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questions about balance and statement cut date

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jchu2013
Valued Member

questions about balance and statement cut date


As planned, i was about to start my app spree. But, I dunno why, my boa secured card report twice in august, on 10th and then 27th..before that they report once a month, which is 10th every month. Why twice in august?

It delays my app spree since it shows quite a high balance on the august 27th report. I usually pif few days before 10th.

Since I going to pay it again, I read that 1%-9% will get the best result in credit report. But, is it 1%-9% of total credit or single card?

I have 2 secured card. 4000 on boa secured and 4000 on us bank secured. The us bank secured shows 0 balance on my current report and boa secured shows about 3400, updated on August 27th.

So, how much should I pay it down to get the maximum result of my report? I need to pay it by tomorrow afternoon. Thanks.




My current situation :
Credit Score : NONE.
BOA secured card (4000), US bank secured card (4000)
4 Inquiries in Dec 2012
0 BAD

Message 1 of 12
11 REPLIES 11
myjourney
Super Contributor

Re: questions about balance and statement cut date


@jchu2013 wrote:

As planned, i was about to start my app spree. But, I dunno why, my boa secured card report twice in august, on 10th and then 27th..before that they report once a month, which is 10th every month. Why twice in august? Sounds like you had a mid cycle update for some reason

It delays my app spree since it shows quite a high balance on the august 27th report. I usually pif few days before 10th.

Since I going to pay it again, I read that 1%-9% will get the best result in credit report. But, is it 1%-9% of total credit or single card? Total credit ($8000)

I have 2 secured card. 4000 on boa secured and 4000 on us bank secured. The us bank secured shows 0 balance on my current report and boa secured shows about 3400, updated on August 27th.

So, how much should I pay it down to get the maximum result of my report?  .>2700 +
I need to pay it by tomorrow afternoon. Thanks. 





 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 12
jchu2013
Valued Member

Re: questions about balance and statement cut date

Thanks.

I will leave 700 balance for them to report. The mid cycle is so annoying.
My current situation :
Credit Score : NONE.
BOA secured card (4000), US bank secured card (4000)
4 Inquiries in Dec 2012
0 BAD

Message 3 of 12
myjourney
Super Contributor

Re: questions about balance and statement cut date


@jchu2013 wrote:
Thanks.

I will leave 700 balance for them to report. The mid cycle is so annoying.

Mid cycle surely is annoying 

You can always pay more if you like the more the better but for max Fico scoring 1-9% don't forget to let CR's update too before any apps ...Good luck 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 4 of 12
jchu2013
Valued Member

Re: questions about balance and statement cut date

Ok, thanks. I'm so exciting and looking forward to my first app spree..lol.
My current situation :
Credit Score : NONE.
BOA secured card (4000), US bank secured card (4000)
4 Inquiries in Dec 2012
0 BAD

Message 5 of 12
Crashem
Valued Contributor

Re: questions about balance and statement cut date

You want one card reporting between 80-400. This will put you between 1-10% of both total and card totals. Remember about the rounding that FICO does.
               LIMITS IN CARD DESCRIPTIONS
Message 6 of 12
myjourney
Super Contributor

Re: questions about balance and statement cut date

10% of 8000 total limits is 800Smiley Indifferent

5% 400

OP has (2) 4k cards

 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 7 of 12
Crashem
Valued Contributor

Re: questions about balance and statement cut date


@myjourney wrote:

10% of 8000 total limits is 800Smiley Indifferent

5% 400

OP has (2) 4k cards

 


Not sure if that is in response to my post.  But anything over 400 will put him over 10% of one card.  Noticed the magic spot for max fico seems to be somewhere between 1-10% of both card and total credit limits.

               LIMITS IN CARD DESCRIPTIONS
Message 8 of 12
myjourney
Super Contributor

Re: questions about balance and statement cut date


@Crashem wrote:

@myjourney wrote:

10% of 8000 total limits is 800Smiley Indifferent

5% 400

OP has (2) 4k cards

 


Not sure if that is in response to my post.  But anything over 400 will put him over 10% of one card.  Noticed the magic spot for max fico seems to be somewhere between 1-10% of both card and total credit limits.


His total credit limits are 8K

Thus as long as OP is between 1-9% of total limts

The golden rule of reporting is to have 1 card report 1-9% 

not report 1-9% of the one cards limits but total credit limts 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 9 of 12
Crashem
Valued Contributor

Re: questions about balance and statement cut date

Utilization is not only about total utilization. It is also about individual card util and number of cards with balances.

I can tell you for a fact that if one card has high utilization even though total utilization is below 10%, you get a bigger ding than if the card utilization was lower. Can't verify that ideal card util is between 1-10%, but since ideal total util is that, it isn't a bad assumption. Try it out for yourself. You'll see a difference.
               LIMITS IN CARD DESCRIPTIONS
Message 10 of 12
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