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HomeCredit ForumCredit repair

Balance reporting during grace period AmEx

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mhromin



Joined: 01 Jul 2008
mhromin's page
Posts: 1



31 Magic Points
Subject: Balance reporting during grace period AmEx
 
 Posted on Tue Jul 01, 2008 9:30 pm  
My credit score as mid 740's, I appled and recieved a Am EX cash back card with a 5000 limit. I have charged 1650 dollars this month. I intended to pay in full and not be charged interest. I am now afraid that the 1600 will show as my balance and lower my score. If I pay in full and do not use the card again will my score increase the next month because my balance decresed??
 
Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 534



13649 Magic Points
 
 Posted on Wed Jul 02, 2008 8:57 am  
I don't think that if you pay back the credit card debt in full it will reduce your credit score. To have a good credit score it is always essential that you spend not more than 30% of your credit limit. You have only spent 30% of your limit. So you can repay the amount and again use the card to make purchases.
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Best Wishes
Justin
 
anthony

anthony

Joined: 31 Jul 2006
anthony's page
Posts: 533



13296 Magic Points
 
 Posted on Wed Jul 02, 2008 9:39 am  
I agree with justin on the point that since you have spent only about 33% of your credit limit, it would not adversely affect your credit score. Moreover, paying off the debt in full never reduces credit score. In fact if you pay off the debt in full, it gives a good image to your credit report.
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Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
You can also visit my blog
http://financewatchonline.blogspot.com
 
Mario
Guest
Subject: Thanks
 
 Posted on Wed Jul 02, 2008 3:24 pm  
Wow, thanks for the speedy reply. I totaly appreciate it.

Thank you!
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3235



2257 Magic Points
 
 Posted on Wed Jul 02, 2008 9:50 pm  
you will almost always get great advice fast here. you are very welcome.
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
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