06-30-2009 11:55 AM
06-30-2009 02:10 PM
06-30-2009 10:51 PM
I purchased a TV this weekend and will pay it off by Friday
My credit limit is $1,500 and the TV was $650.00.Is there a certain time that i should pay it off without it affecting my credit?
As has been mentioned your score shouldn't go down if you PIF before the statement drops. You might have a good opportunity to receive a credit line increase.
If you make another purchase before PIFing, so that your balance is greater than 50% of your credit limit, GEMB might increase your credit limit without you requesting it. Do you have $150 in purchases that you might normally make next month? Would you still have time to pay $800 in full before the statement drops? If so you could very well get your CL bumped to $2,000 or higher.
Even if you don't make an additional purchase and receive an unsolicited CLI, you can still call GEMB after you PIF and explain that you don't like to go over 50% utility. You might have bought a more expensive TV if your credit limit was higher. You could then ask if you could have a no hard pull CLI so that you can make larger purchases in the future.
My first CLI with Sam's was obtained without asking after charging more than 50% of my CL.
My next three CLIs were were obtained after charging more than 50% utility and PIFing before the statement dropped. On all three of those occasions I was granted a CLI upon request, I used the "not wanting to use more than 50% of my Credit Limit" excuse. It wasn't actually an excuse. It was in fact the truth. I explained that I PIFed before the statement dropped to avoid a greater than 50% utility report to my credit files.
Of course you might not desire a CLI. I just thought I would point out that if $650 is the highest balance you have ever had with Sam's, you might get a CLI as a reward for buying the TV.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.