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Found 2 results

  1. I believe I have not mastered what is hard for newbies and that is the knack of knowing when statements cut and what they report to the CRA's. I recently got a secured card with a $500 limit. I charged two gas trips on it which totaled $72 and the statement for that period was $36, due on November 24th. I paid in full 2 weeks before. On my credit report it states i paid $10 which was the minimum payment and my balance was $36. My score has not gone up at all in the last month, even though this is my first open account in a long time. Is there a reason for this?
  2. I'm pretty new to the credit card game, so bear with me please.... I have a new USAA AmEx (5k limit) and USAA World MC (6k), as well as a new NFCU Visa Sig card (17.5k). All of these are currently in their first billing period - no statements have cut yet. I've been using the AmEx as a daily driver - groceries and gas (2x points) as well as daily dining out, and then every 3 or 4 days transferring enough funds into my USAA checking acct to cover the balance. When the time comes to pay it I'll use the transferred funds to PIF. I understand that AmEx is big on PIF and heavy use, and I want to look good for a CLI in 61 days. The Visa has the highest limit and I plan to use it for "large" purchases (tires, emergencies, etc) that I might prefer to spread over 2 pay checks to avoid overextending cashflow. It'll occasionally mis a PIF by a half amount depending on timing (statement cuts the day I get paid or similar, I'll pay at least half of any major purchase per paycheck) - but I gave myself a ceiling of $1500 on balance so even if it does report it's sub 10% with some cushion, and it's one of the 1-2 cards I'll have to let report anyhow. The World MC is really only for use if I'm resting the AmEx or Visa for a few days prior to statements cutting for balance reporting purposes, such as to keep a pending charge from reporting unexpectedly. I'll pay it off as soon as charges post as I don't really care about CLIs so much on it - if I can get them great but if they disapprove of multiple payments or light use it's really just a filler card for me and the current 6k is more than adequate. My questions are these: 1- I understand that if I let the statement cut on AmEx then they will report the balance. However, I've also read that PIF just before the statement cuts nullifies any points/rewards for that period (if they don't post they don't count for rewards). If so, It seems I have to choose between accruing rewards or preventing the reporting of a balance? Is this the case or have I misunderstood one/both of the above points. 2- Any glaring problems with this overall plan? Keep in mind I'm a total CC noob - these are my first cards other than toy cards in my entire life. I'm still in a rebuilding stage so I'm watching the scores pretty closely while I clear out my last couple of baddies (scores now ranging from 675-700). That being said I'm not looking to app for anything or make any major purchases in the near future so they're more for my own edification and accountability than real world impact. The only significant implication is that I do want to look responsible to AmEx on any softs as I understand they keep an eye in new accounts. I will eventually want another AmEx which will allow me to use C$ for B* (My EQ has about 9 on it and I'm C* due to not knowing about ScoreWatch putting me on the list back when I started out), and the USAA AmEx doesn't offer the service. Thoughts? Advice?

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