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When to pay Case Freedom?

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EctGar
Established Member

When to pay Case Freedom?

Ok so I just got my card my wife needs new cloths for her new job. Plan to put it on the card and pay in full. Should I leave the balance for a couple of days or can I pay it all now. What looks better?
Message 1 of 5
4 REPLIES 4
parakleet
Valued Contributor

Re: When to pay Case Freedom?

Unless you're planning on applying for new credit, I wouldn't worry about it. Just use the card and PIF when you get the bill.


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 2 of 5
gh17
Frequent Contributor

Re: When to pay Case Freedom?

How much did you spend/how much is your credit limit?  If you spent more than 50% of your credit limit, I would pay it down now, since sometimes banks don't like when you get too close to your credit limit (probably nothing to worry about unless you're at like 90%, but better to be safe).  Some people have reported having their banks lower their limits after paying down nearly maxed out cards.  It's unlikely this happened with clothes purchases, but if you have a low limit, it's possible.

 

As far as your credit score goes, it will be maximized in a given month if you pay off all of your credit cards except for one before the statement comes, and then you have the last card reporting a balance greater than $0 but less than 9% of its limit reporting.  However, this aspect of your credit score has no "memory."  It's not like when you have a late payment and it continues hurting your score for a while.  Rather, if you have all your credit cards reporting high balances one month, but you pay them all down the next month, your credit score immediately increases and forgets about what your balances were before.  So unless you are applying for credit/you just really like having high scores all the time, this is not very important, since it is easy to rectify once you are applying for credit.

BofA Cash Rewards 25,000 (2009) | Citi Double Cash 25,000 (2011) | Cap1 Quicksilver 10,000 (2013) | Discover It 31,000 (2014) | Chase Freedom 9000 (2014) | Barclaycard Rewards 25,000 (2014)

FICO: 840 Discover/Barclays/BofA TU, 869 Citi Equifax
Message 3 of 5
Josh2942
Established Contributor

Re: When to pay Case Freedom?

Just pay before the statement. If you go statement to statement you will never be late, forget, or pay interest.
Jaguar F-Type R Loan 50K Balance
Goldman Sachs Signature Loan $29,000 TU 750 score pulled at time of loan.
Student Loan Debt $1,500
Credit Card Debt $300 1>% of $166,700
FAKO Transunion 723 Equifax 744
What's in my wallet? Chase Sapphire Reserve, Chase Freedom Unlimited, and AMEX Blue for Business
Message 4 of 5
DaveSignal
Valued Contributor

Re: When to pay Case Freedom?


@parakleet wrote:

Unless you're planning on applying for new credit, I wouldn't worry about it. Just use the card and PIF when you get the bill.


+1.  People don't just get CLD for using their cards.  Maybe if you are carrying (not PIF by due date) a maxed out balance repeatedly, your other cards are maxed too, and you are really stuggling to pay your bills on time.... thats when you might see AA.  But if you are paying your full statement balance by the due date, there will not be a problem.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 5 of 5
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