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To pay off or not to pay off?

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Established Member

Re: To pay off or not to pay off?

And I'm assuming there's no real way to "plan for this" per se.. statement dates vary month to month no?

Message 11 of 16
Frequent Contributor

Re: To pay off or not to pay off?

Statement dates are set unless you call in and change them. Check with each of your cards and mark down when they are issued, they will be different for each card, but do not change. The one you mentioned will always issue on the 6th, so paying on the 3rd or 4th will always work.
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Message 12 of 16
Super Contributor

Re: To pay off or not to pay off?


@kellyfoss03 wrote:

I've heard so many mixed pieces of advice. 

 

In my experience, the only advice you will get that can be trusted is the advice you get in this forum.

 

Is it truly better to - 

Utilize 30% balances to boost credit?

 

Absolutely not. I really wonder where you got that advice.

 

Pay down, or pay in full monthly? 

 

It's best to pay in full monthly.

 

Use another percentage util and (pay down, or pay in full monthly?) 

 

It's ok to let some balances report if they are small and if you pay them off right away after they report. But you should let most of your revolving accounts report a zero balance.

 

Right now I am working on paying off my cards, and I'm wondering if I should PIF - or pay down to 30% (or another percentage?) 

 

You should pay in full.

 

What will help me acquire the most credit score points? 

 

The one way to ensure that you are in good shape across all FICO scoring models is to let just 1 or 2 cards report a small balance

while the others report zero.

 

 

 

 


 


Total revolving limits 730000 (603500 reporting) FICO 8 scores: EQ 722 TU 764 EX 734
Message 13 of 16
Super Contributor

Re: To pay off or not to pay off?


@kellyfoss03 wrote:

All of my statements are electronic - is there some verbiage I should be looking for? 


On every site you can find your next statement date or next "closing date" which is the same as the statement date.


Total revolving limits 730000 (603500 reporting) FICO 8 scores: EQ 722 TU 764 EX 734
Message 14 of 16
Super Contributor

Re: To pay off or not to pay off?


@kellyfoss03 wrote:

And I'm assuming there's no real way to "plan for this" per se.. statement dates vary month to month no?


With some lenders it's the exact same date each month. With some other lenders it varies within a range of a couple of days.

 

BTW although MOST lenders report the balance as of the statement date, that is not true of ALL of them. You have to follow your reports and account statements to figure out what your lenders do.

 

 


Total revolving limits 730000 (603500 reporting) FICO 8 scores: EQ 722 TU 764 EX 734
Message 15 of 16
Established Contributor

Re: To pay off or not to pay off?

what everyone has mentioned is great. and easy to agree.

 

However never get confused on the statement date and the payment due date.

Statement date is when you normally get an email, and the statement is available to view (may be a day or 2 delay)

 

But the Payment Due date is the date you NEED to PIF or pay at least minimum so you dont get hit with a late payment.

 

Hopefully you know this, but just in case others are reading.



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Message 16 of 16
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