Perhaps a stupid question, but need some advice....

[Anonymous]

Hello to all...I feel a little silly asking this, but need some advice. I understand the 1-9% utilization is the best for the cards. My question is this....does PIF hurt you or help you in anyway? I have a card that I would like to use for monthly expenses and PIF when the bill comes....thoughts? Is it OK to PIF or do I need to leave 1% on the card?

[Anonymous]

Use the card just before the statement closing date. You can still PIF and still show a monthly reporting balance at the same time in some cases.

[Anonymous]

PIF the ENTIRE previous statement balance.
Pay the Current balance under 10% of CL.

[Anonymous]

A good, valid question, sleepy. When I finally woke up from my 'credit card delirium'(march, 2007), I panicked because my TU FICO score was 521. I went on the rampage...withdrew from savings, and PIF all but 2 of my cc's. And continued PIF'ing until I discovered this forum in august. I've since pulled back and now pay an ave. of 4% on EVERY card I have. And now? I've just pulled all 3 CRA's report as of today.....TU: 676; EXP: 665; EQ: 633(that sadly disappointed me). For me a major victory....but I've got a longgggggg way to go to get to the magic 720. Hope this helps. Good luck to you dear

[Anonymous]

DOH! I do this on EVERY post. Leave out something critical. I pay my CC's down to 4% util every month. I meant to say. I'm such a ditz, and no, I'm not blond. )

[Anonymous]

Thank you! It is so hard to know what the magic formula is. I thought FICO might see paying in full every month just sort of like using a debit card, and I figured I better leave a little something on there to show what I can do with credit. Its so hard to figure it out, and the game can be a little tricky, but thats really what it is, a game...you have to beat them at it...I am hoping for a nice little point jump since paying those cards off. I am wondering though, what is the difference between the closing statement and the balance statement?

[Anonymous]

Gosh, do you mean closing statement date, and balance statement date??? They sound the same to me. But I still consider myself a newbie. But others will see this post and can probable enlighten you and I And yes hon, it IS a game. And really frustrating UNTIL you learn the rules of the game and then it becomes a little more fun At least understandable, which makes things easier to accept the way things are...if that makes sense

[Anonymous]

pepole are to are too obsessed about this. unless your planning on applying soon an wanting maxinum points. or otherwise  have a balance that might "spook" an Univerial Default creditor, it makes no sense giving the bank their money 3 to 4 weeks early for a few ponits you won't need/use.

[MidnightVoice]

---

rbbyrbsn wrote:

pepole are to are too obsessed about this. unless your planning on applying soon an wanting maxinum points. or otherwise  have a balance that might "spook" an Univerial Default creditor, it makes no sense giving the bank their money 3 to 4 weeks early for a few ponits you won't need/use.

---

However, it can take 2 months to get all the utilizations down to the right level, reporting to the CRA and receive the resultant score jump.  So unless the amounts are really high, it does not cost much. 

[Anonymous]

---

Sylviatob wrote:
Gosh, do you mean closing statement date, and balance statement date??? They sound the same to me. But I still consider myself a newbie. But others will see this post and can probable enlighten you and I And yes hon, it IS a game. And really frustrating UNTIL you learn the rules of the game and then it becomes a little more fun At least understandable, which makes things easier to accept the way things are...if that makes sense

---

the close date is last for charges to appear on the statement,

some companies date your statement by the closing date , others they day it's generrated

Like my Chase statement dated the 1st has charges from the previous month and charges that post on the first. My cap1 shows same time period, but is dated the 2nd, that's when the statement was avaliable for viewing.

what they are talking about I paid off the previous month on the 26th now I can make a extra payment as late erarly on the first, to pay down the current cycles charges, for even a lower reporting balance

Message Edited by rbbyrbsn on 10-01-2007 02:29 PM

Message Edited by rbbyrbsn on 10-01-2007 02:29 PM