Reply
Valued Contributor
red259
Posts: 2,096
Registered: ‎06-05-2013
0

Using card for auto payment

I was thinking about using my chase freedom card for auto payment for things like the gym etc where the payment would come out on the first of the month each month. I spoke with the chase rep and she indicated my statement is issued on the first of the month and that they report to the credit agencies occurs the same day. So if I want to report a zero balance and I pay everything off like three days before the end of the month and then the statement issues on the first, the same day the card gets charged for the monthly gym membership will a balance be reported to the CRAs? If so, what is the best way to handle this? Adjust my payment due date?


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14
Goal Score: 800 In garden until 1/2015
Established Contributor
BrokaToe
Posts: 726
Registered: ‎05-12-2012
0

Re: Using card for auto payment

[ Edited ]

red259 wrote:

I was thinking about using my chase freedom card for auto payment for things like the gym etc where the payment would come out on the first of the month each month. I spoke with the chase rep and she indicated my statement is issued on the first of the month and that they report to the credit agencies occurs the same day. So if I want to report a zero balance and I pay everything off like three days before the end of the month and then the statement issues on the first, the same day the card gets charged for the monthly gym membership will a balance be reported to the CRAs? If so, what is the best way to handle this? Adjust my payment due date?


Actually if your statement cuts on the 1st and your charges are also on the 1st, then it's highly unlikely that the charge would post before that statement cut. The reported balance is only for charges that have posted to the account. Anything that is still pending at the time of statement cut will not be reported, so I would say you'll be ok there.

 

Forgive me if I misunderstood your question.


border="0" align="left" width="450" height="90">
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Using card for auto payment


red259 wrote:

I was thinking about using my chase freedom card for auto payment for things like the gym etc where the payment would come out on the first of the month each month. I spoke with the chase rep and she indicated my statement is issued on the first of the month and that they report to the credit agencies occurs the same day. So if I want to report a zero balance and I pay everything off like three days before the end of the month and then the statement issues on the first, the same day the card gets charged for the monthly gym membership will a balance be reported to the CRAs? If so, what is the best way to handle this? Adjust my payment due date?


Talk to the gym about switching your due date.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
red259
Posts: 2,096
Registered: ‎06-05-2013
0

Re: Using card for auto payment

I think you understood the question perfectly. I wasn't sure if pending transactions would be included in the balance reported to CRAs and believe your logic is sound that it would not be sent to the CRAs on such a short turnaround. Thank you.


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14
Goal Score: 800 In garden until 1/2015
Established Contributor
BrokaToe
Posts: 726
Registered: ‎05-12-2012
0

Re: Using card for auto payment


red259 wrote:

I think you understood the question perfectly. I wasn't sure if pending transactions would be included in the balance reported to CRAs and believe your logic is sound that it would not be sent to the CRAs on such a short turnaround. Thank you.


Very welcome...I can speak from experience that pending charges will not be included in your reported balance. :smileyhappy: But keep in mind, if you charge something a day or two before the statement cuts, some lenders are notorious for posting them real quick so they hit your closing statement. YMMV as always.


border="0" align="left" width="450" height="90">
Established Contributor
lithium78
Posts: 929
Registered: ‎07-30-2011
0

Re: Using card for auto payment

Will Citi change the due date if you ask them?  GE changed a due date for me, because I told them I'd be able to give them more of my business if it reported at a different day of the month.


Starting Score: TU: 566
Current Score: TU: 741 (Discover FICO); EQ: 755 (MyFico) EX: 774 (FAKO)
Goal Score: 800

Take the FICO Fitness Challenge
Regular Contributor
shanac
Posts: 220
Registered: ‎09-20-2012
0

Re: Using card for auto payment

Yes Citi will allow you to change the due date. I've done it twice. Both times online under the benefits & services tab. There's a drop down box with the available dates. For the date you want, I believe your request has to be made at least five days ahead of time. For example, if you want your new date to be the 6th, you need to make the request no later than the 1st. Otherwise, it won't be in that drop box.


Current Score: EQ FICO 758 as of 4/15/14 TU FICO 789 as of 5/2013 EX 781 via Amex 6/12/13
Goal Score: 800 Gardening 10/12/13 until 8/2014 app for final PLUS Loan
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Using card for auto payment


shanac wrote:
Yes Citi will allow you to change the due date. I've done it twice. Both times online under the benefits & services tab. There's a drop down box with the available dates. For the date you want, I believe your request has to be made at least five days ahead of time. For example, if you want your new date to be the 6th, you need to make the request no later than the 1st. Otherwise, it won't be in that drop box.

You can change the due date but AFAIK you cant change the statement cut date.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}