Does anyone know what balance information is submitted to the CRA's each month? Is it the statement balance? Is it the balance on a certain date?
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It is up to the creditor what day of the month they choose to report your balance. From my experience all I have every used report the balance that you are billed with at the end of each billing period.
For most CC accounts I you pay the balance in full each month, there is no monthly finance charge. Just be sure to pay that balance in full each month and you get a free 30 day loan from them.
I hope this answers your question.
regards,
emoney -
Yeah, that's what I figured. What I just ran in to though was a mortgage company told me that my revolving credit was close to maxed out on one card and it was affecting my score. Well, it was close to the limit but I pay it off every month. It's a $300 line and I use it for gas. I guess maybe I should just use my debit card and keep the balance small on the credit card. Man, here I'm thinking that I'm doing everything right by paying off the balance every month and it comes back to bite me in the ass!! lolComment
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No, you are doing things right, its just that the reports do not present a true picture of whats going on.
Other things to do get one or two more credit cards and try to get a credit line increase on your current card.
Good luck as you are learning the art of mananging your credit to your advantge.
regards,
emoneyComment
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