To improve credit score, how long after using my credit do I need to wait to pay off the balance so that the credit agencies record it all?
If I buy something on the 1st of each month and pay the balance on the 3rd, I'm concerned that won't give enough time for the credit agency to receive the report of the purchase, etc. Can anyone explain if I need to wait for x number of days before paying it back?
- Anonymous1 month ago
It makes no difference. Pay on or before the due date in full every month.
- Anonymous2 months ago
Creditors report your current balance and whether your account is paid as agreed.
You're doing fine. Use the card and pay it off.
- StephenWeinsteinLv 72 months ago
You don't need to wait. Credit agencies don't receive reports of purchases. Even if you wait 100 years, there are no reports of purchases. What is reported is your balance and whether you paid on time.
You also seem to be under the misconception that using it improves your credit. It doesn't. Having credit available to you but unused improves your credit. Paying it sooner is better, because if the balance is not yet paid when the the report is made, that may hurt your credit. Having it already paid off helps your credit more.