Rebuilding Credit: Unsecured Card

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Strummin365
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Rebuilding Credit: Unsecured Card

Postby Strummin365 » Thu Mar 14, 2013 11:39 am

I have a CapitalOne unsecured credit card which I am using as a tool to rebuild my credit. It started off as $201 limit, and they recently increased it to $301. I use it for gas and food and pay it off every 2 weeks when I get paid. The balance rarely goes past 50%. Should I record the money I spend on this card as an expense in my Budget Calendar? Because I'm essentially replenishing my own money of my original investment.

stannius
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Re: Rebuilding Credit: Unsecured Card

Postby stannius » Thu Mar 14, 2013 4:43 pm

Not sure what your "budget calendar" is. But:

The money securing the card is an asset. It has a fixed value.

You have one of two choices for the money you spend using the card. You can either track each individual purchase (gas, food, etc) as an expense, and then the payoff of the card as a transfer. Or you can simply track the payoff as a single expense.

Tightwad
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Re: Rebuilding Credit: Unsecured Card

Postby Tightwad » Thu Mar 14, 2013 5:52 pm

stannius wrote:Not sure what your "budget calendar" is. But:

The money securing the card is an asset. It has a fixed value.

You have one of two choices for the money you spend using the card. You can either track each individual purchase (gas, food, etc) as an expense, and then the payoff of the card as a transfer. Or you can simply track the payoff as a single expense.

Yep. Probably easier to track as a single expense.


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