Our Forums' FICO High Achievers: Who has at least one FICO Score of 760 or above?

[joeblow2]

So if i have  a CC with a CCL of $6000 and i charge say $20 a month and immed pay it off it has the same affect on my credit (reporting to the CRA) as if i had a $100 balance and paid $20 a month but always had a balance reporting ?

[marty56]

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@joeblow2 wrote:
So if i have  a CC with a CCL of $6000 and i charge say $20 a month and immed pay it off it has the same affect on my credit (reporting to the CRA) as if i had a $100 balance and paid $20 a month but always had a balance reporting ?

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No.  The first case would show 0 balance (no credit use) if you always PIF prior to the statment date.  The second case has a balance reporting each month but you are paying interest on it as well.

Best way is to charge say $20, let the $20 show up on the statment and PIF before the due date and you will be fine.  Never a good idea to revolve a balance and pay interest on it unless you absolutly have to.

[joeblow2]

OK so if i have a card with a due date of the 28th and a statement cut off date of the 3rd. what date of the month shoulld the payment be made so it gets reported with a balance

[haulingthescoreup]

Still don't understand why you want it to report with a balance, but...

In order to control the balance reported, whether $0, minimal, or huge, pay online at least 2 days before statement date. For this card, pay on the 1st, or the day before. Stop using it a few days before that to allow all the charges to post.

Do be aware that not every card updates on the statement date, or updates that balance, and some cards sit on your payments, so you'll need to get familiar with the quirks of your banks.

btw, we are hijacking psychic's thread something fierce. This topic is frequently covered on other threads on Credit Cards and here on Understanding FICO Scoring.

[Junejer]

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marty56 wrote:

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@Anonymous wrote:

So anyway, let me see if I have this straight. When I receive my statement and it gives me a due date, they have already reported my balance? If so, that would mean after receiving the statement, I can then pay in full to pay no interest, but still have it stated on my credit report, correct?

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Some CCCs do not report on the statment date.  GEMB seems to report at the end of the month but IMHO all CCCs report the statement balance, not the balance at the time they report.

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My HSBC account reports the balance owed at the last biz day of the month, vice stmt date.

[joeblow2]

does Capital one report on the statement date?

[haulingthescoreup]

Yes.

And if you want to keep going with specific questions, you really need to start a separate thread.

[Anonymous]

Because having zero balances on all revolving accounts will actually drop your score.

[athensguy]

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@marty56 wrote:

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@haulingthescoreup wrote:
Gah! Just pulled TU: 759.

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LOL I cant wait till we both are at 799.  Gret job and your 760 is most deserved.  May it come this month.

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..Almost..a..level..two..high..achiever.....gahhhh

[Anonymous]

Well, after lots of work I now have 2 CR's above 800 (and no way to verify EX which was 781) and NO DEROGS on any.  Last derog from several years back was deleted this past Friday!