Hello family,
I have a quick question. I was recently approved for the Bank of America secured card and I am trying to figure something out.
I have read on the forums that I should only allow like 9 percent of my credit limit to report each month but also to pay the balance in full by the due date.
This confuses me. So are there 2 seperate dates? For instance, they have told me that my next closing date is 9/17/13 and the due date is 10/15/13. So when do they report the balance? and when should I pay the statement? I just want to be sure I do this properly to raise my FICO.
Starting Score: (FICO)(August 29, 2013) 502(EQ) 568(EX) 549(TU) 
Thanks SwapMeet
So basically...since my closing date is 9/17 and my credit limit is only 300. I should be sure on 9/16 that my balance is like 27 dollars. So that on 9/17 when the statement closes, that it's under 10%. Then basically on 9/18 I could pay off the 27 dollars.
Do I have it right?
@JamesKnox wrote:Thanks SwapMeet
So basically...since my closing date is 9/17 and my credit limit is only 300. I should be sure on 9/16 that my balance is like 27 dollars. So that on 9/17 when the statement closes, that it's under 10%. Then basically on 9/18 I could pay off the 27 dollars.
Do I have it right?
That's correct. But remember, the 1-9% util "rule" really only applies if you're trying to improve your score so that you can app for something new. Otherwise, you don't have to go through all the hassle of paying things down before the statement cuts.
Parakleet.
Yes, I am trying to improve scores and hopefully get offered something unsecured. I have a 502 FICO. I need ALL THE HELP POSSIBLE haha.
Ah I see. In that case, yes, you should pay attention to the closing date and then of course, remember to pay your statement balance before your due date.
