dluds wrote:I never really understood this as it seems to me that as long as it's paid off on time each month, it shouldn't matter.
It does matter for scoring. It sounds like you need to read up on utilization and credit scoring. Paying the balance by the due date does not mean that a 0 balance is reported. The statement balance is what is reported.
As stated above, 30% or less utilization is generally recommended but for optimum scoring you want as little as possible without going to 0 utilization.
dluds wrote:Does it make a different if I have $4800 charged on one and $0 on the other versus $2400 charged on each one?
Not for overall utilization but $4,800/$5,000 on a card is maxxed out and can be a problem -- especially if carried for a while and only the minimum is paid.
dluds wrote:Additionally, if I go over my credit limit one time in my lifetime, but pay it down enough so it's under the limit the same day, how greatly will that affect my credit rating?
It won't. It can incur you an overlimit fee though. Your utilization is your current utilization. As long as you've reduced it prior to when it reports it really doesn't matter what the balance is. You can repeatedly run your card up and pay it multiple times if needed or desired.
JSS3 wrote:The mindset of paying multiple times a month(and that being the key) needs amending or to be gotten rid of.
Doesn't seem to be an issue to me. Some prefer this approach but I don't recall seeing anyone claim that this is required for maximum scoring.