topic Re: Statement Date Question in Rebuilding Your Credit

Statement Date Question

Booner72 — Sun, 19 Jun 2011 21:35:29 GMT

I have a first premier w/ a 400 limit. I paid it to 58 last month. (Got a 10 point boost) Needed to use it today for groceries. The last 5 months the statement date was the 25th, and one month it was the 24th. The due date is the 21st.

I now have a balance of about 130 and can't pay it off til the 24th. Do you think that will work? I've played "beat the bank" with checks, but never with statement dates before.

As long as I call first thing on the 24th and make sure it's an "immediately posted" payment, I should be ok?

Re: Statement Date Question

llecs — Mon, 20 Jun 2011 17:33:55 GMT

If the statement date is the 25th, then as long as the payment clears the 24th, then you'll be OK. Be sure you make some sort of payment today to satisfy the minimum due by tomorrow otherwise there'll be a late fee and a balance.

BTW, you don't have to insure a perfect utilization every month. Just once in a while. Now if you apping for something next month, and score is important, then you'd want to force payments in for that. Per FICO scoring, utilization is a snapshot. If you maxed out your cards tomorrow and your scores drop, and if you pay it back next month, then your scores bounce back to wher eit was before (all else being equal). There is no permanent damage due to util. Just don't keep balances high all the time because existing lenders do and will see that over time and could take action.

Re: Statement Date Question

Booner72 — Mon, 20 Jun 2011 19:33:57 GMT

Thanks llecs - I already made payment to cover the due date. Just needed to know if paying the 24th will cover the statement the 25th. Sounds like it will!