Take Control: The Power of Your Statement Closing Date
Learn how one simple date on your credit card can raise your score, lower your interest, and even add up to 50 points — without paying a dollar more. Listen to Part 2 below.
Take Control of Your Credit Score With One Simple Date
Getty ImagesIt’s Take Control Tuesday, and that means Mansa Musa is back with more practical tools to help you manage your money with confidence.
Last week, we talked about how your credit card’s statement closing date can help you control your cash flow. Today, we’re taking that same date and using it to boost your credit score.
Let’s break it down.
Your statement closing date is the day your credit card company reports your balance to the credit bureaus. Whatever amount sits on your card that day becomes part of your credit utilization ratio — and that ratio makes up 30% of your credit score.
So, lowering the balance before the closing date can raise your score. And you don’t even have to pay more money — just pay smarter.
The Power of Your Statement Closing Date
For example, imagine your statement closes on the 10th. You put a $1,000 charge on a card with a $2,000 limit. That’s 50% utilization, and credit scoring models don’t love that.
But if you can pay $700 of that balance on, say, the 7th, then only $300 gets reported. Suddenly you look like you're using just $300 of $2,000 — and that’s a major score booster.
Even better, doing this for three months before applying for a car loan, mortgage, or business loan can create a strong, cumulative improvement. For many people, this strategy alone can add up to 50 points to a credit score.
This Works no Matter Where You are Financially
- If you pay your balance in full every month, this keeps your credit strong.
- If you carry a balance, you’ll show a lower number and reduce interest along the way.
- If you’re rebuilding, this gives your score a quick, visible lift — and shows lenders you’re making consistent progress.
No tricks. No extra money. Just understanding the system and using it to your advantage.
We always remember our due date —
Listen to our Full Conversation Below
Tune in to The Randi Myles Show from 10 am to 3 pm through The Detroit Praise Network App available on iPhone and Android devices, visit detroitpraisenetwork.com, or use your smart speaker by enabling the skill and saying, "open Detroit Praise Network." Alternatively, listen on your car, home, or work radio at 105.9 HD2, 98.3 FM, or 99.9 FM.
Connect with us on Social Everywhere @PraiseDetroit!
About Randi Myles:
I am a child of God that has a lot to say.
Here you will find conversations with artists, authors, speakers, and teachers within the faith-based community. Also, my journey has been colorful, rich, and sometimes really hard so, I look for answers and respite through these posts. My mom wanted me to write a book and I'm working on that, so bear with me as I fumble my way through.
I am working on balancing my extremely fun work life with my personal life that is filled with challenges these days. I know that God will see me to victory so... welcome to my life.
~Randi
