The correct way to pay

[fixmycred14]

How do you know the statement cut date? Does it say that on the bill? During this time its advised to have a balance of 1-9%? Then PIF that same 1-9% on the due date? This is to help a family member and myself in the near future. TIA!!!

[SnackTrader]

It does state this on the bill. It will say charges between July x, and August x. That August x date is the cut date.

[fixmycred14]

Thanks for the info. I appreciate it!

[takeshi74]

Statement balance is what's reported.  Paying on the due date does not affect the statement balance (though it does reduce the next statement balance).  You'd need to pay before the statement cuts if you want to reduce reported utilization.

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@fixmycred14 wrote:

Then PIF that same 1-9% on the due date?

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You either PIF or you pay down to a given percentage.  PIF means 0%.

[Anonymous]

So it seems that paying yourself down to <10% before the cut date, then following up with the PIF check would be ideal. Does that sound right?

[SnackTrader]

Bam! You've got it, Startome.

[Anonymous]

Sweet! I'm still waiting for my statement to cut, but I have each receipt from using it. TIme to implement this strategy! lol

[fixmycred14]

I was just approved by NFCU Nrewards @ $7K. I'll have to wait until the card arrives to see when the statement is cut. I am so thankful to everyone on the forum!!!! I couldn't haven't done it without you guys.

Okay, so can you give me the percentage of utilization model based on my limit? What is the absolute highest I should spend each month?

[Anonymous]

Yay! Congratulations =)

Oh and with a 7K limit,  <10% is less than 700 dollars when the statement cuts, but you can spend as much as you want so long as you do the early pre-statement cutting payment to bring it below 700.

[fixmycred14]

Thanks so much for the help.