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@joltdude wrote:Im wondering though if the OP is letting any balance report... Still would PIF but id let at least a balance report (PIF after statement) on one of the cards..... its that 0 utilization on all cards problem.... No?
Based on the statement from OP pasted below, the OP is not paying off balances completely before statement cuts.
[But does it matter *how* early I pay it off? In other words, if I pay my statement off the very next day after the statement comes out, does that look better than waiting merely a day or two before the due date? Does this even matter at all?]
P.S. Fico score would be depressed if utilization were zero but, that is not the case for the OP (per the below statement from the OP).
[As far as the grace period goes, my statements are very low for now, as my starting limits are only $500. So for example I just payed my Capital One statement and it was $25.]
@Anonymous wrote:
I meant cards*, not cars. You can't edit posts here?
Thomas Thumb has the story right.
Click "Options" in the upper righthand portion of your post, select Edit
@Kevin86475391 wrote:
@Anonymous wrote:
While I am fully aware of the time value of money, given the relatively short timeframe and the interest earned in the type of account that a payment would be made out of, it makes absolutely no financial difference if you use all of the grace period or one day. It also makes no difference to the credit score. If you're concerned, just turn on autopay and pay before the due date.I very much agree. Interest rates are so low right now that unless someone's statement balances are huge...it's barely worth considering. Do whatever works for you. Your creditor won't care either way since it's the balance at the report date that affects your score.
Yes, but there's no financial advantage in paying early either (and no score advantage) so it's really is you belong to the "a little over a long time adds up" school of thought. For those that can always PIF, setting autopay on the issuers site, statement balance in full on due date, is the way to go IMO, and you can always pay early if you choose
I wasn't sure I was reading it correctly.... Thats all.. Yeah. it doesnt matter if its right after the statement is generated or near the end of the billing cycle to pay it off... Just that its not before.. I misunderstood and thought the OP was paying it off before the statement date... which would not be productive ... Reason I asked what I did...
Im actually starting to see a few cases of folks in the forum who have paid in full before the statement generates.. and have problems with not enough experience with credit type issues.. Because it appears as if they arent using any credit, ergo no experience with credit... though thats not the case.....
-J
@Anonymous wrote:
Thanks for the responses guys.
As far as the grace period goes, my statements are very low for now, as my starting limits are only $500. So for example I just payed my Capital One statement and it was $25. Grace period means nothing to me right now and I'd rather just pay it right away.
If you want to increase your score a little (befor an app), you can pay 1 card to $0 before statement close and let just 1 report around $25 (out of $500). It should be a few points better than having both cards reporting a balance.