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Frequent Contributor
Razeus
Posts: 387
Registered: ‎04-02-2012

Strategy for gaining $5k+ CL experience

[ Edited ]

Since I just my new cards (waiting on AMEX BCE), should I let my balances post to show activity on my trade lines?  Or just PIF like I usually do by the due date?

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Discover It $11,000 | Chase Freedom $5,000 | AMEX BCE $3,000 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
Established Contributor
djrez4
Posts: 504
Registered: ‎08-28-2012

Re: Strategy for gaining $5k+ CL experience

[ Edited ]

Even though I PIF every month, my reports still show my limit and high balance.  You don't need to report a balance to show responsible use.

Established Contributor
Koop10010
Posts: 731
Registered: ‎02-15-2012

Re: Strategy for gaining $5k+ CL experience

If you PIF by your due date, your statement balances will show on your credit report.  You need to make sure the statement balance is 0 if you want 0 to report.  Unless you are going to apply for more credit real soon, there's really no need to worry about reported utilization though.  Just make sure to pay by the due date, that is really the only important thing.

FICOs (2/24/12): EX 752, EQ 740
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Established Contributor
djrez4
Posts: 504
Registered: ‎08-28-2012

Re: Strategy for gaining $5k+ CL experience


Koop10010 wrote:

If you PIF by your due date, your statement balances will show on your credit report.  You need to make sure the statement balance is 0 if you want 0 to report.  Unless you are going to apply for more credit real soon, there's really no need to worry about reported utilization though.  Just make sure to pay by the due date, that is really the only important thing.


I PIF before my cycle closes.  It still shows high balance, even though my statement balance is zero.

Established Contributor
Koop10010
Posts: 731
Registered: ‎02-15-2012

Re: Strategy for gaining $5k+ CL experience

Of course, your highest balance will still report, even if you always pay before statement date.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Established Contributor
djrez4
Posts: 504
Registered: ‎08-28-2012

Re: Strategy for gaining $5k+ CL experience


Koop10010 wrote:

Of course, your highest balance will still report, even if you always pay before statement date.


Glad we could agree on that. :smileywink:

Regular Contributor
pozativelyliving
Posts: 237
Registered: ‎07-13-2012

Re: Strategy for gaining $5k+ CL experience

So, if for example you charge $500.00 during the month and that was your highest balance then pay it off before the statement closes. it will show a high of $500.00 and a balance of $0.00?

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Established Contributor
Koop10010
Posts: 731
Registered: ‎02-15-2012

Re: Strategy for gaining $5k+ CL experience


pozativelyliving wrote:

So, if for example you charge $500.00 during the month and that was your highest balance then pay it off before the statement closes. it will show a high of $500.00 and a balance of $0.00?


That's correct; high balance of $500, current balance of $0.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Senior Contributor
youngandcreditwrthy
Posts: 5,981
Registered: ‎08-16-2012

Re: Strategy for gaining $5k+ CL experience

Creditors are required to report LIMITS, although typically they ALSO report high balances.

Per the CARD Act.

Not sure if Amex reports hard limits tho
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