Let's go over when you need to pay your credit card bill to increase your credit score.
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First, here are a few key terms to know:
1. New Balance: Total of transactions in billing cycle
2. Opening Date: Start date of billing cycle
3. Closing Date: End date of billing cycle
4. Minimum Payment Due: Minimum amount to pay to make an "on-time purchase" (will have to pay interest)
5. Payment Due Date: The day your payment is due
You should know that your credit card company does not report your credit card balance or credit utilization to the credit bureaus often. Typically they only report your credit card balance once per month. That one time is on your statement closing date.
If you were to pay off your entire or most of your statement balance BEFORE your statement closing date, little to no balance will be reported to the credit bureaus. As a result, your credit utilization will be lower and your credit score will increase. Just remember to pay off the remainder of your statement balance before your payment due date.
Ideally, you will be paying your credit card balance twice:
Once BEFORE your statement closing date
Once AFTER your statement closing date and BEFORE your payment due date
If you follow these tips you will be able to lower your credit utilization and INCREASE your credit score!
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