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Discover Current Balance & Statement Balance

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Established Contributor

Discover Current Balance & Statement Balance

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.
Sept 18: EQ: 578 TU: 583 EX: 576
Sept 19: EQ8: 640 TU8: 645 EX8:640 April 20': EQ8: ??? TU8: 680 EX8: 673
Goal by Sept 20’ EQ: 700 TU: 700 EX:700

AA:


Goal: Auto Lease 2020 Jeep MOAB
Goal: Chase Sapphire Preferred
Goals Achieved Nov 19’: First Chase CC, Marriott Bonvoy w/ lowest APR rate of 17% April 20': First Citi CC W/ 15% APR rate Total CL:$21,400
42 REPLIES 42
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Valued Contributor

Re: Discover Current Balance & Statement Balance

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. Smiley Tongue

Message 2 of 43
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Super Contributor

Re: Discover Current Balance & Statement Balance

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.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 3 of 43
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Super Contributor

Re: Discover Current Balance & Statement Balance


@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. 




Message 4 of 43
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Valued Contributor

Re: Discover Current Balance & Statement Balance


@oldman87 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. Smiley Tongue

+100  Smiley Mad


 

FNBO 2% Cashback Visa (20k) / Bank of the West Cashback MC (20k) / US-Bank Cash+ (15k)
FNBO Travel Elite (15k) / Citi Double Cash (20k) / US Alliance 3% (20k)
Ficos : 830 / AAoA : 9 yrs / AoOA : 24 Yrs / AoYA : 0
Message 5 of 43
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Established Contributor

Re: Discover Current Balance & Statement Balance

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. 😉
Sept 18: EQ: 578 TU: 583 EX: 576
Sept 19: EQ8: 640 TU8: 645 EX8:640 April 20': EQ8: ??? TU8: 680 EX8: 673
Goal by Sept 20’ EQ: 700 TU: 700 EX:700

AA:


Goal: Auto Lease 2020 Jeep MOAB
Goal: Chase Sapphire Preferred
Goals Achieved Nov 19’: First Chase CC, Marriott Bonvoy w/ lowest APR rate of 17% April 20': First Citi CC W/ 15% APR rate Total CL:$21,400
Message 6 of 43
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Established Contributor

Re: Discover Current Balance & Statement Balance

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.
Sept 18: EQ: 578 TU: 583 EX: 576
Sept 19: EQ8: 640 TU8: 645 EX8:640 April 20': EQ8: ??? TU8: 680 EX8: 673
Goal by Sept 20’ EQ: 700 TU: 700 EX:700

AA:


Goal: Auto Lease 2020 Jeep MOAB
Goal: Chase Sapphire Preferred
Goals Achieved Nov 19’: First Chase CC, Marriott Bonvoy w/ lowest APR rate of 17% April 20': First Citi CC W/ 15% APR rate Total CL:$21,400
Message 7 of 43
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Established Contributor

Re: Discover Current Balance & Statement Balance

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
Sept 18: EQ: 578 TU: 583 EX: 576
Sept 19: EQ8: 640 TU8: 645 EX8:640 April 20': EQ8: ??? TU8: 680 EX8: 673
Goal by Sept 20’ EQ: 700 TU: 700 EX:700

AA:


Goal: Auto Lease 2020 Jeep MOAB
Goal: Chase Sapphire Preferred
Goals Achieved Nov 19’: First Chase CC, Marriott Bonvoy w/ lowest APR rate of 17% April 20': First Citi CC W/ 15% APR rate Total CL:$21,400
Message 8 of 43
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Valued Contributor

Re: Discover Current Balance & Statement Balance


@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. Smiley Happy

 

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

Message 9 of 43
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Moderator

Re: Discover Current Balance & Statement Balance


@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 

Message 10 of 43
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