Here is the best time to pay your credit card bill.
In these situations — and any time you have a higher-than-normal balance — it can be a good idea to make multiple payments during youror simply pay the entire balance before your due date. Paying your balance more than once per month makes it more likely that you'll have a lower credit utilization rate when the bureaus receive your information. And paying multiple times can also help you keep track of your spending and cut back on any overspending before you fall into debt.
Let's say your billing cycle ends on the 10th of every month, and your card issuer reports to the credit bureaus on the 11th. If you typically spend $1,000 on a card with a $5,000 credit limit, your utilization is 20%. But if you make an additional $2,000 in charges for home renovations on the 1st, on top of the $1,000 you usually spend, your utilization would increase to 60%.
at varying times throughout your billing cycle, depending on each lender. If you're unsure when your balance will be reported to the bureaus, call your card issuer to ask the exact date, Harzog recommends. The dates will probably differ based on the billing cycle for each card. Most lenders calculate your utilization rate based on yourIf you struggle to have cash on hand when your due date rolls around, most card issuers allow you to change the day your payment is due. This allows you to select a day that works best for you , which could help you make full payments every month.
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