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cpaday

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Pay in mid-cycle or at statement closing--how to improve credit score
I just got a Credit One card (I know! but Capital One turned me down for a secured card, and my one SDFCU secured wasn't enough to change my score, and Credit One offered me a $1k credit card). It starts charging interest on day of purchase. I intend to use it only for gas, never more than 10% in a month. My question is, if I pay it immediately, and then my statement shows zero, will it look like I never used it? It seems like no credit use is almost as bad, score-wise, as overuse. Is it better to wait until the statement date and then just pay the whole balance, including some interest? Thanks so much for any ideas.

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You want ONE card to report a small balance each month to show revovling activity. You don't need every card to report something, just one. I am not for sure, but I think Credit One spreads out the annual fee and such into monthly amounts due, so something may be reported regardless of what you do, read the agreement and paperwork on the card to know for sure.

Top Contributor
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You don't have to choose one option or the other. You can make multiple payments throughout the month if you want. If you wait until the statement date and then pay the card, you are not going to pay interest. You would pay interest if you only paid the minimum and left a balance on the card. then the following month you would pay interest.

Just make payments on the card as often as you want. make sure that before the statement date there is a balance of about 10%. then after you recieve the statement pay the rest off. Then you will not pay any interest and it will help your credit score.

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Thanks! The Credit One card charges interest from the day of use, so if I only use one, it would be better to use the SDFCU secured card, which has a grace period. 

Just getting these two cards in the last month, and charging $7 on the SDFCU and paying the $75 yearly charge on the other (for the first year, Credit One charges the yearly fee up front, then afterwards it divides it into months) has raised my CK score 54 points. I know it's not a FICO score, but it's still a big jump. I've been living without credit for a year and a half, while I paid things off, and my credit score wasn't moving at all. So this is great .

Thanks for the help. 

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