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re: How often do you pay your CC balance?
Posted on 12/9/22 at 8:57 pm to NATidefan
Posted on 12/9/22 at 8:57 pm to NATidefan
quote:
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.
Strictly speaking you're probably correct. Practically speaking, swings in your credit score of 10-15points aren't going be a huge deal unless you like log into your credit karma account and see you hit 800. And most people arent rate shopping, opening new credit lines etc monthly anyway.
1
Posted on 12/9/22 at 9:01 pm to Puffoluffagus
quote:
Strictly speaking you're probably correct. Practically speaking, swings in your credit score of 10-15points aren't going be a huge deal unless you like log into your credit karma account and see you hit 800. And most people arent rate shopping, opening new credit lines etc monthly anyway.
Maybe not a huge deal, I just like having the best score I can easily, and paying off weekly isnt that much work to me with apps.
I think it's a good tip for someone that is younger and working towards a good score though or trying to rebuild.
I mean, it takes me about 3 minutes to pay all my cards at most. I usually do it while taking a shite at work.
ETA: at least no one here isn't paying by the due date,
This post was edited on 12/9/22 at 9:06 pm
Posted on 12/10/22 at 7:00 am to tenderfoot tigah
I was reading this thread and I figured I'd go in and pay my bill, I usually do it around this time each month (pay the whole balance). I go on and I see my current balance seemed higher than I thought it should. I knew it would be bigger than normal because of Christmas gifts and we booked a flight for April, but when I went down through it I noticed a $1600 charge for the Meta Store. I knew I didn't do that and I checked with the wife and it wasn't her so I had to dispute the charge. First time I've had a fraudulent charge get through on the Citi card that wasn't flagged.
Pain in the A** because now I need to update a bunch of accounts and wait for the new card to come.
Pain in the A** because now I need to update a bunch of accounts and wait for the new card to come.
Posted on 12/10/22 at 8:57 am to Billy Blanks
Business cards get paid off weekly. Sometimes we'll put through very large purchases so I don't want anything messing up the spending power here.
Personal I typically keep on auto pay every 30 days. But I have too many cards right now and need to streamline.
Personal I typically keep on auto pay every 30 days. But I have too many cards right now and need to streamline.
Posted on 12/10/22 at 8:57 am to Billy Blanks
Every month, in full, the day it's due.
It baffles me that people still choose to over complicate this after all these years
It baffles me that people still choose to over complicate this after all these years
Posted on 12/10/22 at 9:00 am to Joshjrn
quote:
Every month, in full, the day it's due.
It baffles me that people still choose to over complicate this after all these years
My in laws up until about last year would mail checks to the CC company to pay. It blew my mind. They now do online pay.
Posted on 12/10/22 at 9:02 am to grsharky
Glad you caught it
Posted on 12/10/22 at 10:45 am to Billy Blanks
Rack up bout 6k a month. Pay it off on the 1st.
Posted on 12/10/22 at 11:18 am to Joshjrn
quote:
baffles me that people still choose to over complicate this after all these years
Is it that complicated takes less than 30 seconds
Nothing wrong with how you do it.
Theoretically should have money in savings make that 3% and pay monthly
This post was edited on 12/10/22 at 11:20 am
Posted on 12/10/22 at 2:58 pm to thelawnwranglers
quote:
Is it that complicated takes less than 30 seconds
Nothing wrong with how you do it.
Theoretically should have money in savings make that 3% and pay monthly
I mean, infinitely more complicated than literally never touching it because it auto drafts each month when it's due, which is what I have set for all of my cards. Now, if there was some great payoff, I would completely understand. Or if someone is just starting out and they have very little available credit which they tend to max out each month, I suppose there might be merit to smoothing out what otherwise might look like very high credit utilization.
But for the average MT poster who I assume, maybe incorrectly, has tens of thousands of dollars if not significantly more in available revolving credit at any given time? There's literally zero benefit. So any additional action is almost by definition an unnecessary complexity that I simply don't understand.
Posted on 12/10/22 at 4:10 pm to Joshjrn
quote:
mean, infinitely more complicated than literally never touching it because it auto drafts each month when it's due, which is what I have set for all of my cards.
Whats your review process of charges? I am also looking at charges that hit pretty regularly.
It's almost compulsive - get bored look at it. I run everything I can through card I don't even have $20 in my wallet right now
Posted on 12/10/22 at 4:18 pm to thelawnwranglers
Aggregators like Mint allow a holistic review across accounts simultaneously.
Cash, credit lines, investments, net worth statement, transaction detail, budgets…it is simply more efficient.
Cash, credit lines, investments, net worth statement, transaction detail, budgets…it is simply more efficient.
Posted on 12/10/22 at 5:44 pm to lynxcat
quote:
Cash, credit lines, investments, net worth statement, transaction detail, budgets…it is simply more efficient.
Yup yup. Zero reason to log in to separate accounts on different sites, click through each card separately, etc, just to keep an eye on charges and spending.
Posted on 12/10/22 at 5:48 pm to Billy Blanks
Look at it on the first of every month when I go to pay off my two credit cards. Balance was about $4,0000 for November
Couldn't be bothered at all to check it any other time. Paying it off daily is absurd
Couldn't be bothered at all to check it any other time. Paying it off daily is absurd
This post was edited on 12/10/22 at 5:56 pm
Posted on 12/10/22 at 7:57 pm to Billy Blanks
As soon as I make a charge, I mail that amount of cash to the card provider. Not really, but paying daily is about as nutty.
Posted on 12/10/22 at 8:08 pm to Billy Blanks
I personally pay the statement balance when it’s due. I can see value paying multiple times a month to keep your credit usage down. That could potentially strengthen your credit score if you don’t have a lot of available credit.
This post was edited on 12/10/22 at 8:14 pm
Posted on 12/10/22 at 8:51 pm to Billy Blanks
Payments weekly
Posted on 12/10/22 at 10:38 pm to Billy Blanks
Monthly-ish
Sometimes we have a really high balance (like right now from Christmas presents) and I'll probably pay off like 75-80% of it this month and finish it off next month.
Sometimes we have a really high balance (like right now from Christmas presents) and I'll probably pay off like 75-80% of it this month and finish it off next month.
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