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Pros & Cons of letting balance report on statement?

Established Contributor

Re: Pros & Cons of letting balance report on statement?

Thamanwhocan, fantastic post! 

 

Based on your summary and others I will let all balances report and PIF immediately after they post.  Since I will not be apping or requesting CLIs for at least 12 months the FICO score won't be a big factor for me.   

 

Paying down balances to 0 except for one under 10% UTIL is akin to tuning up a  car before the big race.  Letting balances report is akin to using premium quality gas to showcase potential power.  I think I understand this. 

 

My plan is to maximize the allowed grace period before due date without jeopardizing the probability of auto CLIs.  Having said that, Is there a value difference between PIF immidately after statement cul and PIF by due date?

 

 

 

 

 

 

Discover IT $19,000 == 12/2013
AMEX 12/2013 ---BCP $12,000 === BC $23,000 ----- 04/2014
CHASE SLATE $5,700 === 12/2013
BoA 123 $6000 === 12/2013
Barclay Rewards $1500 == 12/2013
Valued Contributor

Re: Pros & Cons of letting balance report on statement?


Fico2Go wrote:

plan is to maximize the allowed grace period before due date without jeopardizing the probability of auto CLIs.  Having said that, Is there a value difference between PIF immidately after statement cul and PIF by due date?

 


I don't see any benefit in that.  If your going to let the balances post, you can maximize the time using their money by paying just before the due date instead of paying just after the statement cuts.  The new PIF balance won't post until after that statement cuts. 

 

I've wondered the same thing that has been discussed in this thread. If there is a benefit of using most/all of a CL and then paying it down to show that you have the ability to use it and pay it.  A creditor might look at that and say he/she has used the credit line that we've given them and have paid it (maybe repeatidly), let's bump them up to the next level.  

 

At least one of my credit reports shows account high balances. I don't remember if those were reported balances that were on a statment or the overall high balance. That might have been something that was paid off before the statement cut.  Does anyone know about this?

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Rewards - $16,400. / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / Penney - $10,000 / Barclay Apple Rewards - $4000 / Merrick - $2500


EQ - 740 / TU - 748 / EX - 748
Senior Contributor

Re: Pros & Cons of letting balance report on statement?


masscredit wrote:

Fico2Go wrote:

plan is to maximize the allowed grace period before due date without jeopardizing the probability of auto CLIs.  Having said that, Is there a value difference between PIF immidately after statement cul and PIF by due date?

 


I don't see any benefit in that.  If your going to let the balances post, you can maximize the time using their money by paying just before the due date instead of paying just after the statement cuts.  The new PIF balance won't post until after that statement cuts. 

 

I've wondered the same thing that has been discussed in this thread. If there is a benefit of using most/all of a CL and then paying it down to show that you have the ability to use it and pay it.  A creditor might look at that and say he/she has used the credit line that we've given them and have paid it (maybe repeatidly), let's bump them up to the next level.  

 

At least one of my credit reports shows account high balances. I don't remember if those were reported balances that were on a statment or the overall high balance. That might have been something that was paid off before the statement cut.  Does anyone know about this?


See this Blog article:

 

http://www.barclaycardring.com/t5/Barclaycard-Ring-Public-Blog/A-Case-Study-of-a-Credit-Line-Increas...

 





TU-8: 755 EX-8: 771 EQ-8: 763    EX-8 Bankcard: 815    
TU-9 Bankcard: 795 EQ-9: 822
   EX-98: 735 EQ-04: 730
Total $437,800