Does it not help credit history to PIF before statement cut date?

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yfan
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Postby yfan » Tue Nov 25, 2014 11:41 am

First of all, please understand that balance reporting etc. only matter temporarily. It has no lasting effect. What I mean is that if your card reports a high balance now, yes your score will suffer, but it will go right back up as soon as the next statement reflects a no balance. Credit scores do not have a "memory" of your balances. So unless you are looking for new credit right now, don't worry about paying it off before the statement cuts. Let it cut and pay in full before the due date so that you don't have to pay any interest. IF you are looking for new credit right now, do what others said - pay off most of it before the statement cuts and let it report a small balance.


Cre
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Postby Cre » Wed Dec 03, 2014 3:29 pm

As a final follow up, I don't need more credit for credit's sake, but I am looking for more sign up bonuses.

So I decided to follow the advice and pay the balance down by 90% before the statement closed, to show a lower utilization. If it were not for these discussions, I would not have known what to do, other than pay the balance by the due date, which I've always done and will continue to do.

I'm shopping for another credit card now, so that I can sock drawer the current one and start mining a new one for any bonuses.

Thanks to everyone who took time out to offer their advice.
Current Cards:
AmEx Platinum Charge: NPSL, $450 AF
AmEx Reserve Credit: $30K limit, $450 AF
Chase Slate Visa Credit: $32K limit, No AF
Future Strategy:
Near Term: Need a good MasterCard for places that won't accept AmEx or Visa
Long Term: Will downsize out of one or both current AmEx cards to reduce AFs

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Vattené
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Postby Vattené » Wed Dec 03, 2014 3:54 pm

Do you already have a Chase Freedom? You may have mentioned elsewhere, but I can't remember. They're currently offering a $200 signup bonus, which is hard to beat for a non-AF card. Plus it requires a low spending threshold of $500 in 3 months.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

Cre
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Postby Cre » Fri Dec 05, 2014 2:04 am

Thanks Vattene! No I have the Chase Slate. I don't have a Freedom. I take it the $200 is a statement credit? Is the is offer by invitation only, or is the general public allowed to apply?
Current Cards:
AmEx Platinum Charge: NPSL, $450 AF
AmEx Reserve Credit: $30K limit, $450 AF
Chase Slate Visa Credit: $32K limit, No AF
Future Strategy:
Near Term: Need a good MasterCard for places that won't accept AmEx or Visa
Long Term: Will downsize out of one or both current AmEx cards to reduce AFs

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PlyrStar93
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Postby PlyrStar93 » Fri Dec 05, 2014 2:06 am

Cre wrote:Thanks Vattene! No I have the Chase Slate. I don't have a Freedom. I take it the $200 is a statement credit? Is the is offer by invitation only, or is the general public allowed to apply?

For right now the $200 offer is available to public and can be found on their official site.
The signup bonus is issued in the form of Ultimate Rewards points. They can be redeemed for $200 in cash, but in practice they give 20,000 points as the bonus.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.



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