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cdacc0914

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Paying off balance on closing date, is this a good method?
Since the statement generated will be reported to the credit bureaus.. is it a good idea to pay off the balance on the same date it closes? I was thinking might as well pay it off way before the due date just in case I forget. Will this get me the maximum amount of points? Or does waiting a few days after the closing date and then paying reap more points?

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Top Contributor
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Please take the time to re-read the articles so you can better understand how credit works.  The Closing Date is the time the credit card company totals all purchases and subtracts all payments made in the previous billing cycle.  When you get the bill, there is a payment due date and you want to make your payment in after the bill arrives and before the due date.  That helps your score. 

Top Contributor
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Once statement is closed for that period, then it's makes no difference when you pay before the due date. You don't get extra points for paying on the same it closed or two days before due date. 

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Once statement is closed? You get stuck with that statement balance for calculating utilization percentage until next time it reports. So If you are micromanaging your utilization for whatever reason? You make one payment before the due date, and another payment "before" statement close date to reflect whatever percentages you desire. Especially when you pay way before the due date and then put more charges to that card after you pay.

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