Dating for professionals with credit cards

Posted by / 09-Feb-2016 23:23

Your card's closing date can be located on your monthly statement.Let's take the same example above of the card with a billing period of the 25th to the 24th.If you've racked up charges that equal more than 30% of your limit, you may want to make a small payment your closing date to reduce your utilization rate.This is especially helpful if you rack up a bunch of charges on a low-limit credit card: For example, if you charge 0 in a month on a card with a 0 limit.By reducing your credit utilization rate, you can improve your credit score.At this point, we've thrown around a lot of dates and terminology.

Let's say your credit card has a billing period that begins on the 25th of one month and ends the 24th day of the next month.Unless you make a payment before your closing date, your credit utilization rate reported on that card would be 66% – well above the recommended 30%.In that case, you might want to pay down your bill prior to your closing date.Any transactions that post during this 25th-to-24th timeframe will be reflected on your bill for that month.Your credit card statement closing date wraps up your bill for that month – any transaction posted the closing date will go on your next statement.

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Your credit card utilization rate is also reported at this time. Most credit card issuers will send you reminders to pay your bill so you won't miss your payment due date.