Credit utilization when applying for credit card

[Anonymous]

Thinking about applying for a credit card and I was wondering do I pay my balances off before applying my friend told me that having your credit utilization in the 30 to 33 percent range gives you the highest score but that would make my balance around  7000. My balance is currently 3500.

[Anonymous]

to maximize your chances, would want utilization >10%

[haulingthescoreup]

Your friend is seriously wrong.

The lower the better. Not $0, though, strangely enough.

Pay them off before the statements post, or they'll report what you owed at statement time. Then allow time for each one to update to the credit bureaus, or else your old balances will still be displaying.

[clocktick]

The general consensus is LESS than 10%, 9% or lower.

[haulingthescoreup]

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@Anonymous wrote:

to maximize your chances, would want utilization >10%

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Typo? Best would be <10% (less than 10%).

[ibmrad7]

I have a question here. If my monthly payment is due every 13th of the month (CAP ONE), how soon would they update the balance to Credit Bureau?

[Anonymous]

lol yes my bad, giving bad advice.. you want less than 10 percent but more than 0.

[Anonymous]

it will update when the statement hits.  so little trick is to pay all but a few bucks before that date!

[ibmrad7]

Sorry this sound like a dumb question but how to find out when exactly a particular bank or CCC reports to Crefit Bureau?

Is it few days after your Due Payment Date?

[Anonymous]

all are different, some wont even report monthly.. some skip a month.  its kind of on their time.  I have capital one and them in particular update mine a day or 2 after my statement date of the 12th.