Cash only?

[vanillabean]

I see your DH's point of view.

Does he know though that considerable reported monthly balances, although PIFed at the due date, lower his score?

I'm sure he wouldn't mind a higher score

Hauling and Robert Redford are about to take a walk. Ladies first, Redford says. Hauling takes one step forward, after which they both start walking, for a mile at exactly the same pace.

Hauling's cat notes her first step is like moving the due date up a month, to just before the statement cycle date. After that the new "due dates" keep being a month apart, for a mile and forever.

The better story is that of course Redford would have caught up from the get-go to enjoy Hauling's company along the way. And then he too would benefit from a continuously higher credit score.

(Works for you and your DH too!)

[IOBA]

Yeah, he wants a higher credit score.     It wavers right now between the 600's and the 700's.    Usually, he has nothing reporting.  Rotate the cc's -- and I pay them off BEFORE the due date, basically as soon as the charge appears on the card.

We use my Amex for most purchases and utilities.  That one, we actually pay when the bill is due cuz Amex reports the total monthly charges regardless of what the balance is when the cycle ended.  (Learned this from experience and chats while trying to keep it reporting as zero.  )

So, technically, we pay one month behind.  But we are VERY aware of when the due date is, when the cycle ends, and actually plan our purchases to happen after the cycle ends.    Thus, giving us up to two months to pay.    If we had to pay cash, we could do it.   Just takes retraining.  And being able to emotionally detach from our points.     I am not sure if we could handle the emotional loss.  Not right now.   If we had to suck it up, we would.

Could any of us give up the cc perks??

[vanillabean]

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@IOBA wrote:

We use my Amex for most purchases and utilities.  That one, we actually pay when the bill is due cuz Amex reports the total monthly charges regardless of what the balance is when the cycle ended.  (Learned this from experience and chats while trying to keep it reporting as zero.  )

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It's a charge card, right? Must be the difference. I just have no experience in this area.

Is an Amex charge card the only card that'll do that?

[haulingthescoreup]

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@Anonymous-own-fico wrote:

Hauling and Robert Redford are about to take a walk. Ladies first, Redford says. Hauling takes one step forward, after which they both start walking, for a mile at exactly the same pace.

Hauling's cat notes her first step is like moving the due date up a month, to just before the statement cycle date. After that the new "due dates" keep being a month apart, for a mile and forever.

The better story is that of course Redford would have caught up from the get-go to enjoy Hauling's company along the way. And then he too would benefit from a continuously higher credit score...

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And the realistic story is that Hauling would be walking backwards, in order to gape at Robert Redford, and trips over her poor cat!

But I agree --if Mr. IOBA wants higher scores, all he has to do is pay sooner, so that the balances don't report.

There is research that shows that those who pay with plastic generally spend more than those who pay with cash. I've been guilty of this myself, but I find that shopping with a list keeps it under control. And since the only shopping I do is grocery shopping, and I've finally gotten to where I don't buy (or eat) junk food, I just buy what I use anyway. Maybe it stays in the pantry or freezer a bit longer, because I bought it sooner than I might if I were using cash, it's still stuff I'd buy anyway.

[laz98]

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@haulingthescoreup wrote:

There is research that shows that those who pay with plastic generally spend more than those who pay with cash. I've been guilty of this myself, but I find that shopping with a list keeps it under control. And since the only shopping I do is grocery shopping, and I've finally gotten to where I don't buy (or eat) junk food, I just buy what I use anyway. Maybe it stays in the pantry or freezer a bit longer, because I bought it sooner than I might if I were using cash, it's still stuff I'd buy anyway.

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this is generally true.  seems like common sense, i guess!  i'm guilty of this at times.  in general, i use my debit card (rewards card) as a credit card everywhere.  usually the only time i use credit cards is to keep my store cards active or for a large purchase, like when we bought tires recently.

[vanillabean]

It occured to me that I use my debit card almost never anymore. Until a year ago or so, I'd happily get cash once a week. Now sometimes the same amount might last a full month.

It's mostly because DW charges her lunches, and the car got a toll pass. And paying for movie tickets and the popcorn. At some point, we just nailed that $5 cutoff, except for neighborhood stores which appreciate a higher cutoff for cards.

But I think I'll try to use it for purchases once in a blue moon. One of the airline dining clubs is on the card. But it sure comes in handy for getting cash on international vacations. I remember back when traveler's checks were popular. That stopped for us with the debit card and our first credit card.

If you're going abroad, stores actually compare your signature for the purchase with the one on the back of your card. That is, unless a pin is required e.g. per an EU law a couple of years ago. Visa and MC only; Amex asks for signature, something about their pins not being compatible yet.

As for checks in daily life, I'm down to half a dozen per year, very different from before automating almost everything online. I was a late bloomer, so the tools had been tested by others for a long time.

It seems right by the way, as Hauling mentions, that shopping with a list keeps it under control. I often have it in my head rather than on paper, but it's there.

[KingAdrock]

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@IOBA wrote:

Was spending time with a friend yesterday and the local news had a blurb about retailers not accepting cc's for anything under $10 or $20.

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Funny thing is that's actually against VISA and MC's rules. Retailers are supposed to accept your card for any purchase. But of course places do it anyway. A $10 or $20 minimum is practically the norm in bars.

Also for comments about braille on ATMs, it's required by federal law under the ADA. They didn't include an exemption on drive up ATMs with the idea that a blind person as a passenger in a car could use them. I looked that fact up years ago because I too thought it was bizzare.

[IOBA]

We have learned that Discover card updates with the CRA once a week.  

Amex tallies up the total charged for the month and reports it, regardless of what the actual balance is at the time of reporting.   Learned that hard way, when I was trying to close on a house.  I kept paying off the auto charges immediately.   When my credit report was pulled several times during the process, each time, it said I owed a balance, although in reality, I did not.  I had even overpaid to have a credit.   Amex said too bad.   They report the total period.

So now Amex has to wait until due date for my money.  If they would report actual balance, then I would go back to paying them as I go.

[haulingthescoreup]

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@IOBA wrote:

We have learned that Discover card updates with the CRA once a week...

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I've had Discover CSR's earnestly tell me this, but I've only seen Discover update on my reports once a month, on the statement date. There was one time when they updated twice, but they took off the second update, and it's never happened again.

Have you seen your Discover balance change weekly on your reports?

[vanillabean]

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@haulingthescoreup wrote:

I've had Discover CSR's earnestly tell me this, but I've only seen Discover update on my reports once a month, on the statement date.

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I  take it the update is on your credit reports in a matter of days?