topic Re: Changing Credit Card Statement Dates? Yes/No in Personal Finance

Changing Credit Card Statement Dates? Yes/No

urluckypenny1 — Fri, 18 Aug 2023 02:32:56 GMT

I've read and heard so many debates on this topic and wanted your opinions.

i currently have 4 credit cards and they all have different statement dates. Should I call and ask to change the dates? One video I watched the guy said to keep 2 cards reporting on the first week of month and the other 2 at the end of the month. That way you can leverage there money and essentially have 45 days if you need to make a large purchase. I keep my total utilization under 10% usually.

what's your opinion... plus the simplicity of keeping the dates together.

Card 1# Statement Balance on the 18th

Card 2# Statement Balance on the 15th

Card 3# Statement Balance in the 3rd

Card 4# Statement Balance on the 18th

Re: Changing Credit Card Statement Dates? Yes/No

NoMoreE46 — Fri, 18 Aug 2023 09:28:45 GMT

I am not understanding how the 45 day part can be leveraged continuously. A due date push out to 45 days could be accomplished for one or maybe two cycles. Issuers will limit the number of due date modifications to prevent this stall tactic to be a everlasting thing.

As far as simplifying your life to set the dates to be the same is something recently discussed actually.

https://ficoforums.myfico.com/t5/Personal-Finance/Anybody-else-batch-your-due-dates-together/m-p/6700868#M258335

With four cards, it is probably manageable having the dates scattered. When one gets above a certain number, it gets more difficult especially if not on auto-pay.

Re: Changing Credit Card Statement Dates? Yes/No

FireMedic1 — Fri, 18 Aug 2023 10:35:10 GMT

Most creditors have online change due date. All my cards report between the 15th-17th.

Re: Changing Credit Card Statement Dates? Yes/No

LakeLife — Fri, 18 Aug 2023 13:58:40 GMT

Mortgage due on the first, and my auto loans/credit cards are all due on the 19th. Easy peasy.

Re: Changing Credit Card Statement Dates? Yes/No

SouthJamaica — Fri, 18 Aug 2023 14:07:54 GMT

@urluckypenny1 wrote:
I've read and heard so many debates on this topic and wanted your opinions.

i currently have 4 credit cards and they all have different statement dates. Should I call and ask to change the dates? One video I watched the guy said to keep 2 cards reporting on the first week of month and the other 2 at the end of the month. That way you can leverage there money and essentially have 45 days if you need to make a large purchase. I keep my total utilization under 10% usually.
what's your opinion... plus the simplicity of keeping the dates together.

Card 1# Statement Balance on the 18th
Card 2# Statement Balance on the 15th
Card 3# Statement Balance in the 3rd
Card 4# Statement Balance on the 18th

Some people like them spread out, some like them all together, some don't care. It's totally a matter of personal preference.

Re: Changing Credit Card Statement Dates? Yes/No

ptatohed — Fri, 18 Aug 2023 14:38:27 GMT

@NoMoreE46 wrote:
I am not understanding how the 45 day part can be leveraged continuously. A due date push out to 45 days could be accomplished for one or maybe two cycles. Issuers will limit the number of due date modifications to prevent this stall tactic to be a everlasting thing.

As far as simplifying your life to set the dates to be the same is something recently discussed actually.

https://ficoforums.myfico.com/t5/Personal-Finance/Anybody-else-batch-your-due-dates-together/m-p/6700868#M258335

With four cards, it is probably manageable having the dates scattered. When one gets above a certain number, it gets more difficult especially if not on auto-pay.

I think what OP is getting at is, by having a variety of closing date choices, when you go to make a purchase on any given day, you can choose the card that has the furthest away closing date from that day of purchase.

For me, I place all cards on auto pay in full, and don't give it any thought.

Re: Changing Credit Card Statement Dates? Yes/No

MeredithLepore — Mon, 21 Aug 2023 07:09:38 GMT

If you've missed payments before or want to make your life easier, changing your due dates to all be on the same date (I.e., the 18th in your case) can definitely simplify the process. However, it can also strip your checking account of cash on the same day every month. To avoid this, you might consider setting up two specific dates that occur after each pay period. Then, you can set up autopay for all your accounts on the due date or the days after you receive your paychecks. Doing this means you can set it and forget it, and not have to worry about remembering to pay your accounts. I have 9 cards and always pay my cards in full but it has slipped my mind one too many times so now I do this and it has saved me numerous $35 late fees.