Credit card at 283/300, minimum payment already made..

[ShinBeats]

Right now, I can only afford to pay up to 100 more dollars, and I don't even know if the payment with First Premier will clear before the statement closes (the 10th). Will it prevent my credit score from being lowered if I pay that 100 today?

[Creditaddict]

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@ShinBeats wrote:

Right now, I can only afford to pay up to 100 more dollars, and I don't even know if the payment with First Premier will clear before the statement closes (the 10th). Will it prevent my credit score from being lowered if I pay that 100 today?

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over 50% util, you will probably still loose a couple

[ShinBeats]

Okay..guess I might as well wait till next month...

The score will go up again if I pay most of my balance off before the NEXT closing, right?

[Anonymous]

Yeah as long as it reports the lower balance. Don't sweat it if your not trying to get credit right now

[Creditaddict]

yes

[ShinBeats]

Thank, creditaddict. ^_^

I won't be applying for anything else until black friday..trying to get a new flatscreen.

[RobertEG]

Late payments and reporting of a late to a CRA are very different.

Take this example:

CO sends you a billing statement on 8/1/2010, with a due date of 9/1/2010.

You pay after 9/1/2010.  You are then delinquent on the OC account,  and must deal with whatever implications that has between you and the OC, such as late fees, or increase of interest rates.

But as long as you pay the account back into good standing wiithin 30-days of your delinquency date, which is, in this example, 10/1/2010, it does not become a reportable 30-day late to the CRA. 

You are late under OC account agreement 30-days after billing date.

You have a reportable 30-day late to a CRA 60-days after the billing date.