Bringing my scores up to 800

[llecs]

If you want $x balance to report, then you need to make sure that balance shows on your next statement because virtually all CCCs report the balance you had on that statement. When is the next statement? It's based on whatever your CC says it is. It is typically the same time each month. I pay online and each of my statement dates are shown. Also note that if you make a payment on the morning of your statement date, it may not process that day. Give it 2-3 biz days prior to the statement date by which to make a payment. Finally, there are some oddballs out there like HSBC/Orchard and Amex that report differently.

[Anonymous]

My most recent amex statement cilsed 6/25 with a 7/20 payment due date. It seems that my statement dates vary anywhere from 25 -31 days. So what should I do to ensure a low utilization in order to drive up my score?

[vanillabean]

llecs wrote:

"When is the next statement? It's based on whatever your CC says it is. It is typically the same time each month."

The recent credit card reform made into law that the due date is the same date every month. Unfortunately, the statement cycle date wasn't addressed at the same time, so it often still fluctuates (primarily based on the number of days in the month as well as whether business days fall in a weekend).

This is why I go by the due date of the previous cycle. And if I pay on the following day, then I know exactly which net amount that's needed to clear the balance (for all my accounts from that point, there are always at least two days until the upcoming statement cycle date).

[vanillabean]

Mozerath wrote:

"My most recent amex statement cilsed 6/25 with a 7/20 payment due date. It seems that my statement dates vary anywhere from 25 -31 days. So what should I do to ensure a low utilization in order to drive up my score?"

You can for instance pay off the balance so far when you're 20 days into the cycle, on around the 15th of the month. It's not imperative that you pay off the full cycle's balance; a partial reduction goes a long way to bring down the util, and that helps increase the score.

Keep in mind though that if you don't pay the balance in full when paying before the statement cycle date, you must make a minimum payment by the due date, because that stuff doesn't kick in until the statement cycle has ended.

The best system is the system that works for you

[Anonymous]

So, paying off the the full balance on the 15th of every month would get the job done?

I apologize if my questions seem repetitive I just want to get a concrete plan of action that I understand and will help push my score higher.

[Anonymous]

Also, I go to pay my amex bill now and it says I have a $99 outstanding balance. However when I go to "pay bill" it says that I owe 0. Am I missing something?

[unctarheel08]

i want to make sure i'm doing the 'low utilization reporting' method correctly. i've read about this method a few times on the forum, but am not 100% sure i have it down yet.

so, like the OP my statement cuts on the 25th or 26th of the month with minimum payment due by the 20th of the month.

i usually pay the balance down to between 1-9% on the 21st or 22nd of the month and stop using the card until after the statement cuts, then the day after the statement cuts i PIF (so i can avoid any interest charges, since minimum payment is due by the 20th of the month).

am i doing this correctly? with this method, my statement reflects all charges for the month, but the BALANCE on the statement shows between 1-9% utilization.

please advise...

thanks

[vanillabean]

unctarheel08, that looks right. (I can add that of course no single card should be above 9% either.)

It will work, assuming no other factor (such as inquiries, baddies etc) takes the score down.

You would want to monitor every increase, and once there's none, you know where the high is.

[unctarheel08]

thanks! i'm relieved that i've got the system down.

this is my only card at the moment (wells fargo; opened 5/08; $1,300 limit). i had no prior credit history before this card.

i opened up a money market account and was approved for a used auto loan through my credit union last month

i opened a checking account and was approved for a credit card at my credit union yesterday ($2,000 limit)

from what i understand...once my new card comes i should keep one card at a $0 balance, and the other between 1% and 9% utilization...correct? does it matter which card i decide to use and which i don't use? should i alternate each month?

also, what did you mean by this: "You would want to monitor every increase, and once there's none, you know where the high is."

thanks for your help.

[vanillabean]

"from what i understand...once my new card comes i should keep one card at a $0 balance, and the other between 1% and 9% utilization...correct? does it matter which card i decide to use and which i don't use? should i alternate each month?"

You can let it be the same card every month.

"also, what did you mean by this: "You would want to monitor every increase, and once there's none, you know where the high is.""

The high is the highest score you can get by keeping your util low. You don't know what it is until you get there!

There may be other areas where polish can be applied. For instance I have some inquiries dropping off in the fall.