Quote:
Originally Posted by Steve Carlton
The bureaus get the balance and limit when your statement comes out. You can avoid the 30 day drop if you pay down the balance before the statement. That closed or unreported HELOC increased the balance to limit percentage. I think it’s measured as an overall percentage and only applies to revolving accounts, not installment loans, but the amount of installment loans affects your score.
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I pay the statement balance on the due date. The CC company just drafts my checking account on that date, so it is never late. I get to use their money for as long as possible. If I charge something a day after the statement closing date, I have 30 days before the next statement comes out, and 30 days to pay that. I get "free" money for 60 days. I am sure the CC company hates it, but I am playing in by their rules.
It all get paid and costs me the same, just I got to keep my money in my account, earning me interest, and I still don't pay a penny in interest to the card company.
The fact that my score goes up or down means nothing to me at all.