peregrine247

1 Contributions 14 People Helped

Member Since: February 2013

About Me: Building my credit after a rough go with student loan deferment and no established credit. Started at 540 (ugh). Currently at 630 (!!) and building! Oh, and I love to fish. Obviously.

Most Helpful Contribution

What is credit card utilization?

May 01, 2013
A Solution With Numbers!
Helpful to 14 out of 14 people

You have to have the balance when the statement is generated.  For instance, my card statement cycle runs April 23 - May 22, and the payment is DUE on June 19. When the May 23 - June 22 statement is generated (on May 22), I should be carrying a balance of 10-15% of my limit (my limit on this specific card is $200, so I usually spend $25).   AFTER the statement is generated, I pay the balance from the previous cycle (anywhere between May 23 - June 18).  With my cycle, I pay the previous balance on the 6th and use my card again on the 14th.  Voila!  You're carrying a balance, but not paying interest. 

I'm up 63 points in eight weeks.  My credit was TERRIBLE, though, so I started out with the secured Capital One card.  I hope to be able to buy a house in the next six months ... which will improve my cash flow significantly after the initial out-of-pocket expenses and help build more credit. Hooray!

Activity (1 Total Contributions)

What is credit card utilization?

May 01, 2013
A Solution With Numbers!
Helpful to 14 out of 14 people

You have to have the balance when the statement is generated.  For instance, my card statement cycle runs April 23 - May 22, and the payment is DUE on June 19. When the May 23 - June 22 statement is generated (on May 22), I should be carrying a balance of 10-15% of my limit (my limit on this specific card is $200, so I usually spend $25).   AFTER the statement is generated, I pay the balance from the previous cycle (anywhere between May 23 - June 18).  With my cycle, I pay the previous balance on the 6th and use my card again on the 14th.  Voila!  You're carrying a balance, but not paying interest. 

I'm up 63 points in eight weeks.  My credit was TERRIBLE, though, so I started out with the secured Capital One card.  I hope to be able to buy a house in the next six months ... which will improve my cash flow significantly after the initial out-of-pocket expenses and help build more credit. Hooray!