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When To Pay Your Credit Card to INCREASE CREDIT SCORE

The exact date to Pay Your Credit Card and Increase your Credit Score. Also, when to pay your credit card to avoid interest in 2022. Use your statement date and your payment date to improve your financial freedom. [FREE Training]…
BenjaminG 12 August 2022

The exact date to Pay Your Credit Card and Increase your Credit Score. Also, when to pay your credit card to avoid interest in 2022. Use your statement date and your payment date to improve your financial freedom.

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Payment Due Date
Your payment due date is the day that your credit card payment is due for the previous billing cycle. Your due date is typically between 20 and 25 days after the close of your last billing cycle.

If you pay late or less than the minimum due, you will be charged a late fee. If you pay less than your full balance, you will be charged interest.

Statement Date / End of Billing Cycle
Your credit card statement date is the end of your billing cycle. On this day your issuer produces a statement of your account activity for the previous billing cycle – which can vary between the last 28 to 31 days.

Your credit card statement will list all transactions made during the billing cycle, any fees charged, and your current balance. You’ll also see any interest charges, late fees, and annual membership fees listed as well.

Outside of simply reporting transactions and fees, your statement date has another major role. Credit card companies use the information on your statements to report to the credit bureaus every month.

By knowing your payment date and your statement date you now have all you need to pay your credit card at the right time to boost your credit score.

Here’s how to do it!

If you want the highest credit score, the best time to pay your credit card is before your statement date.

Here’s why!

Utilization
Credit Card companies report your credit Utilization one time per month – using the information found on your statement. Your credit Utilization is the % of your credit limit that you have used. And Utilization of credit makes up 30% of your credit score.

30% should be the highest your utilization should be by the time of your statement date. The lower your utilization, the better your credit score will be and anything over 30% is considered bad. For this reason, it is best to keep your utilization low as you approach your statement date. Paying close attention to the fact that the dates can change – month-to-month.

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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).


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