credit card utilization question

[Anonymous]

not sure if this is the right section sorry if not ..

do cc's report once your util is over 10%, 30% etc, or is it a once a month thing?

the reason im asking is i was thinking about using strictly my cc vs mixing it with my debt card ( leaving all my money in the bank ), then once i get notice of statment pay 2 (only have 3) in full and roll over maybe a 2% balacne on one. thoughts ideas im in the rebuild process and want to make sure im only moving in a positive direction..

[Anonymous]

they report on a specific day of the month and the statement balance is what reports

[baller4life]

Credit companies report once a month. So whatever your util is when statement cuts,that's what is reported. So be sure to pay BEFORE statement cuts if you want 2 of 3 to report 0% util. Then pay down 3rd card to whatever you want reporting on that card.

[Anonymous]

thank you very much for the answer, ive been very cautious using them thinking they reported if it went over a specific util, and also because got in a lot of cc trouble hence the rebuilding, but we are in a much better place financially now.

[baller4life]

Yeah I didnt know about the whole util thing and how important it is before finding this site. Myfico is a wealth of information!

[Anonymous]

i cut my util for 87% to 30% last month and received a +44 pt jump, this month im going to try and hit 10 or under  

[SouthJamaica]

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@Anonymous wrote:

not sure if this is the right section sorry if not ..

do cc's report once your util is over 10%, 30% etc, or is it a once a month thing?

the reason im asking is i was thinking about using strictly my cc vs mixing it with my debt card ( leaving all my money in the bank ), then once i get notice of statment pay 2 (only have 3) in full and roll over maybe a 2% balacne on one. thoughts ideas im in the rebuild process and want to make sure im only moving in a positive direction..

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My experience is that they report once a month, and the amount they report is the statement balance. So best way to maximize your FICO score in utilization factor is to pay as much off as possible before the statment cut.

[Anonymous]

If you have the money in the bank already use of credit cards that offer rewards and slam the payment a few days before the statement cut. That is the proper way to use credit cards; them paying you. However when its a credit card under 6 months old I let that thing report an amount every month to show that it's being used all the time responsibly

Util only for scoring… it depends if all of your accounts are close to zero already. if they are not, one account at 40% with others paid will score better than all of your cards with a 29% balance if that makes sense. everyone's credit status is in a different spot you just have to know where you have to work.

[Anonymous]

thanks i have the money to cover the balance of every one of my cards  (3) if i was to max them out, like i said i was planing on using my cash back card and paying it off minus ~ 10% util. i started off wrong i was using them then paying them to 0 balance the 1st month and found that didnt help in any mean, now that i know the util game, i have to find my sweet spot. i went form 87% to 30% in 1 month and got a +44pt jump across the 3 cra's

yrs ago they where always maxed out and would pay them forever not caring about utli or a credit score, now that i realize how much everything revolves around it i want to get it in control and keep it that way, ive busted butt the last 3 months getting everything from negative to positive, and just wanted to make sure i was moving in a positive direction and not a negative why i asked for opinions.... as always thanks again