Bkfiler-Just Say No

[StaciMM]

To minimum payments. I see your credit card balance recently went from $39 to $24. Don't you know the dangers of only paying the minimum? Now you're gonna pay interest on the $24.

[bkfiler]

lol, sorry honey, you are supposed to carry a balance to get the credit history going and show you can handle the carrying of a balance.

furthermore, i have a 0% APR until august :P

[StaciMM]

Orchard does not report your statement balance. They report your balance as of the end of the calendar month.

[bkfiler]

mine is free money also :P

i should buy my little girl something nice and it will be interest free for many months!

[bkfiler]

Orchard does not report your statement balance. They report your balance as of the end of the calendar month.

that is such a little detail i dont even know what it means lol

nor care anymore haha - im almost debt freeeeeeeeeee

[StaciMM]

Well, she wants a horse so she can be a cowboy.

[bkfiler]

ok, wait, someone else here has a horse they have to give up anyway. i work it out so their horse ran away and ill get it to my little princess

[StaciMM]

Your balance really only matters (in terms of credit score, reporting, etc.) 1 day each month and that is based on which day the creditor reports. For Orchard/Household, they do not report the statement balance (as in the balance on your statement). Instead, they report whatever your balance is on the last day of the month.

Example:

You have a $1000 limit, and your statement closes out on the 5th. You tend to use the account like a debit card-charging during the month until it is maxed out, since using a credit card has purchase protection that a debit card does not. By Jan. 31, your card balance is $975. The beginning of month balance was $25, so interest is neglible. Your payment of $925 posts on Feb. 4, a day ahead of the due date. Your payment is on time, you're in good shape.

Except that on 1/31, your balance of $975 is what gets reported to the bureaus so FICO thinks your card is maxed out. They don't know that you're about to make a payment, or that you don't carry over more than a very minor portion of your balance.

[StaciMM]

You'll need to provide food, etc. for it. And perhaps you can talk our neighbors into letting us rent their backyards-between our own backyard & the one on either side, should be enough room... (You pay the rent, of course...)

ok, wait, someone else here has a horse they have to give up anyway. i work it out so their horse ran away and ill get it to my little princess

[bkfiler]

ok i see what you mean. maybe i should get my payment date changed to mid month then lol. its end of month right now. well no matter to me anyways, im making mins to start with. after that im paying double my min all the time for the rest of my life.

also, ive been working cash for over two years now mostly. i like it. just using the credit card to build credit again. i was going to use the two i already had but one closed on me (bastards lol) and the other i just ended up not wanting to keep due to monthly fees. besides, attorney said he wouldnt sign it no matter how much i paid him lol