@CreditPhoenix wrote:
Hi Everyone,
I pay my BofA credit card bill in full each month per the statements. It's on auto-debit. However, this website is saying my Fico score would jump from 772 to 817 if I paid my $1,000 revolving credit amount down to zero, or $40 at a time or whatever. I don't get it. I pay the full balance each month.
What's going on here? Can someone please help me understand? Is there some way I can get BofA to show my balance as paid in full each month instead of the statement balance or whatever? I'd love for my score to get up to the 800's.
You just pay all but like $5 before the statement cuts. You could have a $980 balance on your account. Let's say statement cut date is the 20th. On the 18th go into the card company's website, initiate a payment for $975, do not use the card until after the statement cuts (on the 20th). Your statement balance will be $5 and that is what will get reported to the CRA's.
A better long term choice for you is to get higher credit limits on this card and others. You want your revolving balances between 1% and 9% of total credit limits (I think 1% or 2% is best), so you can more easily accomplish this by having more available credit.
Otherwise you can micro manage your reported balances on statement cut dates. But in your case this is for bragging rights since a 776 is already an exceptionally high credit score.
