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Hello Guys!
I have a lot of things going on like we are flying internationally and the tickets we bought have a racked up to $3000 total and I have other regular expenses and this perticular card never had a high balance more then $2300. So is it advisable to pay it as soon as it closes or before it closes so I can avoid getting a ding on my socre.
Because of the travel there are other purchase so all my CC are on the higher bal then usual but less then 30% of the combined CL.
Will this effect my sore as I am palling to apply for a car loan in then next couple weeks!
Thank you
Mike
If you can, I'd pay off as much as possible before the statement cut date. Those dates don't always have to be the same, so I check through several bills over the last few mos & the earliest cut date shown, that's when I try & pay by. Once the statement cuts, that is what is reported to the 3 & shows on the reports.
What ever the new balance...the scores will reflect that.
Hope this helps!
Thank you that information I am just in my fifth year! So still getting used to it. I checked my statement just closed, even though I pay in full before the cut off date it will still be reported is that right ?
@BungalowMo wrote:If you can, I'd pay off as much as possible before the statement cut date. Those dates don't always have to be the same, so I check through several bills over the last few mos & the earliest cut date shown, that's when I try & pay by. Once the statement cuts, that is what is reported to the 3 & shows on the reports.
What ever the new balance...the scores will reflect that.
Hope this helps!
+1 to what Mo said. One thing to keep in mind, though. Some cards report the balance as of the last business day of the month (I know HSBC does this & I believe that includes Orchard Bank under that umbrella as well). If that's the card you're using, you'll want to pay it down soon.
Also, I believe AMEX reports a month behind (reporting the balance of the previous statement rather than the current one).
Good luck!
The CC I was talking about is the Amex so I will pay as soon as I can. If Amex reports one month late hope my score does not changes, and if it does hope I get my Auto loan before that as am i have been striving to maintian the high 700.
Thank you MO and bunny
@Anonymous wrote:Thank you that information I am just in my fifth year! So still getting used to it. I checked my statement just closed, even though I pay in full before the cut off date it will still be reported is that right ?
If what you're saying is that you paid in full before the cut date...you're going to be fine. It will report a $0 balance.
And to honeybunnygal...you're right! I always forget that since I don't have cards that post that way..d'oh!