Paying off before statement close

[LAXtraveler]

Couldn't find this anywhere else, but if it is somewhere please merge (and let me know where to find it).

What are you benefits of paying off completely my statement prior to the statement closing? (I.e.: If my statement closes on the 30th of June what's the benefit of me paying it off before then?)

[smurf]

Couldn't find this anywhere else, but if it is somewhere please merge (and let me know where to find it).

What are you benefits of paying off completely my statement prior to the statement closing? (I.e.: If my statement closes on the 30th of June what's the benefit of me paying it off before then?)

The reported utilization will only be the remaining balance at statement closing.
Although many would argue that you're better off leaving some balance so that it doesn't report as a dormant card.

[LAXtraveler]

The reported utilization will only be the remaining balance at statement closing.
Although many would argue that you're better off leaving some balance so that it doesn't report as a dormant card.

So it will continuously look lower if I pay it off in advance?

[smurf]

So it will continuously look lower if I pay it off in advance?

Yup.
No matter how much you charge on the card the companies only report to the bureaus what your closing balance is.
I actually got declined for a card due to high utilization but after doing the above for a few months I've gotten many approvals.

[LAXtraveler]

Yup.
No matter how much you charge on the card the companies only report to the bureaus what your closing balance is.
I actually got declined for a card due to high utilization but after doing the above for a few months I've gotten many approvals.

Awesome, thanks. I don't think I've ever really had a problem with credit utilization (thank Gd), but I might as well get in the habit of doing this anyway.

[Hudi]

Yup.
No matter how much you charge on the card the companies only report to the bureaus what your closing balance is.
I actually got declined for a card due to high utilization but after doing the above for a few months I've gotten many approvals.

Will you receive points for the amount that you pay off early? It seems that you are only credited points for the amount that is in the final statement.

[elikay]

Yup.
No matter how much you charge on the card the companies only report to the bureaus what your closing balance is.
I actually got declined for a card due to high utilization but after doing the above for a few months I've gotten many approvals.

Officially it once a month not necessarily statement balance. Was this your experience? Anyone else care to chime in? (When I get a chance I should really match balances to statements and post.)

[yaakov s]

Will you receive points for the amount that you pay off early? It seems that you are only credited points for the amount that is in the final statement.

Yes you do

[smurf]

Officially it once a month not necessarily statement balance. Was this your experience? Anyone else care to chime in? (When I get a chance I should really match balances to statements and post.)

In my experience paying before the statement closed solved my utilization issue. Also I got an alert from citi im when a statement closed with a higher balance

[Saver2000]

Officially it once a month not necessarily statement balance. Was this your experience? Anyone else care to chime in? (When I get a chance I should really match balances to statements and post.)

This is true with all of my cards except for one. My has advantage card closes on the 5th, but they report the balance on the 4th of every month.

[dans fan]

has anyone done this with a mortgage is it possible? 

[scwam]

Officially it once a month not necessarily statement balance. Was this your experience? Anyone else care to chime in? (When I get a chance I should really match balances to statements and post.)

Been doing this on almost all cards. Chase seems to report exactly the balance on the day the statement prints and what the statement reflects (it is usually on the CR within 3 days of that print date). Amex seems to have a little bit more loose of a pattern on this. I've been doing this so long that my utilization has been too low less 3% and wonder if it's hurting my outlook. With Citi/chase it should be on the print date or within +/- 1 day. IIRC my citi was the same was chase statement date reporting.

[Nitantnel]

Been doing this on almost all cards. Chase seems to report exactly the balance on the day the statement prints and what the statement reflects (it is usually on the CR within 3 days of that print date). Amex seems to have a little bit more loose of a pattern on this. I've been doing this so long that my utilization has been too low less 3% and wonder if it's hurting my outlook. With Citi/chase it should be on the print date or within +/- 1 day. IIRC my citi was the same was chase statement date reporting.

It is not.

[Cbs]

So it will continuously look lower if I pay it off in advance?

Yup.
No matter how much you charge on the card the companies only report to the bureaus what your closing balance is.
I actually got declined for a card due to high utilization but after doing the above for a few months I've gotten many approvals.

made a search and got to this topic.

i was wondering the same thing regarding paying early, but i thought that its better to close statement with more money due - because the CC companies want to see that you spend.
for example when i called recon for a card they told me that we dont see enough payments being made. - does that mean not enough money or didnt have the card long enough?
if its the first way, then even if i close the statement with $100 thats fine?

[txtmax4]

IME reporting date is unrelated to statement date.

[SGF]

made a search and got to this topic.

i was wondering the same thing regarding paying early, but i thought that its better to close statement with more money due - because the CC companies want to see that you spend.
for example when i called recon for a card they told me that we dont see enough payments being made. - does that mean not enough money or didnt have the card long enough?
if its the first way, then even if i close the statement with $100 thats fine?

maybe its because you didnt pay at all any bill yet

A little over a month ago i got accepted for the SP.
then i decided to do a 2BM on UA and BA. and app status line told me 2 weeks for one and 7-10 days on other.
so i called recon and they only mentioned the UA and she put in a request and said denied bec i just opened the SP and they want to see more activity. so i HUCA and the rep spoke to me about the BA and said withen 2 weks ill get notified (and it seems good). then i HUCA and spoke to a mean rep, and she said about the UA that i opened way too many cards in the past year and half and i cant have more (besides that i applied for the BA as well). so i HUCA one last time and she spoke about the UA and said that i already spoke to a rep and it says in notes that i dont have enough activity on SP (i havent paid a bill yet)

in short it seems that BA will get accepted and UA not. is there any use of calling again tommorow?

[Cbs]

maybe its because you didnt pay at all any bill yet

true with that specific card. but im referring to another card as well that i did pay plenty of times and when i called them for an increase, lets say, they were telling me that my statements have been closing with less then i actually paid, since i paid it before the statement closed

and regarding the card that i never paid a bill, so if i pay the bill now (before the statement closes) will it do me any good?

[Saver2000]

IME, some cards report when the statement closes and others just have a set date.

E.g. My Has advantage reports every month on the 5th.
My discover cc reports the friday after the statement closes.

[jack12]

if you call and ask what date it gets reported, they probably will tell you...

[dginz]

So what would be the best thing to do?
To pay it once a month or pay it as many times as you want throughout the month?