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Pay off card before statement close?

New Contributor

Pay off card before statement close?

So I applied and was approved for the AAdvantage Citi Platinum with the 50k bonus while spending $3k in 3 months. I've had the card for a few weeks and saved a lot of my big spending for when I got it. My balance is at $2k and my credit limit is $3500. Should I go ahead and pay this down before the statement closes in order to show less util?

Message 1 of 11
10 REPLIES
Super Contributor

Re: Pay off card before statement close?


ssmith891 wrote:

So I applied and was approved for the AAdvantage Citi Platinum with the 50k bonus while spending $3k in 3 months. I've had the card for a few weeks and saved a lot of my big spending for when I got it. My balance is at $2k and my credit limit is $3500. Should I go ahead and pay this down before the statement closes in order to show less util?


Yes feel free to pay down

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 11
Valued Contributor

Re: Pay off card before statement close?


myjourney wrote:

ssmith891 wrote:

So I applied and was approved for the AAdvantage Citi Platinum with the 50k bonus while spending $3k in 3 months. I've had the card for a few weeks and saved a lot of my big spending for when I got it. My balance is at $2k and my credit limit is $3500. Should I go ahead and pay this down before the statement closes in order to show less util?


Yes feel free to pay down


+1 Smiley Happy



GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
---=[NORTHBOUND]=---
Message 3 of 11
Mega Contributor

Re: Pay off card before statement close?


djc1puno wrote:

myjourney wrote:

ssmith891 wrote:

So I applied and was approved for the AAdvantage Citi Platinum with the 50k bonus while spending $3k in 3 months. I've had the card for a few weeks and saved a lot of my big spending for when I got it. My balance is at $2k and my credit limit is $3500. Should I go ahead and pay this down before the statement closes in order to show less util?


Yes feel free to pay down


+1 Smiley Happy


-1!  Only do that if you plan to app for something or are looking for CLIs etc this month where your score matters.  Otherwise PIF on the due date (using Citi autopay) and stop giving money early.

Message 4 of 11
Valued Contributor

Re: Pay off card before statement close?


longtimelurker wrote:

djc1puno wrote:

myjourney wrote:

ssmith891 wrote:

So I applied and was approved for the AAdvantage Citi Platinum with the 50k bonus while spending $3k in 3 months. I've had the card for a few weeks and saved a lot of my big spending for when I got it. My balance is at $2k and my credit limit is $3500. Should I go ahead and pay this down before the statement closes in order to show less util?


Yes feel free to pay down


+1 Smiley Happy


-1!  Only do that if you plan to app for something or are looking for CLIs etc this month where your score matters.  Otherwise PIF on the due date (using Citi autopay) and stop giving money early.


+1 There's a bit of an overemphasis on here about paying before the statement cuts. 


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 5 of 11
Super Contributor

Re: Pay off card before statement close?

OP said nothing about apps or scores ...so my thinking was freeing up available spending / closing in on limit ...Ha ha ha Smiley Tongue

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 6 of 11
Regular Contributor

Re: Pay off card before statement close?

don't know this is useful or not but my first month i received my BofA card
i charged about 580 on it and paid 300 back before statement came out and i saw my credit high at 580 even though the statement balance reported was 280


Current score TU 708, EX 686 EQ 715
Status I.T.Garden Till 08/2014
Message 7 of 11
Valued Contributor

Re: Pay off card before statement close?

I think OP is asking if he will still get the bonus points.  Yes, you get the points for meeting minimum spend, regardless of when you pay the balance.  You don't need to pay it until the due date, but you can pay it whenever you want, even before the statement cuts if this is what you want to do.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 8 of 11
Valued Contributor

Re: Pay off card before statement close?


ssmith891 wrote:

So I applied and was approved for the AAdvantage Citi Platinum with the 50k bonus while spending $3k in 3 months. I've had the card for a few weeks and saved a lot of my big spending for when I got it. My balance is at $2k and my credit limit is $3500. Should I go ahead and pay this down before the statement closes in order to show less util?


I'm a big fan of letting some months' charges post and then PIF. I have no definitive proof, but I think it looks good to the issuer when a person is able to charge how they want, let it post and then pay it off. I don't do this all the time but I also haven't been afraid to do it either. My credit card history is young (~18 mos experience) and it seems to be working in my favor.

 

I've been known to carry a balance every now and then too. Let the issuer earn a little extra $$ from me (but not much). And then I pay the balance off in 2 or 3 statements. Again, I'm convinced this helps build the relationship so that when it's time to ask for a CLI it could work in my favor.

FICO 08-EX: 746 TU: 752 EQ: 750 AAoA: 4yrs TLs: 40 Neg: 0

Credit Limits: $300,000+
Miles: 400,000+
MRPs: 200,000+
Cash Back: $2,000+
Message 9 of 11
Valued Contributor

Re: Pay off card before statement close?


myjourney wrote:

OP said nothing about apps or scores ...so my thinking was freeing up available spending / closing in on limit ...Ha ha ha Smiley Tongue


That's true - I don't like to let the statement bal get too close to the limit so I do pay things down in those instances or if I need to free up some spending since god forbid I have to use my debit card for something! Smiley LOL


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 10 of 11