Quote:
Originally posted by RoundLake
If I understand you correctly, you are saying that what they report is the total balance due at the close of each accounting period.
This kinda makes sense... it really doesn't matter what you pay - it is the outstanding balance that gets reported each cycle, right?
-Cliff
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Correct. Thus you can affect the amount of debt reported on your credit reports by paying off the CC prior to the statement closing. Financially this is not good because you are not taking advantage of the grace period.
But if you know you are about to apply for a mortgage and you want the best rate possible, it is worth doing for 2-3 months prior in order to get that low mortgage rate.