CreditBob is correct, but unfortunately this alone will not even ensure a PIF. Paying the old balance, plus all activity since the last bance, will not ensure a PIF. Credit card companies charge daily interest based on daily balance times APR/365. These interest charges dont post before the next statement date, so just paying off the old balance, along with any charges made since the last statement date, will not take into account the daily interest accrued since the last statement. Unless you do a daily tracking of your account balances, and thus actual interest accrued, and add this to your payment, then paying off current posted balances from your last statement, plus charges made since then, will NOT ensure a PIF if any charges were made during the past month.
Yeah, yeah, I hear you saying... this is only a few bucks, so who cares! But the FICO model scores, amongst other things, on the number of cards with balances, and keeping it below 50% of cards with balances may be really important for someone trying to tweak their FICO for an immediate application for new credit. YOu might want to consider paying a little more than your expected PIF is that is your strategy....
Message Edited by RobertEG on
02-05-2008 03:21 AMMessage Edited by RobertEG on
02-05-2008 03:28 AM