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So here's my question to all my fellow myfico members. Does it make a difference to PIF before or after a statement cuts. I've been PIF before it cuts to keep my utilization down to a minimum on most of my cards. Will the CC companies treat you different in reference to CC limits or upgrades if you PIF before? Do they like to see a balance on the statements? Might possibly be a stupid question and I did search the board briefly and didn't find an exact question so if this is a repetitive question, I apologize in advance.
The biggest reason I ask is my wife keeps a rolling balance on her WM card most of the time, its low but its there and she has had the card 3 months longer than me. Her starting limit was lower than mine and myfico score is higher than hers by about 20 points. She just got an increase about a month ago and now received a Discover card upgrade to a 2k limit that popped up when she signed into her account. I have had one increase after 5 months of having the card, finally but only 150.00.
Thanks all again for all your help.
If I'm not worried about utilization, meaning that I'm not apping for anything, then I pay after the statement cuts. For me, it's the only time when this issue plays a role.
Edit: Oh yea, I forgot about something too with Walmart. Not sure how true this is, but I've heard it before. When I paid Walmart in full before the due date, which means that it won't generate a statement, it took forever for me to get my first CLI. It was then that I read that Walmart likes to see actual statements cut in a row (maybe 4???) before they will give you an increase.
As soon as I started doing that...Bam!!...I started getting the increases. Coincidence or not, I'm not sure but that's what happened with me.
Rhaney- That makes total sense giving the situation with both you and my wife. I will try that out. Quite possibly not a coincidence. Thank you for that info.
@Rhaeny wrote:
@sr1019 wrote:. She just got an increase about a month ago and now received a Discover card upgrade to a 2k limit that popped up when she signed into her account. I have had one increase after 5 months of having the card, finally but only 150.00.
Thanks all again for all your help.
If I'm not worried about utilization, meaning that I'm not apping for anything, then I pay after the statement cuts. For me, it's the only time when this issue plays a role.
Edit: Oh yea, I forgot about something too with Walmart. Not sure how true this is, but I've heard it before. When I paid Walmart in full before the due date, which means that it won't generate a statement, it took forever for me to get my first CLI. It was then that I read that Walmart likes to see actual statements cut in a row (maybe 4???) before they will give you an increase.
As soon as I started doing that...Bam!!...I started getting the increases. Coincidence or not, I'm not sure but that's what happened with me.
Good to know.
I clicked the WM love button yesterday and got a "not eligible message"... my 4th statement cuts on the 28th so I'm thinking I pulled the trigger too soon. I've had a balance every month due to a 0% deal and just paid it off.
I always pay my statements after they cut... I'm gardening so as you said I don't see the point of paying before.
I'm hoping to see some WM CLI's and/or a Discover upgrade at some point.
This issue was discussed at some length last week.
For scoring purposes, having all cards report $0 save for one is regarded as optimal.
Whether balances report as $0 or not, other creditors will know how much you spent on the card, and in our discussion, we touched on this point in detail.
Beyond that, there is the issue of whether paying after the statement date is more likely to get you a CLI. I don't know the answer, but it's possible that a creditor has an internal model that indicates paying later means you're closer to carrying a balance and paying interest, and thus they may be inclined to grant you a CLI.
http://ficoforums.myfico.com/t5/Credit-Cards/NoNonsense-Simulation/td-p/2836031