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Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
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pif after statement cuts

[ Edited ]

I know what this means but what does it mean? :manfrustrated:

 

so I charged 87$ dollars to my Macy's card. The statement with the charge is out already. 

So should I pay in full now or what? The due date is august 21st

 

I learned since I have not used the card in well over 4 months it stopped reporting and I guess that means it drops the 2k limit from my debt to ratio. 

 

 

and holy smokes with an apr of 24.9 percent im going to get charged 15 dollars in interest? im so sad now. No wonder i haven't used that card. 

 

 

summary question: Is when do I hold off to pay my balances? Is there a time frame in which I pay before the due date but after they report it? 

For example I can pay 10 days before the due date every time? 

 

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Senior Contributor
jsucool76
Posts: 3,612
Registered: ‎12-11-2011
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Re: pif after statement cuts

You can pay whenever you want as long as it is before the due date. Once your payment is past the due date, you will accrue interest, and your payment will be considered late, which can result in a penalty on some cards. 

 

You are allowed to post a payment to your account anytime before or after the statement cuts I.E

 

Creditors usually report sometime around the statement date, usually 2-3 days after, something like that, so if you don't want to report a balance, simply PIF before your statement cuts, and you will report a $0 balance. 

 

 

Just remember, you never HAVE to pay interest, as long as you have a balance, you can always pay it down, whether or not your statement has cut, and ALWAYS pay before the due date :smileyvery-happy:

 

Hope this answers your question. 

Established Contributor
CruzImperial
Posts: 867
Registered: ‎07-04-2012
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Re: pif after statement cuts

 

The amount in your statement is the one macys will report to the CRA.

24.9% is APR, annual percentage rate, so you would be paying 15 dollars in interest if you keep the balance there for a whole year, not just a month.

If you didn´t have a balance the month before, usually theres this thing called grace period and you end up not paying any interest.

You should pay now and maybe request macys to do an off cycle update of your acc afterwards so it does report 0 balance instead of the 87$

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Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
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Re: pif after statement cuts

Ok so let me get this straight
Pay it down means pay it off this month right?
I always pay no matter what. That's the one good thing on my record 49 dues and all on time if not early.

So i made the purchase on the 17th statement came out the 21st let's say and now for it to report zero balance when would I have to pay it? Before the 17th? (10days before bill is due)

This is where it gets me.

Is it different days where ca report? Is there a difference between pif and paying it down.

Thanks for the help.
One thig we didn't learn in high school was managing money and balancing checkbooks
Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


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Senior Contributor
jsucool76
Posts: 3,612
Registered: ‎12-11-2011
0

Re: pif after statement cuts

If you want your report to reflect a $0 balance, then you would have to pay it so that your statement cuts with a $0 balance (which would mean paying before your statement date). 

 

Paying it down/PIF is pretty much the same thing, pay down your balance, pay it in full (some people like to report with a balance of 1-9% for optimal fico scoring) 

Valued Contributor
rootpooty
Posts: 1,772
Registered: ‎10-28-2011
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Re: pif after statement cuts


OlegWasHere wrote:

I know what this means but what does it mean? :manfrustrated:

 

so I charged 87$ dollars to my Macy's card. The statement with the charge is out already. 

So should I pay in full now or what? The due date is august 21st

 

I learned since I have not used the card in well over 4 months it stopped reporting and I guess that means it drops the 2k limit from my debt to ratio. 

 

 

and holy smokes with an apr of 24.9 percent im going to get charged 15 dollars in interest? im so sad now. No wonder i haven't used that card. 

 

 

summary question: Is when do I hold off to pay my balances? Is there a time frame in which I pay before the due date but after they report it? 

For example I can pay 10 days before the due date every time? 

 


ok so you charged 87 and its due by aug 21st. to avoid interest charges you would want to pay the entire balance by aug 21st. you could max the card out and when the statement cuts (i dont recommend doing this but using this as an example) with a 2000 dollar balance and is due on the 21st of next month if you pay the entire balance you wont get charged interest.

 

you get charged interest if you carry a balance to the next month meaning say on the 21st instead of 87 you pay only 20. then you would get charged interest

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