@Anonymous wrote:Lets say I spend 500 dollars on my card this month. Once my statment comes if I pay it off in full do they report me as my utilization is 0 because I paid it off or will they make it 50 percent (1k limit) because I used 50 percent this month?
It will report 50% utilization if it is not paid before the statement closes. If you pay it off before the statement closes, it will report $0, or 0%. If it is a Chase card, they will report it again during the statement cycle if you pay it to $0.
@Anonymous wrote:I heard reporting 0 utl isnt good. If it reports that will I still be building my creidt because I used the card this month and paid it in full?
Not necessarily. I have mutliple cards with a $0. The others are at 1% utilization. Within rebuilding forum! Search for AZEO method. Basically it’s All Zero Except One to maximize your score each month. The one not at zero should be no more than 8.9% if I remember correctly.
General rule of thumb is lesss than 30% for the reporting statement balance.
@Anonymous wrote:I heard reporting 0 utl isnt good. If it reports that will I still be building my creidt because I used the card this month and paid it in full?
If you only have one card, you need to allow the card to report something, to help your score. Having all ( or the one and only credit card, if that is all you have) to report zero will temporarily hurt your score.
I think your basic basic question relates to what the credit card will report to the bureaus. For most cards, the amount you see on the statement as New Balance is what is reported. If you let the $500 show on the statement, then pay it off the next day, most cards will not update, the card will have reported $500.
Having explained all that, my method would be to use the card naturally, whatever the statement reports is fine for $500, then pay it off by the payment due date, watching to ensure the credit limit is not exceeded.
How many cards do you have?
You would want to pay down the balance to whatever you want to actually report prior to the statement date. Whatever is on your statement is what reports to the bureaus.
You need to find out your reporting date. It's usually about 3 days or so after your payment due date. Pay your bill to zero days before the due date so your balance is zero. Once you see it is actually zero, you can charge 1% before that reporting date. This way you are avoiding interest and manipulating the credit scoring system with your 1% reporting.
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