Should I pay off the balance before the statement date?

[Anonymous]

I have a credit card with $5,000 credit limit. Balance is close to $2,600 on it. My statement will close next week and I am looking to put in a credit limit increase request on the 20th of this month. Last statement ending balance was $59.98. I have the funds available. So should I pay it in full now or pay it right after the statement cuts to get a good CLI?

[Anonymous]

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@Anonymous wrote:

I have a credit card with $5,000 credit limit. Balance is close to $2,600 on it. My statement will close next week and I am looking to put in a credit limit increase request on the 20th of this month. Last statement ending balance was $59.98. I have the funds available. So should I pay it in full now or pay it right after the statement cuts to get a good CLI?

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After statement cut.

[takeshi74]

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@Anonymous wrote:

My statement will close next week and I am looking to put in a credit limit increase request on the 20th of this month.

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On the same card?  If not then definitely adjust the report utilization as the other creditor will only see what's on your reports.  If it's the same card you may still want to reduce reported utilization.  It won't guarantee anything either way on its own as utilization is just one factor considered but it may be worth the attempt to imprve the odds.

Whether or not to pay in full depends on more than just this account.  To eke out every possible point allow one balance to report at 10% or less.

[Anonymous]

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@takeshi74 wrote:

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@Anonymous wrote:

My statement will close next week and I am looking to put in a credit limit increase request on the 20th of this month.

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On the same card?  If not then definitely adjust the report utilization as the other creditor will only see what's on your reports.  If it's the same card you may still want to reduce reported utilization.  It won't guarantee anything either way on its own as utilization is just one factor considered but it may be worth the attempt to imprve the odds.

Whether or not to pay in full depends on more than just this account.  To eke out every possible point allow one balance to report at 10% or less.

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Yes it is on the same card.

[Anonymous]

Assuming that this is your only card, you do not want to pay it to zero. Showing 0% utilization on all of your cards will have a detrimental effect on your credit score. Only PIF the statement amount, and only if you have some other purchase after the statement date.