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Does it matter how much I charge as long as I pay it a bit down before statement?

SOLVED
Established Contributor

Re: Does it matter how much I charge as long as I pay it a bit down before statement?


favor4me2 wrote:
Hi Pappy, I have 2 Orchard cards, One of them a secured card I paid off and closed last month and the other one I paid down before the end of the month. Does Orchard report to all three of the CRA at the end of the month?

 

They do for my secured card. Now I make sure I have a zero balance when the statement cuts and a zero balance by the end of the month. That way no fees, and no balance reports. Smiley Wink 
____________________________________________________

"Evacuate, in our moment of triumph? I think you overestimate their chances."
Message 11 of 18
Established Contributor

Re: Does it matter how much I charge as long as I pay it a bit down before statement?


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?


I asked here on the forums, and also I tested by PIF'ing before my statement so it showed a zero balance and then a week later charged like 5 bucks at McDonalds. I watched my reports and sure enough $5 reported the next month.

 

I always though it would be helpful to have a thread (at the top like we have for back door numbers) on what days certain companies report. It would be helpful to know since some report the statement balance and some report the end of month balance.  

____________________________________________________

"Evacuate, in our moment of triumph? I think you overestimate their chances."
Message 12 of 18
Contributor

Re: Does it matter how much I charge as long as I pay it a bit down before statement?


Pappy214 wrote:

favor4me2 wrote:
Hi Pappy, I have 2 Orchard cards, One of them a secured card I paid off and closed last month and the other one I paid down before the end of the month. Does Orchard report to all three of the CRA at the end of the month?

 

They do for my secured card. Now I make sure I have a zero balance when the statement cuts and a zero balance by the end of the month. That way no fees, and no balance reports. Smiley Wink 

 

Why would you wanna do that, Pappy? Isnt it not showing any balance report = not using the card (to them and CRAs) = not showing that you can manage your debt?
-----------------------------------------------------
FICO pulled by loan officer on 8/3/2009
EQ: 724
EX: 740
TU: 742
Message 13 of 18
Regular Contributor

Re: Does it matter how much I charge as long as I pay it a bit down before statement?


Eiso wrote:

Pappy214 wrote:

favor4me2 wrote:
Hi Pappy, I have 2 Orchard cards, One of them a secured card I paid off and closed last month and the other one I paid down before the end of the month. Does Orchard report to all three of the CRA at the end of the month?

 

They do for my secured card. Now I make sure I have a zero balance when the statement cuts and a zero balance by the end of the month. That way no fees, and no balance reports. Smiley Wink 

 

Why would you wanna do that, Pappy? Isnt it not showing any balance report = not using the card (to them and CRAs) = not showing that you can manage your debt?

 

Eiso,

 

I think for a secured card, the total CL doesnt show when it reports, only shows the balance on the card as the CL.... therefore, shows the Util of that card to be at 100% (maxed out)

 

I hope what I state is correct.

Message 14 of 18
Regular Contributor

Re: Does it matter how much I charge as long as I pay it a bit down before statement?

Actually mine did report the limit.

Message 15 of 18
Established Contributor

Re: Does it matter how much I charge as long as I pay it a bit down before statement?

Eiso, no, you are mistaken. The CCC's and even FICO know you used the card.  It is only if you have no CC's/ Auto Loans/ Mortgages reporting that it hurts. My auto loan reports every month, so I try to only let one of my CC's report a tiny balance.

 

For example, if you have 5 open trade lines, you only want 2 of them to report a balance. If you have a car loan and 4 CC's, the car loan reports and you should only let 1 CC report. Say however, your TL's are all CC's, you should still only let two show a balance, and that total balance should (for maximum scoring) be under 10 percent of your total available credit.  

 

By the way, if you look closely at your credit reports, it shows the last time you made a payment on that account, so even with a 0 balance reporting a lender can still see that card is active and being used. Smiley Wink

 

 

Oh and both of my secured cards show the available limit. I think only charge cards (like AMEX green-gold and platinum) and some Signature cards do not show a limit.

____________________________________________________

"Evacuate, in our moment of triumph? I think you overestimate their chances."
Message 16 of 18
Contributor

Re: Does it matter how much I charge as long as I pay it a bit down before statement?

Ah...I see now. Sooner or later, I'm gonna need a "button" to bookmark a certain post, not the whole thread, to review and remind myself about these infos. So much to earn and learn here. It's overwhelming. Smiley Surprised
-----------------------------------------------------
FICO pulled by loan officer on 8/3/2009
EQ: 724
EX: 740
TU: 742
Message 17 of 18
Senior Contributor

Re: Does it matter how much I charge as long as I pay it a bit down before statement?


Eiso wrote:
Ah...I see now. Sooner or later, I'm gonna need a "button" to bookmark a certain post, not the whole thread, to review and remind myself about these infos. So much to earn and learn here. It's overwhelming. Smiley Surprised

There is a way to bookmark a particular post.  Click on the word "Options" near the top right of a post, and one of the choices in the menu that appears is "highlight this post."  Click that and then bookmark it.

 

TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Message 18 of 18