Well, after a few months here on the forum I think I’m finally ready to go out on my own and really see if I can build my score back to a reasonable level. I wanna thank everyone who assisted me with great advice, and thanks to your help I’ve already improved things greatly (I’ve cleaned up my report and gotten approved for two credit cards with over a $ 1,000 on each card)! Quite the accomplishment! So I’m sure I’ll be poking my head in now and again with more questions here and there, but I had just a few final questions regarding how to handle these cards moving forward.
1) Let’s say I have instances here and there where I need to lean on my cards for one reason or another, and my utilization is up around 50-60% (twice the ideal limit for scoring). Let’s say it stays that way for a few months, but I always pay my bill on time and never miss a payment or am late. What will that do to my score? I know I won’t get as good of a bump as 10% utilization, but I’m hoping it won’t hurt the score or bring it down.
2) I’m still not real clear on hot to report what’s on my card. What I mean is, I’ve heard people say they allow a certain percentage to “report” or pay off the balance before it “cuts.” Does that mean I need to find out when my credit card statement is generated (IE: when I’d be charged interest on my balance) and pay it before that? Or should I let some of it drift past that and just pay a little interest, just so it shows activity and that I’m using 10% of the card? This I’m still a bit miffed about.