topic Re: Discover Current Balance & Statement Balance in Credit Cards

Discover Current Balance & Statement Balance

CivalV — Sat, 19 Jan 2019 19:26:11 GMT

My Discover secured card unsecured at the beginning of January. I am currently trying to figure out which way is the best to go in regards to previous statement balance & February’s statement balance.

My statement cut January 7th
- $300 CL
- Statement ending balance $73

New February statement cuts the 7th
- $2000 CL
- current balance $590 counting small pending transactions

My question is for the 7 months I had my secured card I always kept my balance under $100 with the $300 limit. Now that I have a $2000 limit what should my statement balance reflect?

I can PIF but I want to show usage.... now the negative is that because my previous statement balance was at $73 with Discover. If I let my balance go above that I will see a huge score decrease, correct?

So should I pay my new balance below $73 or let a higher balance report and then pay it down to reflect for March & possibly see a score increase after the February decrease? Im losing my mind 😂

Im not worried about overall UTL. Just the UTL on my Discover.

Re: Discover Current Balance & Statement Balance

Anonymous — Sat, 19 Jan 2019 20:00:35 GMT

You're way over thinking this, Discover does not need statement balance to know your usage, they own your account and they see all. As for scoring purposes, as long as the individual UTI is less than 28.9%, nothing will change (maybe 2 points at 8.9%). Even if it does go over the score change means very little as it is only temporary and will all return when you pay it down next cycle. I myself let everything report naturally and let autopay take care of the rest while keeping my hard earned dollas in interest bearing accounts through grace period, I'll worry about UTI/AZEO the cycle before I apply for anything major if I feel I need a few points boost, those points aren't going anywhere so micromanaging UTI at all times is a complete waste of time, energy and money.

What's more pressing is why you still have those 2 First Premier accounts and have not combine QS1 into QS to avoid AF? Pisses me off every time I see your sig lol.

Re: Discover Current Balance & Statement Balance

NRB525 — Sat, 19 Jan 2019 20:01:43 GMT

Congrats on the unsecured Discover card. Set it up to autopay the Statement balance, make sure you have that money in your checking when Discover says they will draw the funds, and use the card for regular purchases.

The whole pay-before-Statement-cut is overrated. Don’t fall for it month-to-month.

Enjoy your new higher CL responsibly.

Re: Discover Current Balance & Statement Balance

Anonymous — Sat, 19 Jan 2019 20:13:11 GMT

@NRB525 wrote:
Congrats on the unsecured Discover card. Set it up to autopay the Statement balance, make sure you have that money in your checking when Discover says they will draw the funds, and use the card for regular purchases.

The whole pay-before-Statement-cut is overrated. Don’t fall for it month-to-month.

Enjoy your new higher CL responsibly.

It’s not overrated if you are past 28.9%. I don’t even like my cards reporting over 8.9% which is my personal comfort level but <28.9% is a target everyone should have.

Re: Discover Current Balance & Statement Balance

Kforce — Sat, 19 Jan 2019 20:15:42 GMT

@Anonymous wrote:
You're way over thinking this, Discover does not need statement balance to know your usage, they own your account and they see all.
+100, Discover sees it all.
As for scoring purposes, as long as the individual UTI is less than 28.9%, nothing will change (maybe 2 points at 8.9%). Even if it does go over the score change means very little as it is only temporary and will all return when you pay it down next cycle. I myself let everything report naturally and let autopay take care of the rest while keeping my hard earned dollas in interest bearing accounts through grace period, I'll worry about UTI/AZEO the cycle before I apply for anything major if I feel I need a few points boost, those points aren't going anywhere so micromanaging UTI at all times is a complete waste of time, energy and money.
Except with small CL's and large utilization reporting. This can cause creditors concern, I would recommend some control of reported utilization for those that spend a lot on cards with lower limits. I believe it it safe at < 48.9 %, responsible at < 28.9. So for your CL
I would let up to $975 report before making an extra payment or worry. If wanting to be good the number would be $575.

What's more pressing is why you still have those 2 First Premier accounts and have not combine QS1 into QS to avoid AF? Pisses me off every time I see your sig lol.
+100

Re: Discover Current Balance & Statement Balance

CivalV — Sat, 19 Jan 2019 20:19:05 GMT

Thank you! I am truly an overthinker! I cant help it lmao

Hey hey! In regards to the 2 premier cards I am trying to gain enough credit on my other accounts so that my overall UTL doesnt skyrocket when I do close them. And for my two cap cards.. I have plans to combine them but at the right time. I have to pay off the card in full before combining the QS1 into my QS. I also will be eligible for my 2nd upgrade on both accounts in February. I also want to try and receive CLIs before the combination since that combination will be considered a CLI. I am being patient and taking my baby steps. 😉

Re: Discover Current Balance & Statement Balance

CivalV — Sat, 19 Jan 2019 20:21:30 GMT

Thanks for the info! I want my Discover to be my everyday driver. I am glad I chose to open my Discover Secured months ago. I have issues with the deposits that go into my account as they are never on the same dates which is why I do not auto pay. Because of my previous experiences and having lates, I pay a week before my due date.

Once I simplify my wallet I can possibly have everything on auto pay.

Re: Discover Current Balance & Statement Balance

CivalV — Sat, 19 Jan 2019 20:24:20 GMT

Thank you! I will probably let the $575 report and put that almost $600 towards other accounts. Im slowly finding my way thanks to this forum and all of you who give us baby Ficoers advice

Re: Discover Current Balance & Statement Balance

Anonymous — Sat, 19 Jan 2019 20:27:00 GMT

@CivalV wrote:
Thank you! I am truly an overthinker! I cant help it lmao

Hey hey! In regards to the 2 premier cards I am trying to gain enough credit on my other accounts so that my overall UTL doesnt skyrocket when I do close them. And for my two cap cards.. I have plans to combine them but at the right time. I have to pay off the card in full before combining the QS1 into my QS. I also will be eligible for my 2nd upgrade on both accounts in February. I also want to try and receive CLIs before the combination since that combination will be considered a CLI. I am being patient and taking my baby steps. 😉

I'm just busting.

Those are logical plans but make sure you don't drag it beyond next AFs, score is important but finances should always come first.

Re: Discover Current Balance & Statement Balance

Remedios — Sat, 19 Jan 2019 20:29:46 GMT

@CivalV wrote:
Thank you! I will probably let the $575 report and put that almost $600 towards other accounts. Im slowly finding my way thanks to this forum and all of you who give us baby Ficoers advice

Congrats on your increase.

As stated previously, you dont really need to worry too much over reported balances as long as you pay them once the statement is generated.

A lot of rebuilders feel the need to show they are being responsible at all times, so if higher statement balance is something you're uncomfortable with, pay it down. It may not be necessary but your peace of mind is also important

Re: Discover Current Balance & Statement Balance

CivalV — Sat, 19 Jan 2019 20:30:22 GMT

I am going to give Cap 1 a call and try to beg for an APR rate reduction. Hopefully they pull through even if its for a couple of months. I truly only need the reduction for the next 2 months lol

Any experience with requesting an APR reduction?

Re: Discover Current Balance & Statement Balance

Anonymous — Sat, 19 Jan 2019 20:36:50 GMT

Yes I asked once in 2017, was told apping for a new card is the only way, Cap One and APR reductions don't mix, doesn't hurt to ask though.

Re: Discover Current Balance & Statement Balance

CivalV — Sat, 19 Jan 2019 20:40:37 GMT

Aw man 😐

I will try and also ask what date I will be eligible for an upgrade to my accounts.

Re: Discover Current Balance & Statement Balance

Anonymous — Sat, 19 Jan 2019 21:01:38 GMT

@CivalV wrote:
I am going to give Cap 1 a call and try to beg for an APR rate reduction. Hopefully they pull through even if its for a couple of months. I truly only need the reduction for the next 2 months lol

Any experience with requesting an APR reduction?

I get them every time I ask for one. 4% discount for 7 months. It’s not much but it’s something.

Re: Discover Current Balance & Statement Balance

Kforce — Sat, 19 Jan 2019 21:27:43 GMT

@Anonymous : wrote:
@NRB525 wrote:
The whole pay-before-Statement-cut is overrated. Don’t fall for it month-to-month.
It’s not overrated if you are past 28.9%. I don’t even like my cards reporting over 8.9% which is my personal comfort level but <28.9% is a target everyone should have.

Both are correct depending on ones profile, credit score, personal comfort level and looking at profit numbers.

Having auto-pay and using the float is a financial win however it come with maybe 15-25 point fico swings and if a sudden need for loan not always showing your best. Controlling utilization is giving up some of the float, however if one sleeps better not being in debt, and knowing they have higher scores, this can be of great value. Scores mean more or less depending on how close to thresholds you fall. For some 25 points means nothing and for others a higher loan rate. I believe this is a YMMV and depends a great deal on personal comfort choices.

@Anonymous : I also control my utilization even knowing I would still be in the excellent scores category with the 25 point loss. The float is not worth the score drop, or loss of comfort I gain by having my debts paid early.

Someone has to pay the taxes that let the cards give rewards, points, and Subs.

I leave money on the table for the rest of you. !

Re: Discover Current Balance & Statement Balance

Remedios — Sat, 19 Jan 2019 21:28:02 GMT

If the balance is on Disco card, and there is a sudden need for a loan, they will report mid cycle when asked.

Re: Discover Current Balance & Statement Balance

Anonymous — Sat, 19 Jan 2019 21:30:58 GMT

@Kforce wrote:
@Anonymous : wrote:
@NRB525 wrote:
The whole pay-before-Statement-cut is overrated. Don’t fall for it month-to-month.
It’s not overrated if you are past 28.9%. I don’t even like my cards reporting over 8.9% which is my personal comfort level but <28.9% is a target everyone should have.
Both are correct depending on ones profile, credit score, personal comfort level and looking at profit numbers.
Having auto-pay and using the float is a financial win however it come with maybe 15-25 point fico swings and if a sudden need for loan not always showing your best.  Controlling utilization is giving up some of the float, however if one sleeps better not being in debt, and knowing they have higher scores, this can be of great value. Scores mean more or less depending on how close to thresholds you fall. For some 25 points means nothing and for others a higher loan rate. I believe this is a YMMV and depends a great deal on personal comfort choices.

@Anonymous : I also control my utilization even knowing I would still be in the excellent scores category with the 25 point loss. The float is not worth the score drop, or loss of comfort I gain by having my debts paid early.
Someone has to pay to taxes that let the cards give rewards, points, and Subs.
I leave money on the table for the rest of you. !

I guess for me it’s much more important to manage my utilization since my scores are not that great. If I wasn’t sitting at 9 accounts added in the last 12 months, I wouldn’t micromanage as much.

Re: Discover Current Balance & Statement Balance

CivalV — Sat, 19 Jan 2019 21:44:35 GMT

That is great to know! I definitely will not be in need of a loan anytime soon but great information to have for the future.

I was successful at receiving an APR reduction with Cap 1!!

Original APR 26.49
Non-Permanent APR 18.45% for 7 months!

Re: Discover Current Balance & Statement Balance

Anonymous — Sat, 19 Jan 2019 21:51:59 GMT

@CivalV wrote:
That is great to know! I definitely will not be in need of a loan anytime soon but great information to have for the future.

I was successful at receiving an APR reduction with Cap 1!!

Original APR 26.49
Non-Permanent APR 18.45% for 7 months!

😮

Awesome reduction! They’ve never offered me anything that nice, congrats!

Re: Discover Current Balance & Statement Balance

CivalV — Sat, 19 Jan 2019 21:57:07 GMT

Thanks!! I was not expecting any offers haha

I also asked when I would be eligible for another product change. Rep stated there is no time frame but to keep calling in or check my accont online. Many have said 6 months from the last upgrade so I will check again in February which will be 6 months from when I upgraded both accounts. Hopefully there is a CLI in the near future haha •maybe im pushing my luck there• 😂