have, say, a $500 limit, but charge it to $150 every month, knowing that you're doing well and only using 30% of your limit, it will look like you have it constantly maxed on your report, since the most you ever charged was $150.
If you charge it up to $450 (being careful not to incur fees or interest that will put you over the limit), your high balance will report as $450, and a balance on the report of $150 won't look so bad.
Some people say they don't see any real effect on their score until their usage gets over 50%, others say 30%. I stay below 30% just to be on the safe side! I can tell you from experience that utilization over 50% will horribly tank your scores and make it nearly impossible to get good offers.
Author: ImPulSiVe
Posted: Sun Aug 20, 2006 9:00 am
Post subject:
Kinda confused to what you wrote....
Are you saying tht it would be better for me to go up to 450$/month?
I have a $500 limit from them
So, If I spent $150/month they wouldnt report it and id be wasting my time?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sat Aug 19, 2006 3:56 pm
Post subject: Got my first credit card! Capital One Platinum... Questions.
What would be the best way to get credit?
Ive read to pay in full every month... but someone mentioned to pay the minimum for 3-4 months then pay in full.
I dont want to make my credit worse....
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: bullwinkle29
Posted: Sat Aug 19, 2006 6:23 pm
Post subject:
PIF every month, never use more than 30% CL
Author: ImPulSiVe
Posted: Sat Aug 19, 2006 7:35 pm
Post subject: cap 1 re:
bullwinkle29 wrote:
PIF every month, never use more than 30% CL
why not use more than 30%?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: wierdo
Posted: Sat Aug 19, 2006 8:15 pm
Post subject:
Your FICO will go down if your utilization is too high.
In this case, since all you have is a cap1 card, I'd suggest charging to most of the limit and paying it in full after it reports, because Cap1 does not report credit limits, only the high balance. Because of that, if you have, say, a $500 limit, but charge it to $150 every month, knowing that you're doing well and only using 30% of your limit, it will look like you have it constantly maxed on your report, since the most you ever charged was $150.
If you charge it up to $450 (being careful not to incur fees or interest that will put you over the limit), your high balance will report as $450, and a balance on the report of $150 won't look so bad.
Some people say they don't see any real effect on their score until their usage gets over 50%, others say 30%. I stay below 30% just to be on the safe side! I can tell you from experience that utilization over 50% will horribly tank your scores and make it nearly impossible to get good offers.
Author: ImPulSiVe
Posted: Sun Aug 20, 2006 9:00 am
Post subject:
Kinda confused to what you wrote....
Are you saying tht it would be better for me to go up to 450$/month?
I have a $500 limit from them
So, If I spent $150/month they wouldnt report it and id be wasting my time?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 8:51 PM
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