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cassembler
Posts: 470
Registered: ‎02-07-2011
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Managing multiple accounts to PIF every month?

[ Edited ]

Looking for general advice or thoughts for anyone who's taken it this far :smileyhappy:

 

(EDIT: I've started a new thread with a "solution" here: http://ficoforums.myfico.com/t5/Relationships-and-Money/Quest-Auto-Pay-Max-FICO-Easy-Management/td-p...

 

I have three open CC accounts with which to pay bills from. I have ~12 different "utility" bills. Ideally, I set all bills up to auto-pay from the CC, and then manually pay the CC a few days before the statement date for them to report as PIF.

 

In theory, sounds rockingly awesome, assuming I watch for account errors, etc. (Not real worried about the auto-pay part, I understand what the problems could be there.)

 

I am worried about how some accounts process auto-pay on the billing date, some on the due date, and AT&T just kind of forgot to charge me and told me I was late :smileyhappy: (Separate issue). Regardless, not all of the auto-pay dates line up nice with the CC statement dates, so I'm going to start trying to move some due dates around.

 

BEFORE I start dealing with all of this, is this the right way to do it? I'm looking to simplify my bills (i.e. not check all my accounts twice a day every day) and make sure they're all paid on time, every time. That's all.

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."
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Revelate
Posts: 9,735
Registered: ‎12-30-2011
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Re: Managing multiple accounts to PIF every month?

[ Edited ]

I used to be in the same boat of checking my accounts religiously, then I realized I wasn't losing any resolution by only checking them every week or two.

 

I don't have 13 recurring bills (only 4), but all of them process on the same individual date every month for the most part and I don't see how it ties to my CC statement date other than when I really need to maximize my FICO score.  PIFing every month is of dubious benefit anyway if you're not looking to apply for something every month.  I suppose it'd be nice to line all my bills up on a single day from a convenience perspective, but realistically I found it doesn't make a whole lot of difference.  As you say, you have to trust the autopay mechanism works though AT&T flubbed that one.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
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cassembler
Posts: 470
Registered: ‎02-07-2011
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Re: Managing multiple accounts to PIF every month?

Well, the idea is that I am applying for a mortgage in a few months, so I am trying to max the FICO by then.

 

However - and I suppose I'm dreaming here - I just think it would be ideal to find a solution going forward so I can focus on thinks like kiddos and home ownership :smileyhappy: not to mention a career and sole income... But your point is absolutely valid.

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."
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Revelate
Posts: 9,735
Registered: ‎12-30-2011
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Re: Managing multiple accounts to PIF every month?


cassembler wrote:

Well, the idea is that I am applying for a mortgage in a few months, so I am trying to max the FICO by then.

 

However - and I suppose I'm dreaming here - I just think it would be ideal to find a solution going forward so I can focus on thinks like kiddos and home ownership :smileyhappy: not to mention a career and sole income... But your point is absolutely valid.


That's where I'm at too, but until you start applying for the mortgage it doesn't matter whether your FICO is maximized or not.  It's probably a good idea though to have a plan to more easily zero out the balances pre-statement close date before you actually have to do it, so I certainly applaud you for that.  In my case my recurring bills all fall in the latter half of the month, and all of my credit card statements are between the 7th and 10th (pretty strange that I thought but anyway) so it's not a big challenge for me to just PIF at the same time I pay my rent on the 1st and I'm set for what I want next month.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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neverrain
Posts: 59
Registered: ‎02-02-2011
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Re: Managing multiple accounts to PIF every month?

Personally, I use iCal to manage my bills.  In full calendar view it's great for seeing what's coming up this month.  I also put all my paychecks into it so i can see what needs to be paid with this check.  You could just as easily mark the days that your cards report on as well to see when you need to actually pay it by and when it is due.  Has worked well for me so far.

 

I'm sure there is a comparable Windows program available.

 

For the record, I am successfuly managing 5 credit cards, car payment, insurance, tv/internet, gas, electric, rent and student loans using it.  All posting on different days.


Starting Score: ~570s
Current Score: Equifax: 638 (MyFICO - 01/04/11) - TransUnion: 656 (MyFICO - 01/24/12) - Experian: Unknown
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cassembler
Posts: 470
Registered: ‎02-07-2011
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Re: Managing multiple accounts to PIF every month?


neverrain wrote:

Personally, I use iCal to manage my bills.  In full calendar view it's great for seeing what's coming up this month.  I also put all my paychecks into it so i can see what needs to be paid with this check.  You could just as easily mark the days that your cards report on as well to see when you need to actually pay it by and when it is due.  Has worked well for me so far.

 

I'm sure there is a comparable Windows program available.

 

For the record, I am successfuly managing 5 credit cards, car payment, insurance, tv/internet, gas, electric, rent and student loans using it.  All posting on different days.


And see that's what I'm doing now (and I suspect many others are as well).

 

Again, my glorious dream is that I only have to make a couple of manual payments a month on pre-defined dates. I suppose the solution will simply be properly setting up auto-pays and moving some due dates around. If I can also keep my FICO maxed, hey, even better :smileyhappy:

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."

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