When is a good time to pay credit cards?

[haulingthescoreup]

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@Anonymous-own-fico wrote:

... but what's the reason behind CRAs such as EQ and TU? It can't be because the process isn't fully automated, I assume.

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Everyone would like to know this. I think that it somehow involves coffee, hot glazed Krispy Kremes in the credit bureau break room, and yesterday's sports section.

[Anonymous]

On CC balances, I post as large of a payment as possible on the opening date for the current month and I try to make a second or smaller payment one or two days prior to actual due date on the statement.  Does this actually help my score?  I'm not sure but I want to get out of debt as soon as possible. 

[haulingthescoreup]

Welcome to the forums!

For score help, you want to pay all or as much as you can several days before the statement date, so that a $0 or low balance is reported. Exceptions: HSBC/ Orchard bank cards and US Bank cards report your balance as of the last business day of the month, so time your payments then.

Again, this is to minimize your reported revolving util. Low util helps your FICO scores.

Getting out of debt means pretty much to pay as much as you can, whenever you can, and not incur new debt.