WHEN DO YOU PAY YOUR CC?

[QueenBeeOC]

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@FastForward wrote:

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@QueenBeeOC wrote:

Now in regards to my brand new Amex BCE - it had a $400 balance when my first statment cut, but now has $700ish. It's due next week. 

I REALLY want this card to grow (3x limit, at the 61st day!) Amex has already SP my report. I know Amex doesn't like Balances. Does that mean I should pay the $400 or the $700? 

Chase isn't reporting on my EX report yet. Which is the one with the high balance ($3K) And I know AMEX cares about that too. 

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If you're able to, I would pay the full $700'ish balance off.  If not (or if you just want to hold on to more of your funds for a little while longer), I suggest just paying the $400 by or before the due date & then make sure your balance is at zero by or before the next statement cut off date. 

My 61-day for my first AmEx card (Blue Cash) is coming up soon too & my plan is to make sure the balance is at/remains at zero on the day I put in for the CLI and that my other cards reporting balances are at zero, except for 1 (reporting below 8-9%).  Not sure if that will optimize my chances any more, but that's the plan anyway! 

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I wanna know if that works for ya! Re: the 61 day

[mjccredit]

This is a great question. I have several new accounts and wanmaxi be sure I maximize my score. I just don't even know my statement dates yet or when they report. I can Pif on all just don't know the right time to do this for maximum effect on fico. Is there any benefit or harm to paying multiple times in a month ? I tried to set a statement date with capital one and it said I had to wait one full cycle and it could take up to 2 more after that to get the date changed. Just trying to understand  how to maximize my scores.

thanks Op for the thread !

[FastForward]

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@QueenBeeOC wrote:

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@FastForward wrote:

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@QueenBeeOC wrote:

Now in regards to my brand new Amex BCE - it had a $400 balance when my first statment cut, but now has $700ish. It's due next week. 

I REALLY want this card to grow (3x limit, at the 61st day!) Amex has already SP my report. I know Amex doesn't like Balances. Does that mean I should pay the $400 or the $700? 

Chase isn't reporting on my EX report yet. Which is the one with the high balance ($3K) And I know AMEX cares about that too. 

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If you're able to, I would pay the full $700'ish balance off.  If not (or if you just want to hold on to more of your funds for a little while longer), I suggest just paying the $400 by or before the due date & then make sure your balance is at zero by or before the next statement cut off date. 

My 61-day for my first AmEx card (Blue Cash) is coming up soon too & my plan is to make sure the balance is at/remains at zero on the day I put in for the CLI and that my other cards reporting balances are at zero, except for 1 (reporting below 8-9%).  Not sure if that will optimize my chances any more, but that's the plan anyway! 

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I wanna know if that works for ya! Re: the 61 day

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Will do!  Day 61 for me is on Valentine's (luv) day....how appropriate....hope to get some luv from AmEx!   

[CreditScholar]

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@bribro wrote:

I set all my credit cards to have the due date on the 5th of every month. They are all set to auto-PIF. After the due date I'll go through and see which cards, if any, I want to pay down to $0 for the statement balance reporting. With this setup I only need to pay attention to my credit cards on one day a month.

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This is exactly what I do, only mine are all due on the 1st. It makes managing multiple cards much easier.

[FocusedAndDetermined]

Often I pay before statements cut so they reports $0.  For the card I let report a balance, it depends on what else I'm trying to accomplish that month.  Sometimes it's paid immediately and other times right before due date. 

As long as you get it in on time - every time, I don't think it makes too much of a difference when you pay.