Paying Before Statement Cuts On New Accounts...

[Andy77]

I went out of the gardent and opened 14 accounts in the last few months, I know, bad bad, my question is if ai PIF before the statement cuts on all these accounts nothing will be reported other then 0.00, is this bad or OK ?

Thanks

[RushXTC]

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@Andy77 wrote:

I went out of the gardent and opened 14 accounts in the last few months, I know, bad bad, my question is if ai PIF before the statement cuts on all these accounts nothing will be reported other then 0.00, is this bad or OK ?

Thanks

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Generally you want at least 1 account reporting something, Try to aim for 1% UTL.

[BluePoodle]

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@Andy77 wrote:

I went out of the gardent and opened 14 accounts in the last few months, I know, bad bad, my question is if ai PIF before the statement cuts on all these accounts nothing will be reported other then 0.00, is this bad or OK ?

Thanks

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This is fine to optimize CS. However, if you don't make minimum payment on due date (usually a couple of days before statement cut date) once you are out of 0% financing period, you will get hit with interest for balances between those two dates and technically you would be paying late too.  Just FYI

[Andy77]

I guess what I am concered with is all the new tradelines I PIF before statement cuts will ALWAYS show zero, how other then having a zero bal and being paid on time, there won't be anything in the column for like "largest amount reported" for instance on EQ for example

[BluePoodle]

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@Andy77 wrote:

I guess what I am concered with is all the new tradelines I PIF before statement cuts will ALWAYS show zero, how other then having a zero bal and being paid on time, there won't be anything in the column for like "largest amount reported" for instance on EQ for example

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Yeah, but it will show up under "payment history" so they can see you are using, making payments but not allowing balance to post.

[newhis]

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@BluePoodle wrote:

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@Andy77 wrote:

I guess what I am concered with is all the new tradelines I PIF before statement cuts will ALWAYS show zero, how other then having a zero bal and being paid on time, there won't be anything in the column for like "largest amount reported" for instance on EQ for example 

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Yeah, but it will show up under "payment history" so they can see you are using, making payments but not allowing balance to post.

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I think different cards report differently. I only have BoA secured and Discover. Both reported high limit as the most money I had charged at some point. I don't let it report over 9%, but I have BoA reported 900 high limit (I had to pay a high bill and didn't want to use my debit card) and Discover at 450. I didn't know they report that. Now every lender can see that I maxed out my BoA card and 45% with Discover.

Discover doesn't report the amount paid each month, it says 'no data' in 'actual amount paid' on my EX report. BoA on the other hand, it reports how much I pay each month (I pay several times), so I have reports of paying 1200, 600, 900, 700 in the last 4 months. So BoA gives more information than Discover (at least with EX).

So lenders looking at my EX report can see that I used my BoA card for $3400 in the last 4 months and at one point I had $900 out of $1000 on the card. Lenders looking at Discover info, can only see that at one point I had $450 out of $1000, that I let $0-$50 as balance each month and that I PIF before due date.

I'm going to PIF before close date my BoA card and let a small balance report with Discover. This way lenders will know I use both cards. If I want to give the impression that I only use BoA, then I just need to keep my balance below 450 with Discover and let report $0 balance each month (PIF before statement close date). Don't know which is better.

[jamesdwi]

if you used the cards  even once paying before statement cut is not going to change the reporting, they will report a zero balance and others have noticed high balance etc, was report as well  because others banks will do the same, if the credit report doesn't show that a new card was recieved, and used, other banks may not see accurate information, the only time most banks won't report is if the card has zero usage for the month, but most will report on the first statement no matter what. 

[Bman70]

Did I read correctly... 14 new accounts? As in, ten plus four? That's epic!