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Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
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Re: Why Pay New Charges In Full Before Statement Closes?


nicholasyud wrote:

low limit.....400 400 and 500 3 credit card.....low balance....but its 315/400 on one card last month ;-(


I think you may get a 20 point boost by following the plan we mentioned, which in your case would be:

 

0/400 0/400 15-45/500

 

It might be hard to do this if you use the cards regularly.

 

Keep in mind that a good score does not necessarily mean approval for credit. The whole report must look good. It will take you some time to grow your accounts.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: Why Pay New Charges In Full Before Statement Closes?

i lose 14 points when my account report 315 balance......hm......hope they would increase some good point when i paid them all down.....i does used my card but carried like couples dollars on each account.........i wanna apps for some prime card since my score getting better but due to morgate soon then im holding my apps spree ;-(

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: Why Pay New Charges In Full Before Statement Closes?


nicholasyud wrote:

i lose 14 points when my account report 315 balance......hm......hope they would increase some good point when i paid them all down.....i does used my card but carried like couples dollars on each account.........i wanna apps for some prime card since my score getting better but due to morgate soon then im holding my apps spree ;-(

 


It is pretty important to only report a balance on one card, especially before a mortgage.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: Why Pay New Charges In Full Before Statement Closes?

So if you paid off the balance ......did they regain the same ??????


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Valued Contributor
Posts: 2,297
Registered: ‎07-23-2012
0

Re: Why Pay New Charges In Full Before Statement Closes?


nicholasyud wrote:

So if you paid off the balance ......did they regain the same ??????


next time they report yes. 

my question to you is are those your current scores?(in your sig)

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: Why Pay New Charges In Full Before Statement Closes?

Yes......they keep going down after the balance post....but it's been two month nothing gain.....Smiley Sad


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Senior Contributor
Posts: 3,067
Registered: ‎11-02-2009
0

Re: Why Pay New Charges In Full Before Statement Closes?

Some people like to keep in the habit of having their report in the best shape possible because it takes time for your credit report to update.  So if you decide today that you're sick of your car and you want a new one, or it breaks down, etc., you can go car shopping and get the best rates without having to wait 30+ days for new balances to post and your score to improve.  That said, I fall into the camp that just pays in full after my statement posts.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Valued Contributor
Posts: 1,960
Registered: ‎08-13-2007
0

Re: Why Pay New Charges In Full Before Statement Closes?


Walt_K wrote:

Some people like to keep in the habit of having their report in the best shape possible because it takes time for your credit report to update.  So if you decide today that you're sick of your car and you want a new one, or it breaks down, etc., you can go car shopping and get the best rates without having to wait 30+ days for new balances to post and your score to improve.  That said, I fall into the camp that just pays in full after my statement posts.


+1 - me too!

 

Ray

** Every Card has a Job, and Every Card does its Job **

Established Contributor
Posts: 731
Registered: ‎02-15-2012
0

Re: Why Pay New Charges In Full Before Statement Closes?


RockinRay wrote:

Walt_K wrote:

Some people like to keep in the habit of having their report in the best shape possible because it takes time for your credit report to update.  So if you decide today that you're sick of your car and you want a new one, or it breaks down, etc., you can go car shopping and get the best rates without having to wait 30+ days for new balances to post and your score to improve.  That said, I fall into the camp that just pays in full after my statement posts.


+1 - me too!

 


+2

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Established Contributor
Posts: 731
Registered: ‎06-06-2012
0

Re: Why Pay New Charges In Full Before Statement Closes?

I'm with OP, I use the float unless I anticipate applying for credit.

 

In my mind, good credit score is something we attain so that we can take advantage of credit offers, floats, 0%APRs, rewards, better interest rates, etc. Alot of people bypass many of the advantages (particularly the floats and the 0%APRs) so that they can keep their scores higher on a consistent basis. But other than the spontaneous app,
I don't see what benefit it has. Ther important thing to me is not that I know what my exact credit score is today, but that I know my credit score can range from 670-770 depending on how much util I have reporting, and that I can generally adjust it to where I want it to be within 30 days.

 

 

 

 

 

 

 

 

 

 

 

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