How do I do this?

[adavis425]

Hi all! I'm back for more info please. I usually pay my CC bills on the due date (not before), but I get the sense that I (should) pay BEFORE I get the statement? Is that right? Is that how I prevent balances from reporting? Should I pay on the statement closing date? I want to be able to have 1 card report with the balance that I choose? So how do I do that please, O Wise Ones? 

[Anonymous]

yes to all ur questions.  i found that for most of my credit cars paying online the day before the statement is cut works.  however youll have to see with your accounts if that gives enoughbtime to clear before statements cut

[adavis425]

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@Anonymous wrote:

yes to all ur questions.  i found that for most of my credit cars paying online the day before the statement is cut works.  however youll have to see with your accounts if that gives enoughbtime to clear before statements cut

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Thanks pakman. Okay, that's what I don't get. Say my AMEX closes on the 21st, do I pay on the 20th? Or are you saying that I should pay just some time before the statement closes to allow for posting? I once took a calculus class that didn't give me the headaches this credit thing does (and I got an A in the class!).

[MarineVietVet]

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@adavis425 wrote:

Hi all! I'm back for more info please. I usually pay my CC bills on the due date (not before), but I get the sense that I (should) pay BEFORE I get the statement? Is that right? Is that how I prevent balances from reporting? Should I pay on the statement closing date? I want to be able to have 1 card report with the balance that I choose? So how do I do that please, O Wise Ones? 

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What's important is the reported balance because for most cards whatever is reported on the monthly statement is what is used to calculate utilization for the month. Just make sure that the desired balance on an account is achieved several days before their statements post.

And then pay any remaining balance before the due date to avoid any interest.
 

[Anonymous]

I had the same issue and it was with my AmEx.  I would always pay it off every month but what I didn't realize is that I wasen't paying it off before the monthly statement date.  Once I got on here and was advised to pay it off before the due date my credit Score jumped significantly.  I would say pay it off at least 3 or 4 days ahead of the closeing statement date that away if it get's caught up on processing then you have some leadway sometimes one day isn't enough.  Just my two cents but I know it worked for me.

[RobertEG]

I would only add that most of what is discussed is fine-tweaking of FICO.

Since % util has no historical memory from month to month in scoring, it is not, in my monthly plan, a major deal worth a lot of monthly aggravation.

Some like to fine-tweak monthly to maintain max score at all times, and some do it as a hobby.  A great hobby to have, but not one of mine.

Until you actually need your score, it is kinda academic unless utils get too high.

The two big issues for me are maintaing % util at a low enough value so that it can be fine-tweaked when needed, and to keep it low enough so that it does not trigger creditor concern over a possible credit line decrease or account closure.  Of course, each has his own level of monthly concern....