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If my credit card only has a $500 limit...
Posted on 9/6/11 at 7:47 pm
Posted on 9/6/11 at 7:47 pm
Is it best to charge close to the max and pay it off each month, or should I follow the general rule of thumb (have my balance be like 30% of my total available credit)? I'm just trying to find out how to increase my available credit limit/score as fast as possible.
This post was edited on 9/6/11 at 7:48 pm
4
Posted on 9/6/11 at 8:02 pm to LSUtoOmaha
you should pay it off in full every month.
Posted on 9/6/11 at 8:51 pm to diat150
Yeah I know that. What I mean is, how much should I charge to the card.
Posted on 9/6/11 at 8:53 pm to LSUtoOmaha
I don't think it really matters that much when you're talking about $500 max.
Posted on 9/6/11 at 9:00 pm to kfizzle85
quote:
I don't think it really matters that much when you're talking about $500 max.
True. But I'll add some detail anyway since the OP doesn't understand how this works.
They main things that matter are 1) What is the balance, and 2) Did you pay at least the minimum amount due on time?. Note that paying the full amount doesn't matter as far as your report is concerned.
The balance that is reported is simply the amount on your statement that month. If you pay it in full every month, that's fine - your report will show that you had a balance and that you "paid as agreed". The only way you won't have a balance reported is if you pay it off before they even create the statement. And nobody does that.
Paying in full every month is almost always a good idea because of massive interest charges. Paying only the minimum amount costs, well, massive interest. But neither has any effect on the balance that gets reported once the statement goes out.
Posted on 9/6/11 at 9:25 pm to foshizzle
I'm not going to carry a balance, I realize the stupidity of that. It will be paid off in full each month. I just didn't know whether it mattered at such a low amount what percent of my credit I am using.
Posted on 9/6/11 at 10:02 pm to LSUtoOmaha
quote:
I'm not going to carry a balance, I realize the stupidity of that.
I know you realize that, I was just noting that this has nothing to do with what shows up on your credit report so long as you pay at least the minimum.
But as was already said, with only a $500 limit it hardly matters, I really wouldn't worry about this. You can't really jump up the scale that quickly, it takes a long time.
Posted on 9/6/11 at 10:16 pm to foshizzle
Ask for a credit increase. With your salary, you should easily be able to get an increase. I was able to get a 5000 limit on my CC and was instantly approved. I plan to up it to 10k the next chance I have so that I can easily stay within the 30% rule in the future. I charge everything to one card.
Posted on 9/6/11 at 10:44 pm to lynxcat
quote:
I charge everything to one card.
I recently bit the bullet and applied for a PenFed rewards credit card since USAA is no longer offering cash back to its checking account members.
I haven't received my bill, but thus far, I have already made 4 payments. A bit overkill?
Posted on 9/6/11 at 10:49 pm to lynxcat
Alright. The problem is it's with Capital One and they gave me some bullshite "timetable" for upping my limit. The lady on customer service said that "if i pay my next seven billing cycles on time, i'll get my limit upped to $750."
ETA: this was when I first applied for the card though.
ETA: this was when I first applied for the card though.
This post was edited on 9/6/11 at 10:50 pm
Posted on 9/6/11 at 10:53 pm to LSUtoOmaha
did you get the mtv visa card? no annual fee?
Posted on 9/6/11 at 11:06 pm to THEphenom
no it's the platinum MasterCard. It's basically the worst card there is, without an annual fee.
Posted on 9/6/11 at 11:34 pm to Will Cover
quote:
I recently bit the bullet and applied for a PenFed rewards credit card since USAA is no longer offering cash back to its checking account members.
I have that card too great card.
quote:
I haven't received my bill, but thus far, I have already made 4 payments. A bit overkill?
You are losing money doing this. That money could be working for you in some sort of interest producing account.
Posted on 9/6/11 at 11:55 pm to OH 58D
quote:
That money could be working for you in some sort of interest producing account.
Not worth it in this interest rate environment. If you had $500 in an account paying 5% interest (which is waaaay higher than you'll find) that's only $25 a year. Literally beer money.
If we were talking about a million+ dollar account, sure.
Posted on 9/7/11 at 12:01 am to LSUtoOmaha
quote:
The lady on customer service said that "if i pay my next seven billing cycles on time, i'll get my limit upped to $750."
Sounds like you are just getting started in the credit game, I wouldn't worry about it.
Posted on 9/7/11 at 12:03 am to foshizzle
quote:
Not worth it in this interest rate environment. If you had $500 in an account paying 5% interest (which is waaaay higher than you'll find) that's only $25 a year. Literally beer money.
This is just a good fundamental. You have to start somewhere.
Posted on 9/7/11 at 6:17 am to OH 58D
quote:
You are losing money doing this. That money could be working for you in some sort of interest producing account.
It's just money out of my checking account and you know what kind of rates consumers are getting these days.
For me, it's still peace of mind - any potential interest could easily be lost if I lose track of the bill's due date - which could certainly happen in my situation.
Posted on 9/7/11 at 10:47 am to LSUtoOmaha
I didn't know limits went that low.
But then, when I first got an ATM card the limit on withdrawals for any given day was $100.
I went into the bank and said "I've got 5,000 in my checking account. How come I can only take out 100 a day with my ATM?"
Them: "How much would you like your ATM limit to be?"
Me: "500"
Them: "Done."
Sometimes all ya gotta do is ask.
But then, when I first got an ATM card the limit on withdrawals for any given day was $100.
I went into the bank and said "I've got 5,000 in my checking account. How come I can only take out 100 a day with my ATM?"
Them: "How much would you like your ATM limit to be?"
Me: "500"
Them: "Done."
Sometimes all ya gotta do is ask.
Posted on 9/7/11 at 11:04 am to LSUtoOmaha
quote:
Alright. The problem is it's with Capital One and they gave me some bullshite "timetable" for upping my limit. The lady on customer service said that "if i pay my next seven billing cycles on time, i'll get my limit upped to $750."
Once you have had the card for 90 days (3 billings cycles) give them a call again and ask.
Posted on 9/7/11 at 1:09 pm to LSUtoOmaha
quote:
platinum ... worst card there is
I love marketing departments
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