Hello, I'm a newbie, read the FAQ's, read bunch of messages here and there from day to day, and haven't found most of my answers to my questions. So I would appreciate it if anybody can answer them. Here are my questions: 1. If I were to use a massive utilization on my credit card (hint: my first statement, I racked up about 83%, about $413 out of $500 credit line), and pay it all off (which I did, actually paid $420) would it be a bad or a good thing? I know that I should keep the utilization low on credit cards (from reading past posts here), but that won't happen anytime soon. Just assume that I will continue to dish out charing punishments to my credit card, and pay it all off, fully before due date (yes, I do have the available money to pay all that I charged on my credit card, so I won't be in debt). 2. Revolving balances - I understand that this is a balance that is carried from montly statement one right after another. Although on my credit cards, there's the minimum payment. Of course, making minimum payments avoid fees right? My minimum is about $15, so the rest, so take for example, my $413 I racked up, pay about $15 out of $413 = $398 would be my revolving balance. But would that make me look bad and credit scores go down since I only paid partial? The reason behind this question is the freaking credit cards I have have this cash back rebate stuff, saying that I need to have a revolving balance to earn the cash back rebates. I only wanted to know if it's worth it and not risking damaging my theoretically (and supposedly) good credit scores. I'm off to a good start here, able to pay any charged credits to my credit card and being able to pay it off fully before the due date. Just wondering if paying partial and having a revolving balance would screw me over in the credit scores department. Looking at most of these cash back rebates credit cards, they all ask for a revolving balance in order to collect the percentage rebates. So question #2 is crucial to my knowledge. I haven't done a credit report pull yet, as I have had my credit cards for barely a month now, as it's kind of worthless to know. I already paid off 2 of my credit card balances, so I should be off to a good start. Trying to reach a good credit history so that I can get my hands on that shiny American Express Blue Cash 5% rebate credit card. =)
Thanks for the reply daveberk. At first, I thought all you did was quote my message and hit send. But looking closer, you actually replied within the quoted block. I don't know if you know how to manually edit the block quotes, as that would be beneficial for others to read your reply with ease. As for the low utilization tip, thanks, will do that. Citi Bank's Account Online website has been updated, and now I can see when my next billing date is due, so I can handle this more efficiently. 2nd time is the charm. When the time nearly strikes, will pay it straight down to zero balance. But doesn't 0% utilization makes me look like I'm not using my credit card at all? I guess I was right when I told the customer support lady why should I run a balance from statement to statement to just get cash back but would negate the reward by running up interest on the carried balance. Stupid idea for people who actually wants the cash back rebate and when I can pay everything in full and not earn a cent on it. At least my ExxonMobil credit card is straight forward with their 3% cash back on the gas. I actually earn the rebates when I pay in full, without the need to have a revolving balance. You mentioned that there are a lot of other credit card rewards out there. Is there a good spot to start looking other than creditit.com's home page with all those credit card links. I don't got the time to check it out now, but will soon later in the day, gotta get me some sleep and then wake up to get to work. Was wondering if there was an outside link to another website dedicating to a bunch of cash back rewards without the need of revolving balance. For sure, ExxonMobil gas credit card from Citi Bank is taken, as that was one of my credit card with cash back reward. Thanks again for your input.
