Statement date

[steve997]

I see a lot of people talking about wanting to have $0 balances reported on all cards but one, which has util <10%...  Does this actually matter, or is it ok to have a couple cards with balances <10%?   I'd always rather take advantage of the grace period if possible and it's not always possible/desirable to use one card for everything (different networks/rewards/etc)

[09Lexie]

@steve997

Having one cc report a balance and your util less than 10% is for max FICO scoring.

[steve997]

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@09Lexie wrote:
@steve997

Having one cc report a balance and your util less than 10% is for max FICO scoring.

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I guess I just don't understand at all why say $80/2000 + $80/2000 should be worse than $0/2000 + $160/2000.

If more accounts is often a positive, why do you only get to "use" one of them.  Haha.

[parakleet]

Also, all this util manipulation with statement dates only matters if you're concerned with seeking new credit. If not, then it really doesn't matter. 

[Steelersboy]

took me a while to learn this too, but i have it thanks to this board. my amazon chase statement closes on the 23rd, but a statement will cut from the 23rd to the next if i make charges (date varies) and that number will report, so i make sure to never charge more than 10-12% of the card. my boa and capone cards report once the statement closes, so all i have to do is pif before due date to report a zero balance. havent used the wm card yet so im not sure when it reports

[Steelersboy]

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@steve997 wrote:

I see a lot of people talking about wanting to have $0 balances reported on all cards but one, which has util <10%...  Does this actually matter, or is it ok to have a couple cards with balances <10%?   I'd always rather take advantage of the grace period if possible and it's not always possible/desirable to use one card for everything (different networks/rewards/etc)

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ive seen users says that multiple cards reporting a balance dinged their cs slightly, so i follow lexy09s advice, let only one card report a <10% balance.

[Steelersboy]

this is because the fico model likes to see regular cc usage, which is why you can let an under 10% balance report on only one cc

[JT44]

Ok so correct me if I am misunderstanding, but of my three cards two should lay dormant and one should show less than 10% utilization? Should the one card that I use CARRY a balance of less than 10%? Or should I use 10% of my CL and then PIF?

THANKS!!!

[SnackTrader]

Use as much of your CL as you want, but pay it down to under 10% before the statement cuts. As for the other 2 cards, they don't need to lay dormant, they just need to be paid down to $0 before the statement cuts.

Never carry a balance if you can help it - wasted money, IMO. FMax ICO scoring just requires a balance to report, but it can be paid off the next day and will never add up to interest charges.

[DieGo2SHAE]

I may as well ask here since this seems to be close to a question I had and there's no sense in making a whole new thread for it.

This Saturday I'll be applying for a CC. I currently have 2 CC's; my BofA and Discover. My BofA statement closed last month and I purposefully left a small balance on it (~5%) with the upcoming application in mind (payment not due until 9/17 so I'll be fine on not paying interest). I was under the impression that my Discover should have a small balance to report on Friday as well so I currently have it at the same ~5% mark, but reading this thread makes me think I should pay it off to 0 before the statement cuts this Friday. Shoud l? Or should I leave the 5% balance on it? It's a Citi Forward that I'll be applying for if it makes any difference.