10-25-2009 07:41 PM
10-25-2009 10:42 PM
Hi I was thinking about setting some bills for Autopay on my two credit cards just to garden and show lots of usage to build my credit. Both are subprime rebuilder cards. I have always been hesitant about Autopay on my bank account just in case as there are rare glitches where a paycheck goes through late and my wife had a double autopay post once and threw her bank account all to heck and it ended up getting closed and went to collections before we could get the bank convinced there was an error and get it corrected. With that being said after all of the people I have seen getting cards with credit limits in the thousands getting decreased down to just a couple hundred dollars and seeing peoples accounts pop up closed with no reason it makes me fear the Autopay on the credit card for the same reason. I even remember someone saying they went to buy gas and it got declined is how they realized their account was closed. I mean what if I have my cable or phone bill or auto insurance autopay from a credit card and fail to realize I get a CLD or closure in time and the payment not go through. Then you get hit with late and returned payment fees and have to set up a new way to pay etc. I just am not going to do it and am going to use the cards for purchases regularly and PIF. Just extremely concerning to me and was wandering if anyone else has thought about this or had it happen to them or if I am just being paranoid in the current economic climate?
Your concerns are legitimate with all that is going on lately with the credit world. None of us who have CC's can completely rid ourselves of the possiblity of an AA in our future.
I personally have never had any problem with autopay whether I "push" from my bank account or "pull" from a CC site. Of course it could happen to any of us at anytime but I try and lessen the risk. I check EVERY account EVERY day for any activity (payments, balances, charges, etc.) good or bad. I also try and set up any payment well in advance of the due date so I'm not caught unawares. It only takes a few minutes and I consider it time well spent. I don't like surprises. No system though can be 100% effective IMO. All I can do is take whatever steps I feel will insulate me as much as possible from any AA.
I won't let what might happen make me lose sleep though. But you have to do what is right for you. If using autopay makes you uncomfortable then by all means I would avoid it.
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".