Re: Can Somebody Nice Explain "Don't Carry a Balance?"
10-14-2012 12:52 AM
I don't agree with never letting a card report a balance. The fact is that your highest balance is reported. I have allowed a 4k balance to report on chase. A 4890 balance has reported on discover and a 8625 balance has reported on nfcu.
I also paid in full immediately after statement cut.
I personally think that manual reviewers and computers give me bonus points for actually using my cards.
For the most part I don't carry balances but if one months spend is rather high on a card I will let it report just to increase my "high balance"
Highest Balance is the largest balance that's been on the card at any time. If you charged $5k, pay it the next day, and then the statement cuts showing a $0 balance, that $5k high balance will still be reported as your Highest Balance. You don't need to let the statement cut for that to show. And no, you get no bonus points for that.
Pretty much this.
I pay my cards off as soon as I get a chance--usually a few days after a balance shows up online on them. It still shows you use them on your credit report even if the current balance is $0. If your going to purposely carry a balance do so on only one card and use less than 10% of your credit line, howver carrying a balance or letting it cut is not necessary.
Experian (CreditSesame)- 823 (8/2/14), 761 (Citi-4/26/13), 823 (Credit.com-8/2/2014)
Equifax Fico (MyFico) Fico- 745 (7/15/11)
Transunion (Credit Karma)- 790 (8/2/14)
Vantagescore (Credit Karma)- 896 (8/2/14)
Vantagescore 3.0 (credit.com)- 805 (8/2/14)