Yipppy I Got Approved

Just got approved from Orchard Bank for a $500 CL and no up-front fee but the $39 annual fee.

Chose the Coastline card.

Don't plan on using it much but it will come in handy to pay off some medical bills for which I'll get reimbursed from my FSA account. Then I can avoid finance charges probably by the time I get reimbursed and use that reimbursement money to pay the CC bill!

 

Yeah.

My plan is to use it to pay some medical bills that I will get reimbursed for after submitting to my insurance. I'll use that money to then pay off the credit card each month.

Might use it for groceries and pay that as soon as the statement is available.

I wonder, though, would it be good to leave a bit of a balance on there for a month or two? Say, 10-15% and then keep it PIF after that?

 

All that will really do is cost you more money, even thought you PIF each month, the previous months balance shows on your CR, I used my AMEX and paid everything on it and then PIF each month, I had to show that with my mortgage co. because it shows as a balance on your report.......of course Orchand will love you as a customer if you carry a balance.....that's how they make money.

 

On the same token as the above post I wrote...with a $500 cl, using just $250 will bring your utilization to 50%.......so be careful, like I mentioned, the balance from the month before is what reports so even if you pay in full a charge of $400, you'll be at 90% utilization.........

 

Wouldn't that just show as High Balance and the current balance is what would be reported?

Oh, I think I see what you're saying.

If I let the statement state hit before sending payment, the amount due will be the balance so I have to be sure to keep that low.

I definitely plan on doing that. It may hit $250 the first month but it will be no more than $50-60/mo. after that.