@Anonymous wrote:Hi all,
Just a quick question on CC payments....
I have the Sallie Mae MC & the Cap 1 QS One card that I would like to pay off tomorrow when I get paid. Here's the issue though... neither one of them has cut the first statement yet. Is it bad to pay off before the statement has been cut on an account? I've read differing theories on here. I just paid of my auto loan with Wells Fargo yesterday (Yay!!) and am really trying to rebuild my credit. The only other CC's I have balances on are my Merrick Visa ($990 of $1400 limit, pay $300 month usually) my Target card ($350 of $400 limit, usually pay lil over the minimum since they REFUSE to do CLI..will be SD'ng it once it's paid off) and my Roamans CC ($125 of a $250 limit which I do like I do with my Target card & will be SD'ng it as well). With that information, what do you think my best course of action is with my Sallie Mae & Cap 1 cards? Can I pay them both off tomorrow even before the statement cuts or should I wait?
Thanks!
I always pay before Statement cuts with except 1 card and leave about $1-$20 on it except when I am goign to carry a balance with a 0% APR. You want ideally 1 card posting a balance no greater then 30% but ideally between 1%-9% of your credit avaliable
@Anonymous wrote:Thanks!! So ..my best bet would be to pay them off BEFORE the statement is cut then so they report $0 balance? Since I will still have the other cards with balances that will be ok then?
Yes Ideally you want 1 card to post a balance and that balance should always be below 30% of your available credit . You also should have it below 1%-9% fis better but 30% is fine
I'd pay it off. My statement literally just cut for the first month (Cap 1 cards in sig) with 0 balances. However, I ran $4K through the cards for the first month but I have 0 percent utilization for those cards at the time of statement cut. I'm hoping ot have a hefty steps CLI from the cards in 6 months.
Personal:
@Broke_Triathlete wrote:I'd pay it off. My statement literally just cut for the first month (Cap 1 cards in sig) with 0 balances. However, I ran $4K through the cards for the first month but I have 0 percent utilization for those cards at the time of statement cut. I'm hoping ot have a hefty steps CLI from the cards in 6 months.
You don't want to show 0% util ... You want to show something in the 1-9% range and 30% tops
Absolutely, I understand that. I have small balances on my other cards which gives me around 5% total utilization.
Remember your reporting UTIL is only important IF you are planning on applying for something (for scoring purposes). Otherwise it doesn't really matter.
As a rule it's best to keep balances at 30% or below (<10% if apping) but it's not absolute especially like I said if you're not applying for anything that month.
As a rule it's best to keep balances at 30% or below (<10% if apping) but it's not absolute especially like I said if you're not applying for anything that month.
