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High Change on Credit card

Established Member

High Change on Credit card

Hello Guys!

                      I have a lot of things going on like we are flying internationally and the tickets we bought have a racked up to $3000 total and I have other regular expenses and this perticular card  never had a high balance more then $2300. So is it advisable to pay it as soon as it closes or before it closes so I can avoid getting a ding on my socre.

Because of the travel there are other purchase so all my CC are on the higher bal then usual but  less then 30% of the combined CL.

 

Will this effect my sore as I am palling to apply for a car loan in then next couple weeks!

 

Thank you

Mike

Message 1 of 6
5 REPLIES
Senior Contributor

Re: High Change on Credit card

If you can, I'd pay off as much as possible before the statement cut date.  Those dates don't always have to be the same, so I check through several bills over the last few mos & the earliest cut date shown, that's when I try & pay by.  Once the statement cuts, that is what is reported to the 3 & shows on the reports. 

 

What ever the new balance...the scores will reflect that.

 

Hope this helps!



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

Message 2 of 6
Established Member

Re: High Change on Credit card

Thank you that information I am just   in my fifth year! So still getting used to it. I checked my statement just closed, even though I pay in full before the cut off date it will still be reported is that right ?

 

 

Message 3 of 6
Regular Contributor

Re: High Change on Credit card


BungalowMo wrote:

If you can, I'd pay off as much as possible before the statement cut date.  Those dates don't always have to be the same, so I check through several bills over the last few mos & the earliest cut date shown, that's when I try & pay by.  Once the statement cuts, that is what is reported to the 3 & shows on the reports. 

 

What ever the new balance...the scores will reflect that.

 

Hope this helps!


+1 to what Mo said. One thing to keep in mind, though. Some cards report the balance as of the last business day of the month (I know HSBC does this & I believe that includes Orchard Bank under that umbrella as well). If that's the card you're using, you'll want to pay it down soon.

 

Also, I believe AMEX reports a month behind (reporting the balance of the previous statement rather than the current one).

 

Good luck!

Hard work & patience can go a long way!
8/2009 (myFICO): TU - 599, EQ - 656
7/23/2010 (LO pull): TU - 738, EQ - 801, EX - 785
4/12/2012 (myFICO): TU -778, EQ - 791
Message 4 of 6
Established Member

Re: High Change on Credit card

The CC I was talking about is the Amex so I will pay as soon as I can. If Amex reports one month late hope my score does not changes, and if it does hope I get my Auto  loan before that as am i have been striving to maintian the high 700.

 

 

Thank you MO and bunny

 

Message 5 of 6
Senior Contributor

Re: High Change on Credit card

 


Mike101 wrote:

Thank you that information I am just   in my fifth year! So still getting used to it. I checked my statement just closed, even though I pay in full before the cut off date it will still be reported is that right ?

 


 

If what you're saying is that you paid in full before the cut date...you're going to be fine.  It will report a $0 balance.

 

And to honeybunnygal...you're right!  I always forget that since I don't have cards that post that way..d'oh!



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 04/2017 TU 754 - EQ 757 - EX 747
Goal Score: 850

Bury me in the garden...last app 08.09.15

Message 6 of 6