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Started By
Message
re: Paying your credit card each month
Posted on 12/12/16 at 7:55 am to Wortivi22
Posted on 12/12/16 at 7:55 am to Wortivi22
quote:
You will never find the percentage. Credit score formulas are proprietary and not public knowledge. If you are over 800 and pay in full each month, don't worry about the notes they put on why it isn't higher/lower. Mine is over 800 and I get the same BS. It's like they have to put something.
My score fluctuates about 5 points month to month for seemingly no reason, but some months it says my credit utilization is too high and some months too low, but in actuality it hasn't changed a bit. If you are over 800, just keep paying like you do and don't lose sleep. Most banks consider excellent credit to be over the 730-750 range to get the best rates, etc. You are fine.
I had zero concern about it before this thread but will now find the answer, it is just how I am wired.
Proprietary formulas be damned someone will spill the beans.
2
Posted on 12/12/16 at 8:05 am to corndawg85
one thing to keep in mind is that all my credit card companies only allow me to make 2 payments per billing cycle. So if I were to try and make 3 payments, I wouldn't be able to pay off the bill in full in time and would get charged interest.
Posted on 12/12/16 at 8:19 am to corndawg85
Pay it off each month. If you can't do this stop using the card so damn much!
Posted on 12/12/16 at 9:37 am to Ridgewalker
Why this thread went 22 replies is beyond me. Set it to autopay the balance and forget about it. There is no reason to "pay it down to zero" and there should be a one month lag.
Posted on 12/12/16 at 11:12 am to cave canem
The impact may change depending on what score range you're in. I don't know. Go for six months and keep yours below 30% and see what happens. Assuming nothing else changes, if it jumps from 815 to 830 (when you normally just see a +/- 5 variation), that will tell you something. Someone else who is around 650 could do the same thing and we could see how it affects them. I suspect that the impact would be different. With their higher risk profile, the impact would likely be different. Maybe Clark Howard has done a study. He seems to be the 
on these questions.
Anyway, I assumed that the OP asked his question because he was either trying to building his score to a higher range or he was concerned that what he was doing was lowering his score. He didn't really say. But given that utilization is an "important factor" (to whatever degree), it's probably wise for most consumers to follow that >30% utilization rule of thumb.
on these questions. Anyway, I assumed that the OP asked his question because he was either trying to building his score to a higher range or he was concerned that what he was doing was lowering his score. He didn't really say. But given that utilization is an "important factor" (to whatever degree), it's probably wise for most consumers to follow that >30% utilization rule of thumb.
Posted on 12/12/16 at 12:15 pm to cave canem
quote:
I had zero concern about it before this thread but will now find the answer, it is just how I am wired. Proprietary formulas be damned someone will spill the beans.
Good Luck and report back with your findings. I would love to know. Cheers!
Posted on 12/13/16 at 3:31 pm to notsince98
quote:
one thing to keep in mind is that all my credit card companies only allow me to make 2 payments per billing cycle.
Really? I haven't ever run into that, but I will definitely look out for it if I change cards.
I like for our checking account balance to pretty closely reflect how much we have been spending, so I literally pay the card off 6-8 times per month.
This post was edited on 12/13/16 at 3:40 pm
Posted on 12/13/16 at 7:59 pm to sandwolf
I understand why you do that but there's really no reason to do it and it there's no benefit from it.
Posted on 12/13/16 at 9:50 pm to corndawg85
I have my bank automatically send a $50 payment a week before the due date to cover the minimum payment. That way I never get hit with a late charge. I used to be bad about this when I was younger. Then I have my billpay send the final payment to arrive the day before it's due (just in case their is any processing issues).
The only reason I can think of to make early payments is if you're applying for loan/credit. You can make early payments so that the statement balance isn't as high to count against you.
This impacted me just recently. My statement balance the last couple months has been 2 to 3 times higher than normal. I applied to refinance my mortgage last week. When they did credit/score check it was lower because of the increased credit usage. My score is still pretty high even with that so it wasn't a problem. For someone else with a lower score, it could have had been an issue.
The only reason I can think of to make early payments is if you're applying for loan/credit. You can make early payments so that the statement balance isn't as high to count against you.
This impacted me just recently. My statement balance the last couple months has been 2 to 3 times higher than normal. I applied to refinance my mortgage last week. When they did credit/score check it was lower because of the increased credit usage. My score is still pretty high even with that so it wasn't a problem. For someone else with a lower score, it could have had been an issue.
This post was edited on 12/13/16 at 9:51 pm
Posted on 12/14/16 at 7:49 am to sandwolf
quote:
I like for our checking account balance to pretty closely reflect how much we have been spending, so I literally pay the card off 6-8 times per month.
Use the personal capital website and app. Link your checking and your credit card accounts. PC will keep a live updated tally of all those accounts so you can see exactly what your outstanding credit charges add up to vs your checking account balance. You get the same data points w/out paying so often.
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