- Green Member
- Posts: 6
- Joined: Fri Feb 18, 2011 8:45 am
- Location: GA
The balances I currently keep on credit cards is hovering right around 30%. I keep reading that is the magic number you want to stay at or below.
I also have been using a cash back card to buy everything, groceries, gas etc, then I will pay that card off every month. That bill ranges from 1500 to 3000 per month.
I read here last week that the balances reported every month are as of statement cut off each month, so that 1500 - 3000 I pay off every month is increasing my % utilization number and thus negatively affecting my score.
My questions are as follows:
Is what I read correct? are the balance of a card on the credit report as of stmt cut off each month?
Is 30% the utilization number I want to stay under ?
Do charge card balances, like amex gold/zync, that get paid off every month have the same affect on credit scores that credit card balances like visa do?
If so, I could get an amex card for the groceries and such that I pay off every month and not increase my utilization %.
If they are included in the utilization % just like credit card balances, then I think my only option to avoid this is to pay the credit card balance before the statement cuts off so that a small or no balance is reported every month.