Question About Balance

[theNavigator]

Say you go slightly over 30% but plan on paying the balance under 30% before statement closes. Does it matter or affect you negatively? Like if you plan on getting a CLI within the next 6 months etc??

Example - 1 CC with $500 CL with a $200 Balance.

It's definitely not over 30% with my total revolving credit, just curious...

Message Edited by theNavigator on 01-19-2009 10:25 AM

[Creditaddict]

Actually for CLI, I say using all your cl is best, as long as you pay most of the balance.

the over 30% is only going to effect you if you let it report, but if you pay it, no harm.

[marty56]

What matters is what gets reported, you can use 100% of your CL as long as you PIF, then it will have 0 impact on your score.

[MidnightVoice]

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@theNavigator wrote:
Question About Balance

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I believe the album was "A Question of Balance"  

[oracles]

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@marty56 wrote:
What matters is what gets reported, you can use 100% of your CL as long as you PIF, then it will have 0 impact on your score.

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This is absolutely correct, hoever a point of clarification for newbies, when marty speaks of reporting, depending on the credit card company, you need to find out the date. Most credit card companies report what is on your statement at cut off. However, i.e. AMEX, report the balance as of the last day of the month and they are also a month behind. 

[marty56]

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@MidnightVoice wrote:

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@theNavigator wrote:
Question About Balance

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I believe the album was "A Question of Balance"  

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This is freaky, I was going to post the same thing.

I guess were just posters in a FICO score forum.

[MidnightVoice]

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@marty56 wrote:

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@MidnightVoice wrote:

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@theNavigator wrote:
Question About Balance

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I believe the album was "A Question of Balance"  

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This is freaky, I was going to post the same thing.

I guess were just posters in a FICO score forum.

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  And possibly not as young as we once were, he said, having actually seen the Moody Blues live 

[theNavigator]

When does the statement usually close? And thanks for the responses. Yeah you passed me by with that one I wasn't around during that time or old enough to know what you're talking about.. ;P

[KingAdrock]

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@theNavigator wrote:
When does the statement usually close?

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The statement date is listed on your CC statement. Just make sure not to confuse it with your payment due date.

[theNavigator]

HMM. So my statement date is the 10th, but my minimum due date is usually the 4th. So the statement date goes in about a week after the due date I'm guessing.