CSP- let balance report?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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nismoZtuner
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CSP- let balance report?

Postby nismoZtuner » Fri Apr 11, 2014 3:28 pm

So I gave a down payment for my brother of $3500 for a car he bought- I want to know what you guys think about letting that amount report on my account or should I just pay it off already before my due date arrives(26th).

My CL is $5,800 (my utilization will go UP! -I BET!!)

Will it help my credit in any way if I let it report and then pay it off once it gets reported?
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
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Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22


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Dr.Mark
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Postby Dr.Mark » Fri Apr 11, 2014 3:42 pm

Personally I wouldn't let that much show. I reckon it is just too much.
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linuxmachine
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Postby linuxmachine » Fri Apr 11, 2014 3:55 pm

I'd pay it down to 1k or less

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nismoZtuner
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Postby nismoZtuner » Fri Apr 11, 2014 4:01 pm

Dr.Mark wrote:Personally I wouldn't let that much show. I reckon it is just too much.


linuxmachine wrote:I'd pay it down to 1k or less


I can pay all of it off just not sure if it will help boost my score if I let it report for this month..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

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djrez4
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Postby djrez4 » Fri Apr 11, 2014 4:11 pm

Are you applying for anything in the next two months? If so, pay it down. If not, it doesn't matter.
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linuxmachine
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Postby linuxmachine » Fri Apr 11, 2014 4:22 pm

nismoZtuner wrote:I can pay all of it off just not sure if it will help boost my score if I let it report for this month..


Your score is a function of many factors, but utilization can't be manipulated for a permanent boost. You'll be floating around the same range as your utilization changes. Unlike age, where over time, it will can your score, you can't incrementally increase your score by keeping your utilization low every month. Some months it will go up, some months it will go down, but it will maintain within a specific range.

Like dj said, if you need an artificial boost for something near term, pay it down with a small balance left. Otherwise, doesn't matter.

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Postby CC Deville » Fri Apr 11, 2014 4:37 pm

nismoZtuner wrote:So I gave a down payment for my brother of $3500 for a car he bought- I want to know what you guys think about letting that amount report on my account or should I just pay it off already before my due date arrives(26th).

My CL is $5,800 (my utilization will go UP! -I BET!!)

Will it help my credit in any way if I let it report and then pay it off once it gets reported?


Wow, just in time for National Siblings Day. I wouldn't give or lend my brother that money for anything!

As far as your question, it won't really help or hurt you. It should deffo help get an auto CLI from Chase though.

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nismoZtuner
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Postby nismoZtuner » Fri Apr 11, 2014 5:39 pm

CC Deville wrote:Wow, just in time for National Siblings Day. I wouldn't give or lend my brother that money for anything!


He had it in cash. so points for me..

I already met the $2k in 2 months for 45k points from chase!
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

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nismoZtuner
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Postby nismoZtuner » Fri Apr 11, 2014 5:41 pm

djrez4 wrote:Are you applying for anything in the next two months? If so, pay it down. If not, it doesn't matter.


No plans for cards anytime soon.. but I don't like paying interest for nothing.. CSP is at 15.99% APR
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22

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djrez4
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Postby djrez4 » Fri Apr 11, 2014 6:17 pm

nismoZtuner wrote:No plans for cards anytime soon.. but I don't like paying interest for nothing.. CSP is at 15.99% APR


Paying before vs after the statement cuts is irrelevant when calculating interest. As long as you pay in full by the payment date, no interest accrues.

You asked about a balance reporting, not interest. Reporting a balance makes no difference unless you need the extra points on your score.
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