Ok I didn’t know where to post this question so here goes.
I read on how to build your credit somewhere that you want to have a low utilization i.e. you don’t want to spend more than 30% of your available credit, with that being said I was wondering does that count on just the balance? (That’s what I’m thinking) or your spending for the month?

Because what I have been doing is making a payment with a card and paying it that Friday every week online clearing the balance, so I never actually hit my 30% but since the cl are low I can only charge a few hundred dollars. SO my question is does it retain to the amount i spend or the balance I carry? Thanks!

Is this what you are talking about? Let me know if it isnt
https://www.financeglobe.com/SocialNet/forum/showthread.php?t=567&highlight=utilization

or

https://www.financeglobe.com/SocialNet/forum/showthread.php?t=653&highlight=utilization

Hope this helps!

I'd prefer to pay in full before the statement cuts rather than carrying a balance. It helps your score a little bit more because it reduces the quantity of accounts that have a balance.

Also, I would stay away from American Express especially right now because they are just kicking their customers out to survive the recession and to protect themselves from losses.

ahh ok.. so as long as im paying almost all the balance I should see my credit cards sore correct? im trying to get an amex blue with cash back !
and the new Expedia MasterCard... the benfitis are so good I can not wait!

Relidtm, you can max out the card if you want to as long as you know when your statement cuts because that's when your balance gets reported to the reporting agencies for that month. Just make sure to pay it off before the statement cuts so you won't have a large balance showing up on your credit report.

However, HSBC reports the balance that you have on the last day of the month. For example, my statement balance will show $29.00 but if my balance on November 30 is $59.00, then they will report the $59.00 balance to credit reporting agencies. Other creditors report the statement balance but HSBC works differently.

Ok I didn’t know where to post this question so here goes.
I read on how to build your credit somewhere that you want to have a low utilization i.e. you don’t want to spend more than 30% of your available credit, with that being said I was wondering does that count on just the balance? (That’s what I’m thinking) or your spending for the month?

Because what I have been doing is making a payment with a card and paying it that Friday every week online clearing the balance, so I never actually hit my 30% but since the cl are low I can only charge a few hundred dollars. SO my question is does it retain to the amount i spend or the balance I carry? Thanks!

If that's what it takes then go for it!

I bit my tongue and blew it off, but I still want to call back and talk to a manager, and close my account. But I wont for right now, Ill wait acouple months and sock this card, and then they can stick it where the sun doesnt shine

Leo, I would call back and ask for a manager and file a complaint about the rep who didn't use proper verbal skills to communicate with you. Never gives up hope, call again and you have a good chance of talking to a rep who will waive your AF and close your account which will lead them to refunding your deposit. I never stop calling a lender until I get what I want.

Closing your account Orchard Bank secured card now wasn't part of the plan, though.

Smart move!

One question, do you have to put it in writing when you want to close a secured card? I have heard that some do. He (the rep) must not realize that his attitude toward you was unethical, and if it was not because of customers like you and I, he would not have a job there.

Thank you again Hjm! I just called orchard banks back door number, I asked about releasing my funds which he said he wouldnt do and that as of this month there not letting them do, but the guy was rude and almost had an amused attitude toward me that it was funny I was asking for an increase to my secured card and my funds released, He said he had to do an inquiry and review it to decide to give me one. After talking to him I really want to just close my card, im taking deep breaths trying hard not to call back to close it, my card never had an annual fee, but all of a sudden he said they decided to impose one on me!!!!!! He said all hsbc secured cards will now have annual fees and they added $35 charge! I pay my balance in full every month which he aknowledged. As far as the Amex goes I think i will wait a little bit before calling, im a little angry and do not want that aggression to go toward the next person I talk to, but i will keep you posted! Thank you again.

Leo, I would call AMEX and ask them if they can convert the Green card to a AMEX Blue or AMEX Clear. The reason for this is because the AMEX Green card is a charge card without a pre-set limit. Cards without a pre-set limit don't report a credit line to your report every month and when you use your card and carry a balance and don't pay it off before your statement cuts, your account will look maxed out which will hurt your score ESPECIALLY when you are building/rebuilding credit.

Second, let your Hooters account age. Having too many new accounts and inquiries hurt your score but only for a specific amount of time. You can build/rebuild credit without adding new accounts to your reports so there's no way around it. Don't worry about your scores dropping right now because they will increase in 6 months and the more consistent you stay with your on-time payments, the higher your scores will increase.

Also, don't send in any more money to Orchard. Keep things the way they are. I have learned from my experience that history is a lot more important than your credit limit. Wait 6 months, apply for the BOA secured card, just deposit the minimum $300 to open your account. I'm not really an advocate of adding money to a secured card because a bank can always step-in and say that they don't have to refund your money at the time of unsecuring the account. BOA will grow with you and increase your CL with a couple years so don't worry about your credit line. The most thing right now is building history on your report and that's what you need to focus on right now. So stop applying for credit cards, keep your balances now, make your payments on-time and everything will be fine.

By the way, if you keep your BOA account in good standing, BOA will unsecure your account and give you an increase in about 9 months.

Wow, Thank you so much for your help everyone!! sounds like a plan! i will stick to it! I also currently have the American Express Green Card and I was approved for the Hooters Card so its coming as well dont forget about those, plus I dont remember if I mentioned but I had a first premier card for 3 years with no late payments and then I closed that sick of paying fee's. Is it better if I have a higher secured limit? Should i send in more money to orchard? or should I just wait and send in $1000 to BOA? I was wondering since it probably looks funny if I have my card that started with $500 and two years later its the same amount.

Thank you again for your advice everyone it helps alot!

Alright Leo, here's the game plan. Don't close your Orchard Bank secured card just yet. You're going to need it when you apply for the BOA secured card. You're going to need it because it is your oldest account. You're going to have to wait 6 months before you apply for the BOA secured card so your second oldest card (Best Buy MC) will have reported a year of history on your credit report and your new accounts will have a little bit of age. BOA doesn't like new accounts and inquiries in a short period of time. You're also going to need to put up $300 for the BOA secured card.

Here's a summary of what I just said:
1. Wait 6 months until your accounts age
2. In the meantime, save up $300 for the BOA secured card
3. Once your Best Buy Mastercard is a year old on your report, apply for the BOA secured card.
4. If you're approved for the Bank of America secured card and have the card in your possession, call Orchard, close the account, and ask them to refund your deposit.
5. Watch your scores grow over time.

keep the card open for at least two years because a credit card biggest impact on your credit is the first two years and the the impact levels evens with your payment history. orchard is known not to grow with you with their rebuilder cards but they do have other cards above those that will at least give you somewhat of a decent limit and you probably have to close the rebuilder and apply for their non rebuilder cards. so just build yourself up so good payment history and try not to apply for too many cards and be patient and everything will come into play for you.

Hey _Leo_, I understand how it feels to want to get rid of Orchard. I can't wait to do so myself. What HJM331 mentioned above is really important and should be read carefully. Right now, depending on how long you had Orchard is whats really weighing in on your cr. If you are not able to transform over to tier one cards, I would say hold off first before closing. When rebuilding, sometimes we have to stick with the card that we applied for because those cards are tied into our scores and history.

I am in the same boat myself, Orchard is my first card re-builder and even though they are pissing me off with limits and disrespecting my cl pride, they are the one who opened door for the others. When I leave Orchard, I am saying good bye to all of my cards that are suprimed for every new primed card that I get.

When it comes to AU, I am not sure if you read stories on them, but at first the new FICO scoring systems was not going to recognize them and banks were targeting to drop them from the main cardholders accounts. Then we started to hear that they were not going to do so, but at the same time, when creditors pull your report, they will see that your are not the actual card holder, you are just piggybacking on someone else. Try to focus on what you have and build on your own, it is much better for you in the future.