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This depends on few circumstances:
1. Is this a change from your normal spending patterns? If so, this may alert your ccc to review your account and may interpret increased spending as a sign of financial problems.
2. Current CL trends of your financial institution. Some banks are cutting back.
3. Some ccc's may report more than 1x monthly, as mentioned by others. And this may not be consistent, almost random.
4. Other balances. If you are showing increased balances on more than 1 account, this may flag you as financially distressed, especially if this is not part of your normal spending patterns.
5. The alignment of the stars, your sign, the weather, nothing at all. Hey, sometimes it just seems that nothing adds up and actions taken by ccc's is a crap shoot.
you also have to see if the card reports more than once a month - I have read around the forums that many cards have reported the balance to the CRAs bi-weekly. I do believe that this was probably a once-in-a-million chance...
I have utilized my credit about 96% and PIF end of month and have not been dinged. I did forget to pay the balance before the statement cut once and got dinged...
This depends on few circumstances:
1. Is this a change from your normal spending patterns? If so, this may alert your ccc to review your account and may interpret increased spending as a sign of financial problems.
2. Current CL trends of your financial institution. Some banks are cutting back.
3. Some ccc's may report more than 1x monthly, as mentioned by others. And this may not be consistent, almost random.
4. Other balances. If you are showing increased balances on more than 1 account, this may flag you as financially distressed, especially if this is not part of your normal spending patterns.
5. The alignment of the stars, your sign, the weather, nothing at all. Hey, sometimes it just seems that nothing adds up and actions taken by ccc's is a crap shoot.
@Anonymous wrote:you also have to see if the card reports more than once a month - I have read around the forums that many cards have reported the balance to the CRAs bi-weekly. I do believe that this was probably a once-in-a-million chance...
I have utilized my credit about 96% and PIF end of month and have not been dinged. I did forget to pay the balance before the statement cut once and got dinged...
Its not just when the statement cuts that you need to know, you also need to know the day they report your balance. I have an HSBC/Orchard card and they do not report when the statement cuts, they report at the end of the month. I made the mistake of PIF'ing the balance before the statement, then a few days after the statement I took my DW out for a nice dinner. That balance from that dinner reported on my CR's. Showed a 30% util that month which hurt my credit score by 21 points from the previous month when it only reported 6%.
You just need to know when your creditor reports.
@Anonymous wrote:
@Anonymous wrote:you also have to see if the card reports more than once a month - I have read around the forums that many cards have reported the balance to the CRAs bi-weekly. I do believe that this was probably a once-in-a-million chance...
I have utilized my credit about 96% and PIF end of month and have not been dinged. I did forget to pay the balance before the statement cut once and got dinged...
Its not just when the statement cuts that you need to know, you also need to know the day they report your balance. I have an HSBC/Orchard card and they do not report when the statement cuts, they report at the end of the month. I made the mistake of PIF'ing the balance before the statement, then a few days after the statement I took my DW out for a nice dinner. That balance from that dinner reported on my CR's. Showed a 30% util that month which hurt my credit score by 21 points from the previous month when it only reported 6%.
You just need to know when your creditor reports.
Pappy, just a follow-up question,
how would I know when they report the balance to the CR's?
I usually pay before the due date (which is one week before the statement cuts)...
Do I call the CCC and find out this information?