@Anonymous wrote:
@Wavester64 wrote:
"..I don't pay any of my CCs before statement cuts. Looking at the cards in my signature. Does it look like banks have an issue with it? lol.."
LOL good stuff!
Nope. But it looks like you have an issue filling out 4506-T's! I see a lot of $25,000.... $25,000.... $25,000...
@Anonymous
Just saw your post. Any reason why I should be filling out those forms?
The only bank that I have that asked for them in the past was Amex.
Looks to me, you have no idea of what you're talking about.
I've moved limits around, to even them out. Has nothing to do with 4506-Ts. More of OCD on my part.😆
It's also my choice whether I fill out those forms. These are credits cards, not houses. 😉
I'm totally guilty of paying before statement hits. Mostly because it makes it easier to track my spend and I like to see my higher scores. I need to get better about that after my app.
@Anonymous wrote:So this *is* something they pay attention to in some of the FICO score products, if not all.
I have been on a pay-before-statement-cut streak as of late, and some of the negs they have to mention include:
1.) "There is no recent activity on revolving and/or open-ended accounts."
2.) "There are no recent balances on your revolving and/or open-ended accounts."
3.) "You have no recent activity from a non-mortgage installment loan."
But this should not elicit a knee-jerk reaction out of a borrower. Some messages appear to be damned-if-you-do/don't:
- "You have few accounts that are in good standing" alongside "You have no missed payments on your credit accounts."
- "You have no recent activity from a non-mortgage installment loan." but I'm sure my score will drop if I take a personal loan right now, for the thrill of it.
When you do not have a perfect FICO score, the bank is required to fill in three or four Reason Code slots. Congrats on getting mundane Reason Codes. If you let balances report, the RC will likely switch to "too many cards with balances" and the like.
Check the Understanding FICO Scoring forum, look for Shared Secured Loan info. For a $500 secured loan, properly structured, this can solve the Installment Loan requirement.
@KLEXH25 wrote:I'm totally guilty of paying before statement hits. Mostly because it makes it easier to track my spend and I like to see my higher scores. I need to get better about that after my app.
Tracking your spend is a great reason to pay when you're comfortable. I like to close the books so to speak rather than let things drag out. Usually, when I see a balance hit a certain amount, I pay. And if it's a situation where I make a single charge for the sole purpose of having activity on the card, I'll pay as soon as that charge posts.
As far as my reports go, all of my cards except one show the date of last payment. So even if the balance is zero, it's obvious that the card has been used. The card that doesn't consistently show the date of last payment generally posts a positive balance each month.
My suggestion for most would be to pay in the way that you're comfortable as long as you're not paying interest, you're not subjecting yourself to the "all cards at zero" penalty, and your reported balances are usually at 28.9% or below.
If you're in a situation where you need every possible point, leave a tiny balance on a major revolver with all other cards reporting zero.
And of course, if you're testing to see how your score reacts to certain reasonable reporting scenarios, there are a lot of things you might try. 
I always pay after the statement cuts. I've done this from my first CC, since I assumed it was how I was supposed to do it many years ago. Now it's just a habit that I probably won't try to break. I only have 1 charge on my Amex currently, and that "pay it now" button is bugging me, but I'll probably still let that statement cut with the $20.
The only time I pay before is if I have a large purchase that I am paying off with cash/money transferred from wife/relative. I apply that to my account right away so I don't have money lingering in my account that isn't for spending.
I've not really researched this azeo thing, but I don't know if letting the statement cut is hurting or helping me. My scores are around 800, so I'm not worried. I can't seem to get much higher but I've been opening about 2-4 accounts a year. Garden is probably my best help.
