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Does it even matter if you let the statment cut before you pay off the balance? Im asking because i know its supposed to not really count in your utilization, but does it hurt you or effect you in any other way?
or is that a card i can just worry about paying by the due date?
@shane82388 wrote:Does it even matter if you let the statment cut before you pay off the balance? Im asking because i know its supposed to not really count in your utilization, but does it hurt you or effect you in any other way?
or is that a card i can just worry about paying by the due date?
Even though it does not factor it's util. in your overall util., It still will report your highest balance and your current balance. Not sure if it effects your FICO, i'm sure a myFICO cardholder will chime in on that!
Other than TU98(the score you can buy here) it isn't counted in your UT. Since most lenders have moved on to TU04 or TU08 it doesn't matter if you pay before or not.
@boomhower wrote:Other than TU98(the score you can buy here) it isn't counted in your UT. Since most lenders have moved on to TU04 or TU08 it doesn't matter if you pay before or not.
ok thats what i figured but just wanted to check...
i believe it may have an effect. part of the scoring is based on how many accounts have a balance.
I use my Amex green regularly and in December I had $1200 balance reported by Amex. My other card balances were zero. I pull daily from USAAs credit monitoring and my Fico did not change. If my overall utilization was higher it may have some effect but from my personal experience it isnt an issue.
USAA credit monitoring uses EX FAKOs, not actual FICOs.
@konabill wrote:I use my Amex green regularly and in December I had $1200 balance reported by Amex. My other card balances were zero. I pull daily from USAAs credit monitoring and my Fico did not change. If my overall utilization was higher it may have some effect but from my personal experience it isnt an issue.
@pakman92 wrote:i believe it may have an effect. part of the scoring is based on how many accounts have a balance.
+1
It will be scored as an additional account with a balance, which may (or may not) affect your scores.
@LS2982 wrote:
@shane82388 wrote:Does it even matter if you let the statment cut before you pay off the balance? Im asking because i know its supposed to not really count in your utilization, but does it hurt you or effect you in any other way?
or is that a card i can just worry about paying by the due date?
Even though it does not factor it's util. in your overall util., It still will report your highest balance and your current balance. Not sure if it effects your FICO, i'm sure a myFICO cardholder will chime in on that!
IME only the *reported* high balance is shown on my CRs. For instance I have a charge account that list a high balance of $1400. However, I had a high balance of over $3k in Demeber but paid it off prior to the statement closing date. I would recommend letting a high balance report to the CR. Then pay off prior to the statement closing date in subsequent months just in case you run into a creditor that pulls a TU98 FICO.
it would only count against you if say you were buying a house. They would look at all outstanding liabilities. It makes no difference on a month to month basis on your credit report or for applying for new credit. we typically carry $10 - $20k on AMEX per month, and its never penalized us.