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Posted on 12/9/22 at 1:07 pm to Billy Blanks
All of mine are set to autopay on the due date. I get an email saying payment will be made in 3 days, log into checking account to make sure I have funds to cover. If not, transfer from savings
Posted on 12/9/22 at 1:15 pm to Billy Blanks
quote:
Was talking to a buddy and he waits until a month and makes 1 payment.
You mean like a normal person?
Posted on 12/9/22 at 1:21 pm to UltimaParadox
I like the security of a cc but like to track it as close to a debit card as possible. That’s why I do it
Posted on 12/9/22 at 1:26 pm to Billy Blanks
Twice. I have my bank's billpay system automatically push a payment after the statement closes to cover the minimum amount due. I do this for all my credit cards which I currently have 5. This is to make sure I don't get hit with any late charges.
Then about a week before the due date, I go and make payments to cover the rest of the balances. I have all my card statements close on about the same day, so I can do all of them at the same time.
While all of these cards offer autopay (they pull money from your account), I don't like that and prefer to "push" payments out. My billpay system has the ability to autopay some of these cards but I don't use it.
In the past, I have made extra payments before the statements close to keep my balances low. I do this if I know ahead of time, I'm going to apply for new credit, mortgage etc. This is to keep my credit utilization very low to increase my credit score.
Then about a week before the due date, I go and make payments to cover the rest of the balances. I have all my card statements close on about the same day, so I can do all of them at the same time.
While all of these cards offer autopay (they pull money from your account), I don't like that and prefer to "push" payments out. My billpay system has the ability to autopay some of these cards but I don't use it.
In the past, I have made extra payments before the statements close to keep my balances low. I do this if I know ahead of time, I'm going to apply for new credit, mortgage etc. This is to keep my credit utilization very low to increase my credit score.
Posted on 12/9/22 at 1:44 pm to Billy Blanks
quote:Why?
Was talking to a buddy and he waits until a month and makes 1 payment. That'd drive me crazy.
I just run everything through my CC and have it set on autopay statement balance at the end of each month. Easy peasy
Posted on 12/9/22 at 2:21 pm to Billy Blanks
I get paid on the 1st of each month. Pay the cards off usually on the 2nd of each month.
I can be OCD about some things, but I've never heard of paying it off daily. I see no benefit vs monthly and its a lot of hassle.
I can be OCD about some things, but I've never heard of paying it off daily. I see no benefit vs monthly and its a lot of hassle.
Posted on 12/9/22 at 2:24 pm to slinger1317
I'll give it a shot
Posted on 12/9/22 at 2:35 pm to Billy Blanks
Weekly
Posted on 12/9/22 at 2:38 pm to Billy Blanks
Once a month the statement balance.
I couldnt imagine logging in every single day and paying 3,4,5 cards potentially. What a gigantic waste of time.
Just use a debit card and save the time.
I couldnt imagine logging in every single day and paying 3,4,5 cards potentially. What a gigantic waste of time.
Just use a debit card and save the time.
Posted on 12/9/22 at 3:41 pm to Billy Blanks
I try to pay it off right before the balance hits. Usually successful, but sometimes a pesky Amazon purchase clears right in between and my monthly balance is line $38.
Posted on 12/9/22 at 3:59 pm to Billy Blanks
Probably once a week or so. I just use it for the cash back and would rather pay $500 or so each week than let it build up to $2000 and pay it off at the end of the month. I don’t like opening my CC apps and seeing big balances
Posted on 12/9/22 at 4:06 pm to Billy Blanks
For everyone thst only pays it off monthly. You could probably have a better credit score if you paid off more frequently. Look and see what your utilization is.
If you pay regularly (or right before they check it monthly which I believe is 21 days before the due date) you will have a very low utilization rate which is a big factor in your credit score.
For a simple example, if you have one card and charge 300 dollars a month and have 1000 limit. You will have a 30% utilization rate if you only pay it off monthly most likely. But if you put 300 on it monthly, but pay it off regularly you will most likely never have a balance above say $20 dollars. Giving you a 2 % utilization rate. 20/1000 * 100.
This is calculated across all avaliable credit though. So if you have multiple cards, etc with 100,000 limit total you could carry a 1000 balance across all cards and only have a 1% utilization rate.
I pay mine regularly, but not daily. Usually once a week.
I think they check 21 days before (but dont quote me) the due date whichnis the statement closing date, so if you set autopay to pay right before that and it has time to clear, you should have a 0% utilization rate... I think, lol.
I learned it from this guy who is a credit expert. Explains it at about 1:45
youtube
ETA:
If you pay regularly (or right before they check it monthly which I believe is 21 days before the due date) you will have a very low utilization rate which is a big factor in your credit score.
For a simple example, if you have one card and charge 300 dollars a month and have 1000 limit. You will have a 30% utilization rate if you only pay it off monthly most likely. But if you put 300 on it monthly, but pay it off regularly you will most likely never have a balance above say $20 dollars. Giving you a 2 % utilization rate. 20/1000 * 100.
This is calculated across all avaliable credit though. So if you have multiple cards, etc with 100,000 limit total you could carry a 1000 balance across all cards and only have a 1% utilization rate.
I pay mine regularly, but not daily. Usually once a week.
I think they check 21 days before (but dont quote me) the due date whichnis the statement closing date, so if you set autopay to pay right before that and it has time to clear, you should have a 0% utilization rate... I think, lol.
I learned it from this guy who is a credit expert. Explains it at about 1:45
youtube
ETA:
quote:
Statement Closing Date - Last day of the billing cycle, Usually occurs 20-25 days before payment due date.
Payment Due Date- The date by which you need to pay the issuer. You must pay your balance off by this date to avoid interestcharges
This post was edited on 12/9/22 at 4:43 pm
Posted on 12/9/22 at 4:34 pm to WhiskeyThrottle
quote:
2 - When does the balance get reported to credit reporting bureaus?
20-25 days before your due date. If you want to have a 0% utilization have it paid in full at that date which is called the statement closing date.
This post was edited on 12/9/22 at 4:37 pm
Posted on 12/9/22 at 4:38 pm to Billy Blanks
Monthly when it autopays. I have zero reason to go manually touched my finances. Why spend the mental energy to pay off more frequently?
Unless it’s all for improved credit rating via lower utilization…
Unless it’s all for improved credit rating via lower utilization…
This post was edited on 12/9/22 at 4:39 pm
Posted on 12/9/22 at 5:39 pm to Billy Blanks
quote:
I like the security of a cc but like to track it as close to a debit card as possible. That’s why I do it
Same here. I like the points from credit cards but don't want to have to "check and see" if I haven enough funds to cover the bill at the end of the month. I want to know exactly what I have, every day.
I also keep an excel file in which I track every single transaction I make, daily changes to brokerage accounts, etc. It takes some work, but I enjoy it, and have found that I've made bigger strides in my net worth since doing all this than before when I was just winging it.
This post was edited on 12/9/22 at 5:43 pm
Posted on 12/9/22 at 6:38 pm to Ostrich
quote:
also keep an excel file in which I track every single transaction I make, daily changes to brokerage accounts, etc. It takes some work, but I enjoy it, and have found that I've made bigger strides in my net worth since doing all this than before when I was just winging it.
When I don't do this I spend like the US Congress
I have all my fixed expenses (RE Tax, Insurance, car notes) hit a sperate checking account - funded each paycheck. I think this is envelope method. I have some direct deposit hit savings. So paying weekly is just monitoring just for budget
This post was edited on 12/9/22 at 6:42 pm
Posted on 12/9/22 at 6:56 pm to Ostrich
Glad it works for you but that’s so manual. Not just the time but the mental energy to always be thinking about it.
Posted on 12/9/22 at 8:35 pm to Billy Blanks
It's the first thing I do every other Saturday morning while laying in bed after my paycheck hits.
Posted on 12/9/22 at 8:55 pm to lynxcat
I don't keep an excel file by any means, but I do like paying regularly for more than just utilization purposes. Helps keep me from freaking if I only paid once a month I think, lol.
I also was keeping my extra buffer savings in a seperate bank. But recently switched to Sofi that gives 2.5% on checking and 3.25% on savings currently and keep both checking and buffer savings there. So now I could switch quickly between savings and checking.
Maybe I should start keeping basically nothing in checking and just move from savings to checking right before I pay the monthly credit card and other bills. I've got most of them except he credit cards set to be due and auto pulled near the first of the month. Hmmm
I also was keeping my extra buffer savings in a seperate bank. But recently switched to Sofi that gives 2.5% on checking and 3.25% on savings currently and keep both checking and buffer savings there. So now I could switch quickly between savings and checking.
Maybe I should start keeping basically nothing in checking and just move from savings to checking right before I pay the monthly credit card and other bills. I've got most of them except he credit cards set to be due and auto pulled near the first of the month. Hmmm
This post was edited on 12/9/22 at 8:57 pm
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