03-01-2010 07:00 AM
I'm trying to figure out how to go about showing a low util on my credit cards. Let's say I charge $35 on Card X on March 15. Statement date is March 23, payment date is April 21. Do I let the $35 hit the statement then pay before the due date? If I let the $35 hit the statement won't I then be assessed finance charges? If I pay the $35 before the statement date what will report to the CRAs? Have I confused anyone else yet?
03-01-2010 07:13 AM
03-01-2010 07:22 AM
Hi back, Uborrow-Upay.
Yes, this is very helpful. I'm in the process of paying down my overall debt and have most cards at $0. I'm now trying to set up a schedule for using them to show low util and keep the accounts active so the banks won't be tempted to close. Thanks for the reply - I really appreciate it!
03-01-2010 09:33 AM
03-02-2010 12:20 AM
My understanding is that 0 to 9 % utilization gives you the same FICO score. So, no need to pay before the statement date.
IMO, this practice of paying before the statement is only useful when you are planning to apply for new credit or CLI.
03-02-2010 03:58 AM
If you keep your utilization under 9%, do you still need to pay before the statement date?
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.