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Regular Contributor
Posts: 134
Registered: ‎07-07-2011
0

A Utilization question

[ Edited ]

Heres the scenario.

Credit card with a 1200 limit

I charge 75.00 this month (under 7%)

Bill is due on the 29th, however no payment is now due.

 

Do I pay it off say on the 25th?

 

Or do I pay it off on the 30th, and charge 75.00 again during the next month and repeat the process.

 

Goal is to get FICO up, as well as a decent CLI in 6 months.

 

Thanks in advace~


12/28 EX 745( FAKO)
12/28 DCU 742 FICO
12/28 WM TU 796 FICO
Walmart Discover 15k |CSP 14.4k | Penfed Cash Rewards 9k |DCU 7.5k | Chase Freedom 8k | FNFG 5k | Discover 6.4k| BOA 4k | BCE 3k


Established Contributor
Posts: 1,040
Registered: ‎02-27-2012
0

Re: A Utilization question

You won't see a big difference in FICO score once you get your utilization under 10%

 

But if there is no "amount due" for the 29th, Id just make sure the balance is down on the statement cut date. If the cut date is the 1st, then make sure your payment has been posted on the 1st.

AMEX: $0/$25,000, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$14,000, Citi Dividend: $0/$3500

EQ FICO - 728
TU FICO - 743
EX FICO(AMEX) - 712
Regular Contributor
Posts: 134
Registered: ‎07-07-2011
0

Re: A Utilization question


SwiftTone wrote:

You won't see a big difference in FICO score once you get your utilization under 10%

 

But if there is no "amount due" for the 29th, Id just make sure the balance is down on the statement cut date. If the cut date is the 1st, then make sure your payment has been posted on the 1st.


Thanks for the reply..

 

I must have misunderstood utilization, I thought to bring the FICO score up you need one card at zero balance, and at least 1 card @ 7% or less utilization, as well as make the issuer of the card happy for a future CLI.

 

Please excuse my ignorance, please explain "cut date"?

 

Thanks~

 


12/28 EX 745( FAKO)
12/28 DCU 742 FICO
12/28 WM TU 796 FICO
Walmart Discover 15k |CSP 14.4k | Penfed Cash Rewards 9k |DCU 7.5k | Chase Freedom 8k | FNFG 5k | Discover 6.4k| BOA 4k | BCE 3k


Established Contributor
Posts: 1,040
Registered: ‎02-27-2012
0

Re: A Utilization question

You're right. Let all but one report a $0 balance. And the one that does report, keep the utilization under 10% for the card and overall credit lines. So in your case, you can let the Discover report $100 balance, and your utilization would be 8% on the Discover and 5% overall.

 

Your statement cut date is when your billing cycle ends. If your due date is the 29th, your statement cycle is probably from the 3rd of the month to the 2nd of the next month. It will show this on your statement near the top.

AMEX: $0/$25,000, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$14,000, Citi Dividend: $0/$3500

EQ FICO - 728
TU FICO - 743
EX FICO(AMEX) - 712
Regular Contributor
Posts: 134
Registered: ‎07-07-2011
0

Re: A Utilization question

[ Edited ]

 


SwiftTone wrote:

You're right. Let all but one report a $0 balance. And the one that does report, keep the utilization under 10% for the card and overall credit lines. So in your case, you can let the Discover report $100 balance, and your utilization would be 8% on the Discover and 5% overall.

 

Your statement cut date is when your billing cycle ends. If your due date is the 29th, your statement cycle is probably from the 3rd of the month to the 2nd of the next month. It will show this on your statement near the top.


Thanks, now I understand!


12/28 EX 745( FAKO)
12/28 DCU 742 FICO
12/28 WM TU 796 FICO
Walmart Discover 15k |CSP 14.4k | Penfed Cash Rewards 9k |DCU 7.5k | Chase Freedom 8k | FNFG 5k | Discover 6.4k| BOA 4k | BCE 3k


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