6
Warning: I paid off my credit cards wrong for 10 years before a banker set me straight
I always paid off my cards right after using them, like within a day or two, thinking that kept my credit clean. Turns out I was messing up my utilization because the statement balance showed zero every month, so the bureaus thought I wasn't using any credit at all. A loan officer at my local Chase branch in Phoenix told me I needed to wait for the statement to post, then pay it off before the due date. Anyone else been paying cards wrong and had it bite them in the score?
2 comments
Log in to join the discussion
Log In2 Comments
brooke_murray1d ago
Wait for the statement to post... who knew that was some kind of hidden secret? I used to pay my card the second I got home from the store, thinking I was being super responsible. Found out my credit limit was $10,000 but my scores were stuck because they saw zero activity every month. Kind of like bragging about an empty fridge and wondering why nobody thinks you can cook.
6
michael_williams1d ago
Wait, so paying early actually hurt your score? How long did that take to straighten out @brooke_murray?
10