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brianferoldi | Does it help your credit score more if you pay your credit card off right away, or wait for your statement? |
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K-10
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I don't think it matters. On your credit report all it shows is that you paid it before or when it was due and that it wasn't late. I've been paying after I've received my statements and I have an exceptional credit score. |
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The Foosaaaah
 |
Pay right away. |
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webjnke1
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I'd wait for your statement so it gets credited to the right account. It will still help your score |
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Norm
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It makes no difference as long as it is paid by the due date. Payments are either "on time" or "days late in increments of 30, 60, or 90+ days.
You will gain nothing by paying before the actual due date. |
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Studly
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It really makes no differance at all. The creditors do not report if you pay early, only if you are late.
Take your money, put it into a savings account and collect that interest yourself. |
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alaska
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for self satifaction pay right away.
but for the credit report they just care that you pay and pay on time.
it is best to pay the balance every month.. |
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Credit Guru
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Please ignore most of the previous answers.
Here are the facts, and if you want to see it yourself go to www.fico.com and look at their credit education section. This is the consumer website from Fair Isaac Co.(FICO) they people who invented credit scores.
If you are smart enough to study and understand what they are saying and apply it to your own credit situation then you will be making good long term decisions that will greatly enhance your credit scores.
Anyway as far as credit cards(revolving accounts) are reported is that when you recieve a statement showing you owe $1,500.00 on your card with a $2,000.00 limit that is how they will report.
That means you have utilized 75% of your available credit(not a good thing)If you pay your $1,500.00 before the statement is cut (end of your billing cycle) and you have a zero balance at statement time than you will show that you a have a 0% utilization. Do that for many months and your score will rise.
Scoring on installment accounts(car loans, mortgages,etc) only take into account whether you pay on time and how many months you have paid on time (longer better - 12 months minimum is best)
Also be aware that some credit card companies (because of greed & competition) are only reporting your High Balance(the highest amount you have charged recently) and not reporting your credit limits. That means it looks like you are 100% utilized on your account with them which drops your score. That way you are not as attractive to other lenders when they do their "pre approved" mailings. |
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redwing_nutso
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Actually, it's better to wait for the statement and then pay the balance. Also, if your trying to improve your credit rating the best way to do it is to only charge half your available credit and pay it off when you get the statement. For instance:
You have a credit card with $2000 available credit. ONLY if you can afford it, charge $1000.00 on it, never go more than half the amount available. When the statement comes, pay the whole bill... pay $1000.00, and do this for 6 months, your credit score will rise. |
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Pirate
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My opinion is many of the prior answers are good an accurate answers but much depends also upon your own financial strength. While it is true payments are generally classified as prompt pay, paid as agreed, on time, current, 30, 60 or 90 days late, there is some truth to the fact that your credit score also may increase if you do not pay off the whole balance but maintain a "revolving balance" so to speak. What this indicates to the credit agencies is your ability to pay regular payments on an ongoing basis and not siply an ability to save for those larger purchases and then pay them off.
Over time what you want to establish is the ability to make sustained, regular and timely payments. This, in effect, is what you will need to do when you get a mortgage. The key in all circumstancees is not spending beyond your means, always paying on time and minimizing finance charges in any way possible.
Check out any one of the many Suze Orman publications on managing and improving your credit rating.
Good luck. |
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tynidevil
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Though all of the answers are well intentioned, they neglect to address the fact that if you pay off your balance early, you don't incur the charges from the credit card company. Remember there is interest associated with the balance on your card! What shows up on your credit is when a payment was late, for how long it was late and how many times you paid late. It also shows what your payment is, the type of account etc... You must pay by the statement due date on your bill because after that date your payment can and probably will be reported as being late. Creditors differ in how and when they report to the Credit Reporting Agencies. However, you are bound by what your bill states unless you dispute something on the bill, in which case you need to contact that creditor immediately. |
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