Paying off your complete credit card statement each month represents a prudent financial approach. Nonetheless, if your objective is to project a debt-free image to lenders, you must adjust the timing of your payments.
When you receive your monthly credit card statement, your creditor reports the balance to the credit reporting agencies. Even if you settle the entire balance after receiving the statement, your credit report still reflects that balance. To convey a debt-free status to your creditors, you should aim to clear the balance in full before your statement’s closing date.
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