No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I have a NFCU card and a few times I have paid off the balance in full in the middle of the month, kept using the card and when the statement closed it reported a balance. I was not charged interest because I did pay the balance in full.
Question...
Does the computer recognize that I paid the balance in full, even though there is a balance reporting to the credit bureau ?
For the purposes of utilization on your credit report, the only thing that matters is the balance that reports. It doesn''t matter how you got there, and your score doesn't care if you've paid in full or if you're paying interest.
Some banks report payment information, and credit reports are able to reflect that. That gives lenders a look at your payment habits. However, no current FICO score takes this information into account.
You don't have to pay the statement amount due until the due date - no interest accrues. On the day the account reports to the credit bureaus, it reports the current balance that is on the account as of that day.
@HeavenOhio wrote:For the purposes of utilization on your credit report, the only thing that matters is the balance that reports. It doesn''t matter how you got there, and your score doesn't care if you've paid in full or if you're paying interest.
Some banks report payment information, and credit reports are able to reflect that. That gives lenders a look at your payment habits. However, no current FICO score takes this information into account.
I've heard that US Bank uses the credit utilization on each card that was reported on the 1st of the month instead of statement balances.