My mortgage payments are typically a month behind. So we pay on the first, and by the fifth or so, the reports will update showing that sure enough, we paid
last month. But mortgage debt is treated separately from CC debt for your scores. As long as you're timely with your payments, that's pretty much all you need.
Yes, check your statements for their closing dates or posting dates, or basically, whenever they first update on line, or the date typed on the written statement. If you're trying to optimize your util (utilization; amount owed divided by total credit limit), pay all but one off 3-4 days before the next statement is due. With the one exception, pay it down to $10-20, let it post, and then don't forget to pay it off, or you'll get a late fee. Most of us have found optimal scores when all CC's report $0, except for one reporting a token amount. Oddly, you will lose points if all report $0, presumably because it looks like you're not using your cards.
Exceptions to the statement post date rule: HSBC/ Orchard bank (not store) cards, and US Bank cards, which report the balance that was on your account on the last business day of the month. When HSBC/ Orchard actually sends that info in is another story, so keep them at $0 as best you can. Also, American Express reports the balance on your statement, but they don't actually send in that info until 4 weeks after your statement drops (= a couple of days before the next statement drops), so in effect, they're always a month behind with their balances. So again, if you're playing the util game, AmEx is definitely a card to keep at a $0 balance.
Again, you can use the cards all you want. Just be sure to pay them off before the next date that they use to report a balance.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
