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Question By
rogue9

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How soon is 'too soon'?
I got my first credit card to help build my credit for the future. There's a $500 dollar limit on the card. Most things I've read say you don't want to utilize more than 30% of your line of credit, which leaves me being able to spend in $150 chunks... My question is, how long should I wait to pay off the charges that I've built up? I'd like to pay it off right away so I can continue to use my credit card for other purchases but if paying it off 'too soon' doesn't help build my credit than there's not much point.

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When you get your Statement then Send in  your payment for the total balance due.

The Balance Due will be reported to the Credit Bureaus and your Payment will show up on your next Statement and will be reported the next month.

Your statement of "continue to use my credit card for other purchase"  worries me,  seems like the Credit Card is a new found toy that you  need to use as much as you can.  Don't let the Credit Card burn a whole in out pocket.  You need to think when you should and should not use it.

Reply by
rogue9

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Thanks for the reply.  Just to be sure I understand, I could utilize any percentage of the credit limit, and as long as I pay off the complete balance when the statement comes out the Credit Bureaus will see a 0% utilization?  Or should I leave the balance around 30% and then pay off those charges when the statement comes out?

I only got the card to build my credit score, and don't plan to use it any differently than I would have my debit card.  However, I definitely spend more than $500 a month on my debit card.  I've never had a card before, and only a few loans that are complete paid off, so I don't have very much credit history at all, I just want to use the credit card whatever way is going to help me establish a history and build my score.

Also, my apologies as I imagine these questions have been asked elsewhere on the forum, but have had a hard time applying everyone else's Q+A's to mine.  Thanks!

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