Question About Paying Before Statement Shows

[TuffTurkey]

So I made a purchase on my overstock store card and its showing what i paid on the member site of commenity bank. But no statement amount. Can I make a payment now? Will it count as an on time payment or no because the statement hasn't come in yet.

[jbsea]

I make payments on all my cards before the statement comes out.  Most I dont want to show a balance and a couple that I use all the time because I dont like have to have a large balance.  This is what works for me. It wont hurt you to pay before statement and if you are trying to keep your utl down then this is what you want to do.

[lg8302ch]

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@TuffTurkey wrote:

So I made a purchase on my overstock store card and its showing what i paid on the member site of commenity bank. But no statement amount. Can I make a payment now? Will it count as an on time payment or no because the statement hasn't come in yet.

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I would say every payment that is not going into the late category is considered on time

[Its_Me]

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@TuffTurkey wrote:

So I made a purchase on my overstock store card and its showing what i paid on the member site of commenity bank. But no statement amount. Can I make a payment now? Will it count as an on time payment or no because the statement hasn't come in yet.

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I have a couple credit cards I paid on before the statement cut because I was trying to get the balance down. I still had to pay the minimum once it cut. May depend on the creditor. 

[StartingOver10]

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@Its_Me wrote:

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@TuffTurkey wrote:

So I made a purchase on my overstock store card and its showing what i paid on the member site of commenity bank. But no statement amount. Can I make a payment now? Will it count as an on time payment or no because the statement hasn't come in yet.

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I have a couple credit cards I paid on before the statement cut because I was trying to get the balance down. I still had to pay the minimum once it cut. May depend on the creditor. 

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^^Yep. You still have to make a payment after the statement cuts because it is a new statement period. Exception to this is if you had paid in full prior to the statement date - naturally.

[vanillabean]

Some pay by the prior billing cycle's due date. A cycle is ~30 days, the grace period is ~25 days, so five days before the upcoming statement date. You reduce the current cycle's balance and meet the prior cycle's minimum payment at the same time.

[TuffTurkey]

Thanks guys Just wanted to make sure there was nothing negative that can happen if i pay before the statement. So ill pay before and after one for records and 2 for uti purposes! im slowly starting to get it haha

[Anonymous]

I'd suggest not paying that early, since it's not even showing a due date yet. You can pay now, but when starting out, in my view, it's better to go with the normal payment flow. Overthinking payment timing can result in some nasty surprises...

For example, paying prior to statement cut, and then thinking no payment is due for the following month - easy way to get hit with a Late. Even when paying in full, there can sometimes be trailing charges. Likely not an issue with Overstock, but definitely an issue with various sub-prime cards, in particular, Credit One and First Premier.

Utilization makes little to no difference if one has numerous credit card baddies reporting balances. Some lenders, especially those aimed towards those with poor to bad credit (Fingerhut is a prime example), like to see balances being carried a bit. Generally payment in full is best to avoid interest, etc, but sometimes letting it ride can be ok too.

In short, don't worry about util at this point. Just be sure to pay well in advance (ideally 2 weeks or more; payment can get lost in mail; on-line bank withdrawal reversed) of the due date.

[takeshi74]

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@Anonymous wrote:

Utilization makes little to no difference if one has numerous credit card baddies reporting balances. 

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It is a less significant of a factor but that doesn't mean that it has little to no impact.

[Anonymous]

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@TuffTurkey wrote:

So I made a purchase on my overstock store card and its showing what i paid on the member site of commenity bank. But no statement amount. Can I make a payment now? Will it count as an on time payment or no because the statement hasn't come in yet.

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Yes, you can make a payment now. It will be subtracted from the next statement, and anything left will have a payment due within the next statement period. Paying it now will mean no interest charges on it.