Wow, thanks NoSoup ! You're the man. I've read a lot of your posts in my searches and was hoping you might stumble along
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Basically, the credit reporting agencies take a "snapshot" of your current situation. That means that if they happen to take that "snapshot" on that particular day, it would look as if you were up to 70% of the limit. Keep in mind, however, that the highest amount you have ever charged up is kept track of, and will affect your credit rating.
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So even if they don't happen to take a snapshot at that time, they would know i hit 70% and it would hurt my score regardless, right?
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Well, it is true that whenever you apply for credit (basically, an inquiry) it will damage your score. However, when you check your score for yourself, it typically won't damage it at all, as it is not considered to be an application for credit. I have only had experience ordering credit directly from the credit reporting agencies, though, so I would check with Capital One and see if it will look like an inquiry or not. If it does, it may potentially damage your score.
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So when I order a credit report from say, one of the online credit reports, or order one from Equifax or whatnot- it doesn't hurt my score? I thought ANY inquiry into your credit, including your own, dinged it.
So now ..
Should I try and use as much of the credit as possible, up to that 50%? I plan on paying off my balance completely each month so I don't have to worry about interest. But that also means I'm not going to ever get near that 50% mark, especially on the $5,000 card.
Does an EXCESS of credit hurt? For example, i estimate maybe a regular usage right now of about $500 per month on credit- much much less than the $2,500 50% "sweet spot". Would it help build my credit if say, I paid all my bills on credit (as opposed to checks/debit), used my credit card instead of cash for movies, groceries, etc. In order to try and get as close to that $2,500 spot every month? I wouldn't spend more than I was normally spending- just using credit at every opportunity instead of cash.
Right now my mother pays bills out of checks in her checking account, I could volunteer to pay the bills with my credit and have her pay off the credit bill instead.
oh, and does it matter if you have sporactic charges? i mean if you don't regularly maintain a 40% balance. for example, one month you use almost no credit, 5%. next month, 50%. next month, 25%, then back up to 40%, then 2% again. just wondering how close an eye i should keep on my credit.