Credit card utilization is a key role player in your credit score. It amounts to 30% of your FICO score. Your credit scores can go up or down monthly by 40, 60, 80 points by the balances reported to the credit bureaus. If you carry a balance over 10% of your credit limit, it can lower your credit scores.
What most people don’t realize that most credit card banks report your balance at the time your statement is generated, NOT the due date each month.
So paying off your credit card bill between the statement date and the due date is not giving you the full benefit of that payment to your FICO score as your balance has already been reported.
For a personalized credit report review, feel free to contact me direct and we can discover how to raise your credit scores in just a few minutes.
President and Certified Credit Expert