Paying CC bill early
My credit limit is $2K. I've had the card for a year. I need to ask them to raise my limit, I know. I usually spend like $1K a month and pay it in full when the bill comes in (~15 days early). The bill comes on the 15th. I'm already at $1,700 for the month. I probably won't go over my limit until the 15th, but is it better for my credit if I pay off like $700 now and then just pay whatever the bill comes to when it comes in?
It totaly depends on your credit score
Check your credit history first.
Jw what does paying your bill early have to do with your credit score?
Ok
Yeahh!!!
Look up Utilization
Yes this is the answer. Also, if OP is spending $2K per month on a $2K max card, its too heavy utilization. Should try to up max limit to $10K or $20K or as high as possible so utilization is as low as possible.
I am still trying to fathom only having $2k for a credit limit. I've put more than that on my credit card in a night on several occasions.
Regarding the impact on your credit, you're not going to move the needle much either way here. So do whatever works best for you.
I wouldn't worry too much. As long as you can show good credit utilization, payments on time, etc. - score should be fine.
Yeahh!!!
Yes and below 30%
Are you actually a first year M&A analyst? If so, apply for a different credit card, your limit should be at least 20-30k with a decent income. It's not good for your credit to use 100% of the limit, better to have a higher limit but keep yourself under 2k on your own
As for your question, the timing doesn't matter, we're talking a 2-5 point swing, and this doesn't even add up over time. Pay whenever you want
best to keep credit utilization under 30%
I'm still trying to fathom a $2k credit limit. The only card I have that low is my Amazon Store card, and I don't even know where the physical piece of plastic is. It's just tied to my Prime account with 5% off everything. (it's a good deal, get one if you haven't already done so)
Outside of that, I'm just going to echo others. Paying everything off monthly is good, but so is having a ton more credit than you use. Keeping usage 10% looks good to the ratings agencies. I regularly run 2-3k/mo on my primary card off of a $20k limit.
Sure, you can pay $700 now and $1,000 on the 15th, but perhaps you should include a feature in the app that will track your spending and notify you in time to stay within your credit limit. For example, if your bank does not have such a feature, I would recommend the platform I use. For example, the proramm is a billing software services that can track overdue invoices and view their breakdown by income, expense, and sales taxes. In addition, Probill accepts credit cards through PaySimple, your processor, and accepts payments and ACH payments through Vericheck. Trust me that this app will save you time and money. You need to try it.
Why's your credit limit so low? Increase that shit much as possible because 50% utilization M/M is not good for your credit score. Be like me with ~$160K in credit limit across all my cards and I keep the utilization ~1-2% which allows me to maintain ~790 in credit score.
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