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Best Time To Pay CC Bill???

Frequent Contributor

Re: Best Time To Pay CC Bill???

I made a purchase with my BestBuy card last week. Needed a washer, and I got an extra 5% off plus an extra $24 worth of  'points' for using the BBuy card.

 

My statement cuts this coming Wednesday Aug 15, so I PIF today.

 

I'm still in credit rebuilding mode, so this was the right way to go about it, correct? I won't incur any interest charges, and my utilization won't increase, but the CRA will be able to see that I've utilized my credit. Responsibly.

EX myFICO 850 - EQ myFICO 849 - TU myFICO 850
Goal Score: 800+ across the board! *DONE!!!*
Message 21 of 26
Senior Contributor

Re: Best Time To Pay CC Bill???


gamegrrl wrote:

I made a purchase with my BestBuy card last week. Needed a washer, and I got an extra 5% off plus an extra $24 worth of  'points' for using the BBuy card.

 

My statement cuts this coming Wednesday Aug 15, so I PIF today.

 

I'm still in credit rebuilding mode, so this was the right way to go about it, correct? I won't incur any interest charges, and my utilization won't increase, but the CRA will be able to see that I've utilized my credit. Responsibly.


Well, half.

 

You certainly did nothing "wrong", but the CRA won't see that you've used the card at all.  If you last statement balance was 0, and your next statement balance will be 0, that's all the CRA will see.

 

The CC issuer can see that you're using it responsibly, but the CRA won't see anything.

 

To the OP, I personally, choose to manage / update / pay my CC bills at least weekly...generally twice a week...but I've got an awful lot of cards...

 



Zero percent financing is where the devil lives...

10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
Message 22 of 26
Frequent Contributor

Re: Best Time To Pay CC Bill???

Well phooey. I guess I did the right thing though, eh? I wanted that extra 5% off, and the extra $24 in points, plus I didn't want to pay any interest.

 

For some reason (even though it didn't seem logical to me) I'd gotten the impression that it would work the way I thought.

 

To the OP: I get paid twice a month. First thing I do on payday is sit down and check ALL of my accounts: Banks accounts, credit accounts, utilities, everything, to make sure everything is in order and to pay whatever needs to be paid. I also check the accounts on the in between payday weeks, just for the sake of good management and to make sure there are no surprises.

 

Ok, so that part is probably just me being my paranoid, hypervigilant self, but it doesn't hurt.

 

Smiley Tongue

EX myFICO 850 - EQ myFICO 849 - TU myFICO 850
Goal Score: 800+ across the board! *DONE!!!*
Message 23 of 26
Mega Contributor

Re: Best Time To Pay CC Bill???


saggy1 wrote:

If your pay period ends on the 15th when is the best time to pay? In other words, after the pay period you are given a certain amount of time to pay your bill. Do you want to pay right before the bill is due? Or do you want to pay right before your pay period ends?

 

THX


For FICO scoring purposes you always want to pay your bill before the statement closing date, that date can be found by giving the creditor a call.

 




EQ FICO 548 3/3/16
Message 24 of 26
Senior Contributor

Re: Best Time To Pay CC Bill???


tcbofade wrote:

gamegrrl wrote:

I made a purchase with my BestBuy card last week. Needed a washer, and I got an extra 5% off plus an extra $24 worth of  'points' for using the BBuy card.

 

My statement cuts this coming Wednesday Aug 15, so I PIF today.

 

I'm still in credit rebuilding mode, so this was the right way to go about it, correct? I won't incur any interest charges, and my utilization won't increase, but the CRA will be able to see that I've utilized my credit. Responsibly.


Well, half.

 

You certainly did nothing "wrong", but the CRA won't see that you've used the card at all.  If you last statement balance was 0, and your next statement balance will be 0, that's all the CRA will see.

 

The CC issuer can see that you're using it responsibly, but the CRA won't see anything.

 

To the OP, I personally, choose to manage / update / pay my CC bills at least weekly...generally twice a week...but I've got an awful lot of cards...

 


There are other things reported such as actual payment that show usage, even if you have a 0 balance reporting.

Message 25 of 26
Highlighted
Frequent Contributor

Re: Best Time To Pay CC Bill???

That's what I was thinking (and hoping).

EX myFICO 850 - EQ myFICO 849 - TU myFICO 850
Goal Score: 800+ across the board! *DONE!!!*
Message 26 of 26