topic Re: Should I have $0 balance on my cc's or keep making payments? in Rebuilding Your Credit

Should I have $0 balance on my cc's or keep making payments?

Anonymous — Thu, 12 Apr 2012 04:42:54 GMT

Hello Trying to rebuild my credit, is it better to have a zero balance on my cc accounts? Or keep it low and keep paying on time? I only have two small ones at the moment Thanks!

Re: Should I have $0 balance on my cc's or keep making payments?

pizzadude — Thu, 12 Apr 2012 04:46:03 GMT

If you are trying to boost your FICO score, start with paying all of your CC down to zero balances except for one card which you should let a small balance report, ideally less than 9% utilization. This is the best starting point to find your ideal FICO revolving utilization.

Re: Should I have $0 balance on my cc's or keep making payments?

Anonymous — Thu, 12 Apr 2012 04:47:42 GMT

Thank you!!!

Re: Should I have $0 balance on my cc's or keep making payments?

marty56 — Thu, 12 Apr 2012 08:57:57 GMT

Yes and Yes.

You can do both and not pay any interest by making 2 payments. One before the statement drop date and one on or before the due date.

Example:

$1000 CL

$100 balance

statement drop date 7th

statement due date 15th

Pay $90 say on the 5th and then pay $10 on the 13th for 1% util and no interest.