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Valued Contributor
RockinRay
Posts: 1,945
Registered: ‎08-13-2007
0

Payments - trying something different!

[ Edited ]

For the last year and a half, I have always paid my previous weeks spending on my cards on Sunday via USAA Bill Pay. Typically, the payments post on the following Tuesday.

 

I think I am going to try paying on the statement due date to see if it would affect my scores. I use 6 cards for my main monthly spends and have $204,000 in open credit. I "might" hi 2% util if I do this and the upside is I will make a small amount of interest by leaving the money in my checking account with USAA. I will let the balance report.

 

If the score hit is not too bad by doing this, I would rather make the small interest each month. I am not looking for nor do I need any new credit at this time. If it has a big time hit on my scores, I will go back to paying each week to insure a 0 balance is reported. Mu current scores are 785 plus on all three, 785 being TU.

 

You all think I am "whacked" for trying this out - or????

 

Daily spenders:

 

1. Cap 1 Cash Rewards - everthing else

2. US Bank Cash + - bill payment

3. PenFed Cash Rewards - gas

4. Amex BCE - groceries

5. Target Visa - Target

6. USAA World MC - Sam's Club

Ray

** Every Card has a Job, and Every Card does its Job **

New Contributor
mmmagique
Posts: 82
Registered: ‎04-05-2011
0

Re: Payments - trying something different!

Heck no! Try it, and let us know what happens!! : )

Established Contributor
bamagirl1
Posts: 1,044
Registered: ‎12-30-2007
0

Re: Payments - trying something different!

I'd be interested in seeing what happens..Interesting info!

~01/2008 Ficos TU 571-EX 647-EQ 652~
~3/21/2009 Ficos TU 705 EX 702 EQ 692~
~9/9/09 Ficos TU 718 EQ 693 EX???
~06/25/12 Ficos TU 719 EQ 677 EX??
Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011
0

Re: Payments - trying something different!

It can't hurt to experiment. In July, I missed the statement cut off by a couple of hours, so a $12 bal on $2500 CL cc reported. My FICO dropped 10 points! But your total CL is 3x mine. It will be interesting to see what happens. I know I try to maximize the little interest that I get, too. :smileyhappy:

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Super Contributor
CS800
Posts: 6,548
Registered: ‎04-07-2008
0

Re: Payments - trying something different!

LEt me know how that turns out. Good experiment.




Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
0

Re: Payments - trying something different!


RockinRay wrote:

For the last year and a half, I have always paid my previous weeks spending on my cards on Sunday via USAA Bill Pay. Typically, the payments post on the following Tuesday.

 

I think I am going to try paying on the statement due date to see if it would affect my scores. I use 6 cards for my main monthly spends and have $204,000 in open credit. I "might" hi 2% util if I do this and the upside is I will make a small amount of interest by leaving the money in my checking account with USAA. I will let the balance report.

 

If the score hit is not too bad by doing this, I would rather make the small interest each month. I am not looking for nor do I need any new credit at this time. If it has a big time hit on my scores, I will go back to paying each week to insure a 0 balance is reported. Mu current scores are 785 plus on all three, 785 being TU.

 

You all think I am "whacked" for trying this out - or????

 

Daily spenders:

 

1. Cap 1 Cash Rewards - everthing else

2. US Bank Cash + - bill payment

3. PenFed Cash Rewards - gas

4. Amex BCE - groceries

5. Target Visa - Target

6. USAA World MC - Sam's Club


I think you are 'whacked'  for not doing this in the first place.  (LOL)

Valued Contributor
RockinRay
Posts: 1,945
Registered: ‎08-13-2007
0

Re: Payments - trying something different!

Call it over-kill but I always wanted that "0" balance to report, or, a very small balance to report.

 

Most likely, I will take a hit for trying this out but in the big picture, the hit may not be that bad. If it drops a bit, I guess I do not really care and if I can pick up a couple of dollars by letting the money sit in checking, then I am a couple of dollars ahead.

 

This being said, I am not looking for anything new at this time and I am not in need of a mortgage. If this was not the case, I would continue paying on a weekly basis.

 

My plan will be to pay everything the day before it is due, and PIF. So, it will be intersting to see how that affects my numbers. Most people that I know do this anyway. I just like chasing the highest FICO numbers I can get.

 

So, anything that comes in for today forward for the next two to three months, I will pay the date before due and report back how it hits me. I will be cuious to see how much $ I can make in interest. Most likely, less than $5 per month...  :smileysad:

Ray

** Every Card has a Job, and Every Card does its Job **

Senior Contributor
jsucool76
Posts: 3,241
Registered: ‎12-11-2011
0

Re: Payments - trying something different!

I doubt it will affect your score that much...with that small amount of change in util. The only thing that would ding you would be "Cards reporting a balance" and i'm not sure how big of an effect that will have...

 

We have almost the same amount of available credit though...if we just add a few zeroes to mine :smileytongue:

 

-jealous- xD 

Established Contributor
Cdnewmanpac
Posts: 767
Registered: ‎01-16-2012
0

Re: Payments - trying something different!

Granted, I'm in a different bucket than you, but I accidentally performed a similar experiment this month. Due to a sort of comedy of errors, I ended up going from 6 cards with one reporting a balance of 2% to 7 cards with all reporting a balance, one of >50% of CL. Net result: Scorewatch fico went from 698 to...698. Next month, I should have all reporting zero except for one, which will now be 35% of CL. Total util never went above 9%, but was surprised to see that going from 1 card reporting a balance to 7 had no effect on my score at all.

In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
New Contributor
CreviceTool
Posts: 51
Registered: ‎08-14-2012
0

Re: Payments - trying something different!


RockinRay wrote:

 I "might" hi 2% util if I do this and the upside is I will make a small amount of interest by leaving the money in my checking account with USAA. .... I am not looking for nor do I need any new credit at this time. 


I can't imagine 2% making a difference, or if it does, I would expect it to be tiny.  But even if it made a huge difference, if you're not looking for any credit, who cares?  If/when you need credit, you can pay them early again, and rebound within one month.  I PIF every month, but the ONLY time I paid them early was when I was apping for new cards.  My CL was much lower, so my util was much higher.  My scores jumped up when I paid early, got the cards I wanted, then reverted back to letting my money earn interest (for me) until the bills were due.  :smileyhappy:


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