topic Re: Util before next statement.... in Credit Cards

Util before next statement....

Anonymous — Sun, 19 Mar 2017 15:54:49 GMT

My limits are so low on my cards. So I always get close to maxing them all out each cycle. I even PIF a couple times before the statement cuts. However even though I am PIF my CK scores always drop because of my utilization. Hopefully they recover each time because I am always PIF before statement. Any way around these drops in scores every 7 days because of util, or am I kind of doomed until I can get these limits increased?

Re: Util before next statement....

UpInSmoke — Sun, 19 Mar 2017 16:05:36 GMT

OP, utilization is calculated once a month (per card). It doesn't matter what the balance is mid-month. The only balance that matters is the balance as if your statement date. The mid-month fluctuations in your score isn't because of utilization (assuming you are PIF each card like you say). Additionally, CK scores DO NOT matter in the least!!! No credit grantor is every going to tell you they pulled your FAKO from CK. I wouldn't worry about those fluctuations. They're irrelevant.

Re: Util before next statement....

UpInSmoke — Sun, 19 Mar 2017 16:09:09 GMT

If you are PIF every month, it doesn't really matter what your credit lines are. However, the higher the lines the less you need to worry about utilization should you not PIF every card every month. Hang in there! Be responsible with what you have and bigger lines are sure to follow.

Re: Util before next statement....

Anonymous — Sun, 19 Mar 2017 16:11:55 GMT

I understand that but I will have to look at temporary drops in score every month even though I'm PIF? Guess that's my concern question. Sorry for the lack of clarity.

Re: Util before next statement....

Anonymous — Sun, 19 Mar 2017 16:52:53 GMT

Changing all your due dates to be the same can help so you aren't paying cards every week.

For best scoring bring all balances to zero except for 1-9% util on one card before the statements cut.

Re: Util before next statement....

Anonymous — Sun, 19 Mar 2017 16:59:23 GMT

I feel like no one is understanding my question......

Re: Util before next statement....

Anonymous — Sun, 19 Mar 2017 17:00:35 GMT

Never mind thank you Fthomasjr that makes sense.

Re: Util before next statement....

HeavenOhio — Sun, 19 Mar 2017 17:01:02 GMT

PIF (pay in full) means to pay the statement balance by the due date. That's a good thing to do.

Pay to zero means to pay before the statement cuts. That'll cause your lender to report a zero balance to the bureaus, and it'll improve your score. However, as WaveRider points out, FICO likes it when one card (a major bank card) reports a small statement balance. It'll ding you if all cards are zero.

It's pointed out above that generally, card companies report the statement balance right after the statement cuts. There are a couple of exceptions. I believe US Bank reports around the last or the first of the month, for instance. Also, Chase will report mid-cycle anytime you pay to zero. That's generally a good thing. But if you want a single card to report a balance, it's probably a good idea to do it with something other than a Chase card.

WaveRider makes a good point by suggesting that adjusting your due dates might help you out. As far as how you arrange your them, do what's best for you. WR suggests having them all happen at once, but I prefer staggered.

Re: Util before next statement....

Anonymous — Sun, 19 Mar 2017 17:01:03 GMT

We understand, maybe you just aren't understanding our answers.

Re: Util before next statement....

Anonymous — Sun, 19 Mar 2017 17:03:30 GMT

I understand how statements work. I understand how util works. I understand when my cards need to be paid. The question was about util reporting mid month for FAKOS...

Re: Util before next statement....

Anonymous — Sun, 19 Mar 2017 17:10:53 GMT

@UpInSmoke wrote:
OP, utilization is calculated once a month (per card). It doesn't matter what the balance is mid-month. The only balance that matters is the balance as if your statement date. The mid-month fluctuations in your score isn't because of utilization (assuming you are PIF each card like you say). Additionally, CK scores DO NOT matter in the least!!! No credit grantor is every going to tell you they pulled your FAKO from CK. I wouldn't worry about those fluctuations. They're irrelevant.

I don't know that this is 100% accurate - seems that several lenders report on different days that are not the statement date. You can figure out when they report, and base your payments off of that, however.

Re: Util before next statement....

Kforce — Sun, 19 Mar 2017 17:37:09 GMT

I have found 3 dates and balances that my Banks, and Credit Unions report to the Credit Bureau.

1. Statement Balance / Reported 1 to 3 day's after statement cuts.
2. Statement Balance / Reported at end of the month.
3. End of month Balance / Reported at end of month.

(Regardless of when you statement cuts, or what balance is on your statement)

You need to experiment with each CC and see whether they report the statement balance, or snap-shot balance,

and when they report to Credit Bureau.

CK updates each week. checking CC-Util reported for each credit-card each week for a month+, across end of month, while keeping track of your statement reported balance and snap-shot end of month balances. You can learn both which balance reports and when it is reported. This will make it clear as to when to pay down each card.

Re: Util before next statement....

NRB525 — Sun, 19 Mar 2017 17:38:36 GMT

@Anonymous wrote:
I understand how statements work. I understand how util works. I understand when my cards need to be paid. The question was about util reporting mid month for FAKOS...

The mid-month balance is not used by any of these banks to report your FICO score. US Bank reports just after the first of each calendar month, but you don't have US Bank yet.

Your limits with Capital One and BofA are very low. Your main goal right now should be to just use the cards without going over the limit, pay on time, pay multiple times per month if you want to keep using the cards, and just not worry about what the utilization reports, either mid-month or at the statement.

The FICO score and utilization does not matter unless you are applying for a new card. And with Capital One, it is likely that as you show you are bumping your head on their low limit, they may give you a CLI to help you out.

After a time with Bank of America, you can ask for a CLI and they can do a HP to see about raising your limit. I'd wait a bit for BofA, but it is a possibility.

It is frustrating not to have the credit lines you would like, especially with really low limits like this. When it comes time to apply for another separate bank card, then look at the timing of when your statements come out, and pay down the balances to reduce utilization and have one card report a small balance, the other cards zero. After the app, then you are off to the races again with using these cards heavily and paying regularly.

Off to the marathon race that is

Good luck!

Re: Util before next statement....

Anonymous — Sun, 19 Mar 2017 18:07:17 GMT

My balances are zero every time a statement cuts for all 3 cards. Very rarely I'll leave like $10. Guess I will just have to ignore the mid month util and continue PIF like I always have. Thanks guys and gals.

Re: Util before next statement....

NRB525 — Sun, 19 Mar 2017 18:28:19 GMT

@Anonymous wrote:
My balances are zero every time a statement cuts for all 3 cards. Very rarely I'll leave like $10. Guess I will just have to ignore the mid month util and continue PIF like I always have. Thanks guys and gals.

Ok, well that could be the reason your scores take a hit. All cards at zero, all cards, leads to a score drop.

Let one card report a balance on the statement, so that at any given day, the last statement on at least one card has a balance.

But my main suggestion is, with cards that have this low of a limit, "utilization management" is too difficult to try to do monthly. Apparently you are good at it, perhaps too good at it

Re: Util before next statement....

Kforce — Sun, 19 Mar 2017 18:48:02 GMT

@Anonymous wrote:
I understand how statements work. I understand how util works. I understand when my cards need to be paid. The question was about util reporting mid month for FAKOS...

Both Fako and Fiko update all the time not just monthly. (Both can be differant mid month)

Util is reported monthly by each CC., however any day of the month you look at it,

the "Snap-Shot of Util" is a mix from the previous month and current months reported cards.

If card "A" reports on the 5th, card "B" the EoM, card "C" on the 12th.

On the 17th you have last months B and this months A&C

On the 1st you might have a 2 month old "B", last months "A"&"C"

It is a "snap-shot in time", It is possible to see data across 3 month if there is any delay in reporting,

or the checking dates are just right.

Your FICO and Fako change every day.

With low Cl your daily numbers will move more than someone with a larger CL,

It will get better with time.

Re: Util before next statement....

Kforce — Sun, 19 Mar 2017 19:04:40 GMT

Changing all your statement dates to the "same day", would eliminate the

mid cycle score changing due to Util. This will also make micro-managing easyier.

Re: Util before next statement....

Anonymous — Sun, 19 Mar 2017 19:10:06 GMT

I wish I could comprehend that. If I PIF I just don't see why it matters when my dates are. I'm also leaving Vegas after a 3 day ragefest so my brain doesn't work.

Re: Util before next statement....

Kforce — Sun, 19 Mar 2017 19:41:46 GMT

@Anonymous wrote:
I wish I could comprehend that. If I PIF I just don't see why it matters when my dates are. I'm also leaving Vegas after a 3 day ragefest so my brain doesn't work.

If you have been PIF for a long enough period that what is calculated at a given day shows as 0 for all cards, the

changes in score are from something else not util. I was just trying to show that util is a mix of time that can be greater than

a month, and has history from the previous month if viewed mid-month. (How long have you been PIF?)

In CK you can see the util that they are using for calculation. If they are all 0,

the issue is something else. Many things can change during a month and mid-month.

Re: Util before next statement....

Aduke1122 — Sun, 19 Mar 2017 20:03:08 GMT