Conscientiousness

[Anonymous]

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@takeshi74 wrote:

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@Gunnar419 wrote:

Do you keep a low utilization and still find yourself fretting like hell about your balances?

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@Gunnar419 wrote:

Because I feel like this I could never, except in the most dire circumstances, max out my cards or default or anything like that.

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I keep an eye on them but I don't "fret like hell" over them.  Knowing the impact of utilization and having been balance chased for prologned high utilization is sufficient enough for me to keep my utilization low.  One can get in to trouble well before maxing cards.

I used to worry all the time, but I don't anymore. I make sure I don't charge more than I can afford. Plus, I try to limit the amount of cards I use.  

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@Anonymous wrote:

Hey, I was just wondering if anyone could direct me to information about when it is best to PIF.  I know that it has a relationship to Statement date and Payment Due date but I don't know what it is.  Thanks in advance!!!!!!

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There are a number of threads on this as it is a very common topic.  In short, here are the guidelines on when to pay and why:

• Pay at least the minimum by due date to keep your account current.
• Pay the statement balance in full by the due date to avoid paying interest.
• Pay by the report date (statement date for most cards but be sure to confirm with your accounts) to reduce reported balances/utilization.

"Best" is always subjective so if you want addtional details you need to clarify exactly what you're trying to accomplish.  General advice with utilization is do not exceed 30%.  If you're apping you may want to optimize by allowing only one balance to report at 10% or less.

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Thank you takeshi74 for summarizing the information here for us. 

[Anonymous]

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@RaiseMyScoreASAP wrote:

I pull a new report daily from all three bureaus. (I have the monitoring services on all three.) That coupled with the FICO score watch on here makes knowledge my friend. I am able to see each day the impact of matters on my credit. That keeps me going and motivated. Keeping utilization low is within your control. That and your payment history are the keys. Paying your bills on time is only half the picture. You have to maniplute your balances and know the reporting dates.

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Hello RaiseMyScoreASAP! I used to pull my credit reports daily, but I had to stop. It's very easy to get obsessive, so I have been finding other things to myself occupied such as small DIY projects around the house, responding to post on here, and helping others with improving their credit. 

[Anonymous]

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@Gunnar419 wrote:

Do you keep a low utilization and still find yourself fretting like hell about your balances?

I do. Right now I'm a 6% utilization over 3 out of 6 cards and I feel as if mental Mafia kneecappers are going to come after me if I don't cut that in half and get down to one card ASAP. I feel derelict in my duties, overburdened with debt, and as if I'm not living up to the MyFico Creed.

This doesn't feel good. It's a giant PITA, but it keeps me honest. Because I feel like this I could never, except in the most dire circumstances, max out my cards or default or anything like that.

Yet it's clear that millions of people max their cards all the time without a second thought. Or not pay their bills just because. Maybe after years of that they'll come wandering in here wondering what to do, but they can go that long without giving themselves a nervous breakdown.

I'm glad I'm me but I envy them sometimes, just as I envy somebody who could make a lifestyle out of surfing or take a manana (sorry; needs a ~) attitude toward fixing up their home.

I'm wondering about you guys who always stick with the <9%, one card rule (or try to). Are you like me? Do you worry it to death? Or have you just set up such automatic routines that you're confident you don't even have to worry about high util again?

If you worry it to death, is that worry a big factor in "keeping you honest" and on track?

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Hello Gunnar419! I agree that once you start focusing on improving and maintaining your credit it can be overwhelming. It seems to always be on your mind. Try finding other things to occupy your time. We don't want you stressing yourself out and getting sick. A 6% utilization is good and if it doesn't negatively impact your FICO scores than don't worry about it. Remember everyone's credit file is different, so what's good for some may not good for you. Good luck on finding a balance!!!

[Anonymous]

I only pay down to 0 before statement cut if the balance is below x amount. Say... $200 or less.

[MarineVietVet]

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@beautifulblaquepearl wrote:

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@jbsea wrote:

It's funny that you bring this up.  I had decided that i'm not apping for anything and i'm not going to micro manage my utl. Well I cant help but look at my accounts everyday.  I already know every due date and statement date.  I cant stop myself from paying everything before the statement date.  It stresses me out to think that I might leave a real balance.  I do like the new me better then the old me but it would be nice to just make a payment and not think about it again.   These forms are going to be the death of me.

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Hello jbsea! Like you, I prefer the credit conscious person I've become, but it can be overwhelming sometime. Logging in to check balances and to verify that payments have cleared can be a pain in the you know what... I also agree that myFICO can be addictive. Keep up the good work!!

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I don't consider it a pain but just being smart. I check every account everyday without fail.

Verifying information is a good way to avoid unpleasant surprises.

[EdMan63]

Since joining myFico and taking control of my finances, I've become a bit obsessive. Checking my scores everyday. I've been telling myself I'm not going to check today unless I get an alert. That works about 30 minutes. Lol!!! I still prefer to be on top of things than be surprised. I never knew how utilization affected your score unitl I became educated about Fico scoring. I figured as long as you're not maxed out then its all good. I'm now focused on maintaining low utilization and do not plan to do app sprees ever. Just the occasional app if I think the card will provide a benefit to me.

[Anonymous]

anything can become an obsession....and take over too much of your life.

Once you spend so much engergy into fixing something .. it can be hard to back off
to maintenance/everyday levels.

Same can be for body building.. eating healthy and the such like.

[Anonymous]

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@Anonymous wrote:
I'll relax when I can walk into the bank, throw my feet on the desk, and ask them what THEY can do for me. Than leave with their ficus plant. ......BAM.
I love my goals and the crazy rituals of watching our credit reports and cards...lol
(Total commercial plug)

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Agreed! haha