Jump to content

AZERO but ONE - Credit Card Utilization Ratio Strategy


Recommended Posts

On a side note, when I let $5 report on one card I was not charged any interest either. Just thought I'd throw that into this conversation.

That's true. Letting the balance report is fine as long as you pay that balance off before the payment due date. Generally you have about 20 days from statement date to payment due date during which you can pay the balance off without interest.


Sent from my iPad using Tapatalk
Link to post
Share on other sites

I am letting a balance report from the cards that report the current balance a few days after the statement closing date. With this strategy, I am letting a garbage CapOne secured card report a $2 balance after I have paid off the statement balance.  I simply place a random charge on the card after my statement balance is PIF, then pay off that small charge, minus $2, just before that floating current balance is issued to the bureaus. 

 

I do have a Discover and BOA card, but I know they report the balance on the closing date.

 

Store charge cards like Amazon, Google Store, Target, etc. are not considered in this equation, correct?

Edited by credithoarder
Link to post
Share on other sites
I am letting a balance report from the cards that report the current balance a few days after the statement closing date. With this strategy, I am letting a garbage CapOne secured card report a $2 balance after I have paid off the statement balance.  I simply place a random charge on the card after my statement balance is PIF, then pay off that small charge, minus $2, just before that floating current balance is issued to the bureaus. 
 
I do have a Discover and BOA card, but I know they report the balance on the closing date.
 
Store charge cards like Amazon, Google Store, Target, etc. are not considered in this equation, correct?

Capital One might actually report a few days after statement date, but they certainly do report the balance as of the statement date when they do report.

I'm not sure what you are trying to do, but you are going to make a mess of everything. Just pay everything off on every card you own except one a couple of days before the statement date. One the one remaining card, pay everything off except $2 or $3 before statement date and then stop using the card for a few days until you can see the new statement.

You are making this much more complicated than it needs to be.


Sent from my iPad using Tapatalk
Link to post
Share on other sites
On 10/21/2021 at 6:02 PM, PotO said:


I'm not sure what you are trying to do, but you are going to make a mess of everything. Just pay everything off on every card you own except one a couple of days before the statement date. One the one remaining card, pay everything off except $2 or $3 before statement date and then stop using the card for a few days until you can see the new statement.

You are making this much more complicated than it needs to be.


Sent from my iPad using Tapatalk

 

 

 

By statement date, you are referring to the closing date, correct? The last billing cycle screwed me up as I had a couple pending charges that took way longer than usual to post. After paying off the balance, it posted right before the lender reported it to the bureau. Thereby, not allowing enough time for any payment I made to clear and post.

Link to post
Share on other sites
 
 
 
By statement date, you are referring to the closing date, correct? The last billing cycle screwed me up as I had a couple pending charges that took way longer than usual to post. After paying off the balance, it posted right before the lender reported it to the bureau. Thereby, not allowing enough time for any payment I made to clear and post.

You could have made a BillPay to hit your account before statement date.

There is always a way to get one card only to report a $2 balance. You can pre-pay your accounts. You can have one card make a $2 purchase several days before statement date.

By statement date I mean the date that your statement is issued. I think closing day is the same.


Sent from my iPad using Tapatalk
Link to post
Share on other sites

You could have made a BillPay to hit your account before statement date.

There is always a way to get one card only to report a $2 balance. You can pre-pay your accounts. You can have one card make a $2 purchase several days before statement date.

By statement date I mean the date that your statement is issued. I think closing day is the same.


Sent from my iPad using Tapatalk
I managed to pay down the statement balance on my CapOne card before their 8 PM ET payment cutoff time, to show $2 on my statement balance.

What screwed me up was a pending charge that took forever to post. Unlike other lenders like BOA, I could not make a payment above the posted balance. Next time I'll make sure to not use this card for anything else other than placing a $2 charge on it.

Sent from my SM-G998U using Tapatalk

Link to post
Share on other sites
18 hours ago, credithoarder said:

I managed to pay down the statement balance on my CapOne card before their 8 PM ET payment cutoff time, to show $2 on my statement balance.

What screwed me up was a pending charge that took forever to post. Unlike other lenders like BOA, I could not make a payment above the posted balance. Next time I'll make sure to not use this card for anything else other than placing a $2 charge on it.

Sent from my SM-G998U using Tapatalk
 

You need to adjust the time interval between using your credit card and the statement deadline cut-off date. This is important for you to use AZEO’s $2 skill strategy. 

Link to post
Share on other sites
I managed to pay down the statement balance on my CapOne card before their 8 PM ET payment cutoff time, to show $2 on my statement balance.

What screwed me up was a pending charge that took forever to post. Unlike other lenders like BOA, I could not make a payment above the posted balance. Next time I'll make sure to not use this card for anything else other than placing a $2 charge on it.

Sent from my SM-G998U using Tapatalk


Why would anybody wait until right before cutoff time? That's a recipe for disaster, especially with the $2 trick.

With CapOne there are two ways to pay right from the CapOne eBanking platform. One is to make a payment from your credit card page. As you stated, however, it will not let you make a payment unless you have a posted balance. The second way s to go to your bank account page and click "Pay Bills". This takes you to the BillPay function and you can pay whatever you want on your CapOne credit card. It may take a couple of business days to post.


Sent from my iPad using Tapatalk
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Similar Content

    • By Menta33
      I've got Citi AA Miles card from 2019 still with same credit limit I opened with.  Denied again for CLI, reason given was:
       
       
      However, I wonder if that is the full story since they have BK loss with me that is off my credit reports now?  Are they obligated to cite that in their reasons if part of their decision making process?
       
      My inquiries on Equifax they referred to:
       
      Feb 17, 2021 PENTAGON FCU (Denied CLI, max exposure) Feb 17, 2021 DIGITAL FEDERAL CREDIT UN (Denied card) Dec 29, 2020 CORELOGIC CREDCO CORELOGIC for BACHOMELOANSECOMMDMA (Mortgage approved) Apr 20, 2020 CREDCO/QUICKEN CREDCO/QUICKEN for QUICKEN LOANS INC Mar 07, 2020 PENTAGON FCU (Approved CLI) Mar 07, 2020 DIGITAL FEDERAL CREDIT UN (Denied card) Feb 24, 2020 CITIBANK NA CITIBANK NA (Prior Citi CLI that was denied)  
      Experian FICO: 827 (From Wells Fargo Bank)
      TransUnion FICO: 824 (From Barclays Bank)
      Equifax FICO: 770 (From DCU older version of score)
       
      Thoughts?
    • By Missash43
      I missed a payment for a federal student loan and about a week and a half ago, it hit 7 years. Isn't it supposed to just fall off? When will that actually happen? Do I have to do something to make it fall off?
       
      Thanks for your help!
       
    • By racer7949
      I recently received a "score" in a letter from a financial institution. The letter revealed that the data was Equifax, but made no mention of the model, just that "Scores range from a low of 501 to a high of 990." That's an awfully high top end, could this be Vantage 4?
       
      Of the five adverse factors listed, three were of the dunning "How dare you use your credit cards!" type, including the fact that I have too many of them. Then I got "No real estate accounts with a valid credit amount." No I don't have a mortgage; I busted my hump for 35 years to own my home free and clear and now it's a negative on my credit score. Lovely.
       
      Then came the dreaded, infamous, Too Many Inquiries! factor; but look how they have juiced it up to sound less negative: "Number of inquiries was also a factor, but the effect was not significant."
       
      BTW, I had one 14 month old inquiry.
    • By silentjc
      Finally posting on this forum after gawking for a while. 🙂
       
      I've been working on my credit repair the last couple of years and am kind of at that point where I'm not sure if there is anything else I can do but wait it out.
       
      Had a medical issue back in 2016 / 17 which contributed to somewhere around 12 account charge-offs and a car repossession. Over the past year and a half, I've been aggressively paying the accounts off (all are at zero balance, settled), disputed as many as I could (several fell off, am doing another round this month), opened five rebuilder / secured / sub prime cards starting two years ago (Citi Secured, Self Secured, Cap 1 Secured, Cap 1 Unsecured, Credit One Unsecured), did the Self Lending self loan (like 6 months left on that one), Experian Boost, have had a high interest car loan the last two years, am about to replace it with a newer car loan at a lower rate, and obviously keep cards paid off every month and paid on time (*accidentally had a 30 day late when I was changing banks and forgot to update the account that was on autopay). 
       
      Looks like stuff starts aging off in 2023 and 2025. Scores went from the low 500s to 696 Trans, 712 Equifax, 625 Experian.
       
      The problem I'm having is that even with everything settled, zero balances, and "good" scores," I'm still in purgatory when it comes to getting an actual decent points card. Capital One gave me an unsecured one a few months ago, but it's a $300 limit on a non rewards card. And since I already have two cards with them (one which is my oldest card now), even though their my "best bet" in the nearterm for a better card, i'm at their card limit. 
       
      Goal Cards in the future are Chase Sapphire, AMEX Blue, AMEX Gold, and Citi Premier. 
       
      Current plan is to just keep sending dispute rounds every few months, keep balances at zero, not apply for anything new at least until early 2022. 
       
      Is there anything I'm missing? Anything I can do sooner to help compensate for the scars from the past on my credit report?
    • By Wildchilde36
      I ran across a post I found interesting.  The poster was inquiring about paying off all his bills except mortgage wondering about it lowering his score.  I am curious how that worked for the original poster and all your thoughts.  I am aware paying off credit cards will do nothing so your score but possibly raise it but what about the loans?  Most referred to the cards in the comments and not the loans being paid off.  
      Before I had learned that you had to have credit cards I thought paying your loans and paying them off was a good thing but when I had tanked our score (68 points) by paying off a loan early I quickly learned the difference.  Said loa was a 3 year 20K loan, paid it off in a year and a half and crap went down the tubes.  
      I am in a position now to be able to pay a loan off but have just let it run (2%) so it's not costing me much but I don't want to tank my score again.  Simular situation but on a toy where before was just a personal loan.  Does the loan type make a difference?  
      Here is the link to the thread I am referring to.  I appreciate all reply's.  
       



  • Member Statistics

    • Total Members
      183,028
    • Most Online
      2,046

    Newest Member
    dallas21
    Joined
×
×
  • Create New...

Important Information

Guidelines