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I WILL MAKE THIS AS SIMPLE AS POSSIBLE.
ARE YOU BETTER OFF HAVING A $0 BALANCE REPORTED ON EACH CREDIT CARD ON THE STATEMENT CUTOFF DATE* OR HAVE IT SHOW
A SMALL BALANCE. I HAVE BEEN PAYING DOWN ALL THE CARDS TO $1.00 SO THEY REPORT THAT NUMBER ON THE STATEMENT CUTOFF DATE.
OPEN TO ALL COMMENTS! THANK YOU
I'm not an expert on credit scores, but my creditkarma score, that is not my Fico, dropped 10 points when reporting $2 a 0% usage on my cc, since then I always try to at least meet a 1% so it does not drop.
For instance, if I use $400 on a $500 credit card line during the month but pay it down to $1.00 so they report a $1.00 balance carryover on the statement cut off date, is that better than reporting $0? Or should I purposely leave 10% usage ($50) on that statement print date? ANYONE?
Anything within 1% and 5% is the best, I did it on purpose and creditkarma dosen't care much between 1-5%, so if you got a $500 cl, do at least $5 tha'ts 1%, if you do 0 at least for creditkarma hits your score.
Remember credit score is not really a credit scrore, is a debtor score, so if you got no debt you got no score, so keep at least 1% usage.
Ask yourslf what are you trying to accomplish.
-Higher credit line then report a high balance on your card one month to show that you are using your available credit and able to manage your available credit on a card because if a lender see's you are not utlizing your current credit then why give you a high CL IMO. Then pay it off the next month.
-Raise FICO score then report a total utlization less than 8% across all cards.