Im trying to find out from each of my creditors when my statement closes, and when do they report my limits. Im going to start to play a game with capital one. I found out that my statement closes on the 25th of every month. I also found out that they will report my balance on the 25th of every month. Thats great! my balance is around 1400 now, im transfering it to a lower apr 2.9.... So, it will show that one month i was at a 1400 balance, then i was at 0 the next month. I feel the points being added on to my fico already! psugirl
According to Barry from Fair Issac , you total balance ratios are what affects your scores, not individual accounts, not sure how much I believe this though. So if you are just transferring one balance to another it shouldn't be any difference in scores, however is this is a new account with more limit added to your ratios then it could help.
Thats not neccessarly true. My capitalone will report on the 25th of may that my balance is 1400(around). Ill then transfer my balance to citibank. Citibank will report on the 6th of june that my balance is 1400. ON the 25th of june capital one will report by balance at 0. Ill pay off my balance at the end of june with citibank. On the 6th of july citibank will report my blance at 0. Ill win! psugirl
My capital one is at 18.4% I dont want to pay an interest rate that high so im tansfering. There is no bt fee with my citibank. So, ill transfer my balance free. Secondly, it will allow me to use my citibank card, and start a history without making additional purchases. I think its a smart thing to do in my case. Ill only be paying a 2.9% psugirl
]My capital one is at 18.4% I dont want to pay an interest rate that high so im transfering. There is no bt fee with my citibank. So, ill transfer my balance free. Secondly, it will allow me to use my citibank card, and start a history without making additional purchases. I think its a smart thing to do in my case. Ill only be paying a 2.9% ************* Unless I am wrong, and I could be..it doesn't really matter. You have already paid the 18.4% on the $1400. You would only pay it again IF you carried it another month. Unless you keep the $1400 on the Citibank at 2.9 for another month you aren't going to pay any interest. Just a few days worth until the check gets there and posts. Think also about having a $1400 balance on both cards for a few days. If Citi puts the $1400 on your card when the check goes out. Meanwhile $1400 sits for 10 days on Cao 1 while the check clears and zeros out your account. You could pay interest those days on BOTH cards. I wouldn't waste a transfer if you are just going to pay it off. If you don't want to pay 18.4 then just pay them off. Done. You won't pay any interest at 2.9 for anything.
i havent paid any interest on the 1400 balance. and i dont want to. i charged it up when i knew i could transfer it before the interest hits.
Because there are two many variables they make F I C O an inaccurate unreliable indicator of a persons credit worthiness and should not be allowed to be used:
