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Frequent Contributor
Stralem
Posts: 456
Registered: ‎10-08-2011
0

Re: Does Autopay look good?

Yeah, I say if you're concerned about holiday spending, adjust it so that autopay takes off a chunk of your balance rather than the usual full amount.

 

Autopay is free insurance against late payments. I don't think there's ever a reason to not have it turned on.

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Senior Contributor
Open123
Posts: 4,219
Registered: ‎02-23-2011
0

Re: Does Autopay look good?


FinStar wrote:

sillykitty1 wrote:

I think autopay does matter for Barclays.  The last 2 months I changed my "Pay Full Statement Balance" autopay to a lesser amount.  Barclays immediately SP'd me after that.  


It doesn't matter and such is no direct evidence (coincidental at best).  I have 4 Barclays CCs and none of them are on autopay.  Barclays still SPs me frequently regardless of activity, PIF, etc.  Part of their routine periodic reviews.


+1

 

This is where perhaps the often used phrase "correlation doesn't imply causation" may be applicable.  In either case, I think issuer's really don't care, one way or the other.  I suspect they view autopay as we do, as a matter of personal preference.  I prefer paying things manually (maybe because I'm overly meticulous or have too much time), and would rather avoid the potential auto pay errors, even if it afflicts only 1 in a Million.

 

For me, given I pay a King's ransom to use a smart phone, mind as well just ebill a payment when I have a moment.

Frequent Contributor
Pat94108
Posts: 393
Registered: ‎03-23-2013
0

Re: Does Autopay look good?

Autopay is convenient as you don't have to remember to make a payment. I am a bit like Open123, I always make payments manually. However, my payments are on auto pay just in case.  

Established Member
BlueTank
Posts: 24
Registered: ‎07-17-2013
0

Re: Does Autopay look good?

I think I'm giong to switch it to minimum payment only and just start paying manually. I already moved them to the same due date so it wouldn't be that bad. 

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Frequent Contributor
LearningMoreAboutCredit
Posts: 472
Registered: ‎11-08-2007
0

Re: Does Autopay look good?


BlueTank wrote:

I think I'm giong to switch it to minimum payment only and just start paying manually. I already moved them to the same due date so it wouldn't be that bad. 


Sounds like a good plan during the holidays (temporarily of course) and if you want to, go back to your regular payment routine once you've got your balances to a level you're comfortable with.



Any advice given is always YMMV...

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Regular Contributor
MACFRME
Posts: 238
Registered: ‎07-04-2008
0

Re: Does Autopay look good?

Hey, AmEx was requiring borderline people to sign up for autopay when they were offering the Zync card, so it may matter to some issuers. I have all my AmEx cards set to autopay, but I pay them in advance anyway. I'm getting more and more paranoid these days because managing joint finances can be difficult. My partner keeps charging random crap on cards we aren't supposed to be using that month, which ends with statement balances reporting that are not supposed to and budgeting issues. I am seriously considering just giving him one card and hiding all the rest of them...
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Established Contributor
Fico2Go
Posts: 852
Registered: ‎12-05-2013
0

Re: Does Autopay look good?

Here is my future payment strategy. 

 

My system of payment is $100 on auto when statement is received.  Remainder payment is manually processed by me depending on whether 0% promo or if I will be minimizing the UTIL ratio.  I will float other people's money as long as possible but want to be absolutely guaranteed that at least the minimum is received so to avoid any possible late payment APR. 

 

Some Credit card payments have been lost or failed to process due to the source of fund bank or the credit card company's error.

 

AS LONG AS THE MINIMUM PAYMENT IS MADE THERE'S NO CHANCE OF LOSING OUT ON SPECIAL PROMOS. 

 

 

 

 

 

 

 

 

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Valued Contributor
FinStar
Posts: 6,831
Registered: ‎10-21-2012
0

Re: Does Autopay look good?


MACFRME wrote:
Hey, AmEx was requiring borderline people to sign up for autopay when they were offering the Zync card, so it may matter to some issuers. I have all my AmEx cards set to autopay, but I pay them in advance anyway. I'm getting more and more paranoid these days because managing joint finances can be difficult. My partner keeps charging random crap on cards we aren't supposed to be using that month, which ends with statement balances reporting that are not supposed to and budgeting issues. I am seriously considering just giving him one card and hiding all the rest of them...

Lockbox?  LOL.

New Member
BorisGeller
Posts: 7
Registered: ‎05-15-2013
0

Re: Does Autopay look good?

AutoPay can hurt your credit score badly. With AutoPay, your balance could accidentally go to zero, which you should never allow! Next month, your balance goes from zero to non-zero, and boom! your score takes 15 points hit for "your previously unused account now shows a balance".

Valued Contributor
jamesdwi
Posts: 1,965
Registered: ‎09-16-2011
0

Re: Does Autopay look good?


BorisGeller wrote:

AutoPay can hurt your credit score badly. With AutoPay, your balance could accidentally go to zero, which you should never allow! Next month, your balance goes from zero to non-zero, and boom! your score takes 15 points hit for "your previously unused account now shows a balance".


Having all cards reporting zero may have a slight negative impact but if you aren't applying for an autoloan or credit card at the time its probably not a deal breaker, and on recon, you can fight your case with the fact you have 0 percent UTL it will most likely impress the underwriter they will be able to see previouos usage on manual review so won't be a problem unless you were an absolutely borderline case and the 5 or 6 points is the reason for a denial 

 

 

 


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