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Established Contributor
Uppingmyscore
Posts: 511
Registered: ‎12-28-2012
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Re: Maxing out Credit Card then Paying in Full?

@ Killer-Queen there's the problem right there. You are using the old fashion system putting the bill in the mail using a money order. You risk a late payment if the bill doesn't get there on time. I guess this is a case to each it's own.
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lg8302ch
Posts: 2,680
Registered: ‎11-13-2012
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Re: Maxing out Credit Card then Paying in Full?

+1 @ FinStar
The only card I have to do this is Discover. I have to send in payment if I hit the 2K mark and do so for pending payments at the same time. Would I wait until I could pay from the side of Discover I would not be able to use the card for days...like this I can continue to use the card without interruption. My CL is often maxed out due to the limit and by pushing the payments from the bank side I can use Discover almost the same way as my other cards even with the lower limit. I think,I have run up to 5K in one given month. Needs a bit planing with lower limits but it can be done :smileyhappy:
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killer_queen229
Posts: 702
Registered: ‎08-29-2013
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Re: Maxing out Credit Card then Paying in Full?

[ Edited ]

Uppingmyscore wrote:
@ Killer-Queen there's the problem right there. You are using the old fashion system putting the bill in the mail using a money order. You risk a late payment if the bill doesn't get there on time. I guess this is a case to each it's own.

Not really. I mail my bills out like 2 sometimes 3 weeks (sometimes a week and a half)  before it's actually due (I get money orders once the bill is posted online). I've done this for a year.


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myjourney
Posts: 26,105
Registered: ‎02-07-2013
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Re: Maxing out Credit Card then Paying in Full?


killer_queen229 wrote:

Uppingmyscore wrote:
@ Killer-Queen there's the problem right there. You are using the old fashion system putting the bill in the mail using a money order. You risk a late payment if the bill doesn't get there on time. I guess this is a case to each it's own.

Not really. I mail my bills out like 2 sometimes 3 weeks (sometimes a week and a half)  before it's actually due (I get money orders once the bill is posted online). I've done this for a year.


Killer_queen if that's what works for you by all means continue that process.

Sounds go to me :smileywink:

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


Established Contributor
killer_queen229
Posts: 702
Registered: ‎08-29-2013
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Re: Maxing out Credit Card then Paying in Full?


myjourney wrote:

killer_queen229 wrote:

Uppingmyscore wrote:
@ Killer-Queen there's the problem right there. You are using the old fashion system putting the bill in the mail using a money order. You risk a late payment if the bill doesn't get there on time. I guess this is a case to each it's own.

Not really. I mail my bills out like 2 sometimes 3 weeks (sometimes a week and a half)  before it's actually due (I get money orders once the bill is posted online). I've done this for a year.


Killer_queen if that's what works for you by all means continue that process.

Sounds go to me :smileywink:


I wasn't trying to insult anyone, I was confused and a bit baffled lol. Yeah it works really well.. it's easier for me to keep track of my bills that way. My mom is the one who taught me about money orders. 


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myjourney
Posts: 26,105
Registered: ‎02-07-2013
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Re: Maxing out Credit Card then Paying in Full?


killer_queen229 wrote:

myjourney wrote:

killer_queen229 wrote:

Uppingmyscore wrote:
@ Killer-Queen there's the problem right there. You are using the old fashion system putting the bill in the mail using a money order. You risk a late payment if the bill doesn't get there on time. I guess this is a case to each it's own.

Not really. I mail my bills out like 2 sometimes 3 weeks (sometimes a week and a half)  before it's actually due (I get money orders once the bill is posted online). I've done this for a year.


Killer_queen if that's what works for you by all means continue that process.

Sounds go to me :smileywink:


I wasn't trying to insult anyone, I was confused and a bit baffled lol. Yeah it works really well.. it's easier for me to keep track of my bills that way. My mom is the one who taught me about money orders. 


Oh we know I don't think anyone took insult at all. We are here to help at all times 

 

We just wanted you to know there are other ways of paying should you need them.

In fact years ago to many to mention so don't ask ROFLOL

My mom also taught me that way of getting my bills paid so I completely understand the process

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


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longtimelurker
Posts: 6,530
Registered: ‎04-22-2013
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Re: Maxing out Credit Card then Paying in Full?


killer_queen229 wrote:

myjourney wrote:

killer_queen229 wrote:

Uppingmyscore wrote:
@ Killer-Queen there's the problem right there. You are using the old fashion system putting the bill in the mail using a money order. You risk a late payment if the bill doesn't get there on time. I guess this is a case to each it's own.

Not really. I mail my bills out like 2 sometimes 3 weeks (sometimes a week and a half)  before it's actually due (I get money orders once the bill is posted online). I've done this for a year.


Killer_queen if that's what works for you by all means continue that process.

Sounds go to me :smileywink:


I wasn't trying to insult anyone, I was confused and a bit baffled lol. Yeah it works really well.. it's easier for me to keep track of my bills that way. My mom is the one who taught me about money orders. 


Well, as the nice people here say, each to their own method.   But since I don't fall into that category, here is where I think this is less than optimal:

 

1) By not using electronic methods, you are losing float, one of the advantages of credit cards.  You are purchasing the money order way in advance, making that money disappear from your account, and it is not getting credited until it arrives and is processed by the credit card company

2) Is there a fee associated with buying the money order?  Probably small, but still a cost

3) Do you pay postage when sending the order, and use an envelope etc?  Another cost.

4) What happens if the money order is lost?  Do you tell the credit card company that it was sent without any issue?  Without an electronic record you are losing some proof.

 

And if you did want to optimize the score, paying before the statement cuts (which I hope you now understand is both possible and something some people want to do), you have much less time to do it, risking either more charges being on the card, or having to stop using the card for longer.

 

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Established Contributor
killer_queen229
Posts: 702
Registered: ‎08-29-2013
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Re: Maxing out Credit Card then Paying in Full?


longtimelurker wrote:

killer_queen229 wrote:

myjourney wrote:

killer_queen229 wrote:

Uppingmyscore wrote:
@ Killer-Queen there's the problem right there. You are using the old fashion system putting the bill in the mail using a money order. You risk a late payment if the bill doesn't get there on time. I guess this is a case to each it's own.

Not really. I mail my bills out like 2 sometimes 3 weeks (sometimes a week and a half)  before it's actually due (I get money orders once the bill is posted online). I've done this for a year.


Killer_queen if that's what works for you by all means continue that process.

Sounds go to me :smileywink:


I wasn't trying to insult anyone, I was confused and a bit baffled lol. Yeah it works really well.. it's easier for me to keep track of my bills that way. My mom is the one who taught me about money orders. 


Well, as the nice people here say, each to their own method.   But since I don't fall into that category, here is where I think this is less than optimal:

 

1) By not using electronic methods, you are losing float, one of the advantages of credit cards.  You are purchasing the money order way in advance, making that money disappear from your account, and it is not getting credited until it arrives and is processed by the credit card company

2) Is there a fee associated with buying the money order?  Probably small, but still a cost

3) Do you pay postage when sending the order, and use an envelope etc?  Another cost.

4) What happens if the money order is lost?  Do you tell the credit card company that it was sent without any issue?  Without an electronic record you are losing some proof.

 

And if you did want to optimize the score, paying before the statement cuts (which I hope you now understand is both possible and something some people want to do), you have much less time to do it, risking either more charges being on the card, or having to stop using the card for longer.

 


1. I don't see anything wrong with how I pay my credit card bills. It works for me, right? Then thats all that should matter. It takes a few days to almost a week for the money order to actually get to it's location that it needs to go to.

 

2. Yes because I can afford a $1 something for a money order.

 

3. No. I buy a book of stamps every few months. I never buy single stamps at the post office.

 

4. I keep receipts all the time. My address is also on the envelope and I've never had issues with lost money orders. 


Moderator
Revelate
Posts: 8,956
Registered: ‎12-30-2011
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Re: Maxing out Credit Card then Paying in Full?

[ Edited ]

To keep this on track; to each their own when it comes to payment; however, KQ, your payment method is pretty unique honestly in this day and age on this forum at any rate.

 

Nobody is saying it is outright wrong, it is legitimate curiosity as the time and cost involved with money orders vs. electronic transfers is non-trivially higher in addition to the ability to schedule a payment more precisely and not having to wait for a bill to arrive.  Auto-pay is another non-trivial benefit, takes a lot of the risk out of the process as humans do make mistakes both in the postal office, and on the receiving end at times to say nothing of people such as myself which occasionally have made origination mistakes too.

 

This being an Internet forum, every user here has access to the net, and I would suggest this is actually one of the stronger consumer benefits of the net: financial tracking and payments have become substantially easier than the traditional stuffing envelopes with checks from the prior century.  That's why the questions have persisted, not because you're doing anything wrong, just that this is one area where technology is applied appropriately and virtually everyone here takes it for granted as part of modern society.

 

It's worth investigating and seeing if it works for you as well in my opinion. 

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Established Contributor
killer_queen229
Posts: 702
Registered: ‎08-29-2013
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Re: Maxing out Credit Card then Paying in Full?

I have two different accounts with my bank so that is one reason why I don't pay via debit card. Also, I pay my phone bill with my debit card and that's all I'll pay with my debit card. 



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