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Author: pirategraham Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 310154  
Subject: Re: Paid Off CC, FICO Down by 25 Points Date: 10/16/2003 1:40 PM
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I have been tracking my scores for over a year. All of the updates to my balances have matched up with statement balances. While the CCs could send in your account information to the CRAs at anytime they decide to, they appear to just want to do it when they process your statement.

Your score is maximized if you have a moderate balance. On the equifax site, there is a simulator that lets you play with paying off balances. Find out what range maximizes your score. For me, it is approximately between $500 and $1000. If I owe less than $500, my score goes down. Since they are going by the statement balance, I make an online payment a few days before the statement closing date to knock the balance down to around $500. I then pay the statement balance in full by the due date. I maximize my score and I don't have to pay interest charges.

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