topic Re: When to pay CC bill in Bankruptcy

When to pay CC bill

Anonymous — Sat, 13 Jul 2019 17:58:06 GMT

So I got approved for a Credit One Visa. $400 limit. Not sure yet how much the annual fee will be. Still waiting on final approval for a Merrick Bank Visa. I have to send in some verification paper work.

My questions is when do CC companies report individual accounts to the CRA's? In regards to payment and balance. Is it right after the due date?

Before I got into trouble with credit I just paid everything down to zero and didn't really pay much attention to my credit score or how CC's and CRA's interacted with eachother.

Re: When to pay CC bill

FireMedic1 — Sat, 13 Jul 2019 18:09:36 GMT

The CCC's in most cases report to the CRA's same day as when statement cuts. Takes a day or two until you see it show up on whatever monitoring service you have. I use Wallethub to watch who reports and reports correctly. It may be Vantage but they are quick to show balance changes and updates everyday.

Whenever the statement date posts on your account. You'll see the Due Date to pay that statement date usually depending on CCC's with a Min Payment of say $23.00 for example depending on the balance. It's a range from 23-28 days after statement date will be the due date. You'll know when a new statement is posted. The due date will show as the next month.

Confused yet?

Re: When to pay CC bill

Anonymous — Sat, 13 Jul 2019 18:48:14 GMT

Very haha

Ok so say I have a credit line of $100. I have a balance of $50. I want to pay $42 and leave $8 to report.

Statement cuts on the 1st and due date is the 24th.

When would you pay so that only $8 reports?

Re: When to pay CC bill

FireMedic1 — Sat, 13 Jul 2019 19:00:17 GMT

@Anonymous wrote:
Very haha

Ok so say I have a credit line of $100. I have a balance of $50. I want to pay $42 and leave $8 to report.

Statement cuts on the 1st and due date is the 24th.

When would you pay so that only $8 reports?

Anyday after the 1st up to the 24th. If paid on the 25th or later. Then they nail you with a late fee. But that doesnt constitute a late payment on your reports. You'd have to pass the 24th 2 months out and then the 30 day late will ding you.

Re: When to pay CC bill

Anonymous — Sat, 13 Jul 2019 19:04:01 GMT

Ahh ok. Now I get it. So basically whatever you leave on past the due date is what gets reported when the statement cuts. So then once you see it has been reported you pay the remaining balance to avoid excessive interest charges?

Re: When to pay CC bill

Anonymous — Sat, 13 Jul 2019 19:06:27 GMT

Credit one takes forever to credit your payment. I paid two days before my statement date, and it still wasn't credited by the statement date. Your first online payment to them takes around 5 businss days to credit. You want your balance to show the amount you want reported before the statement date. So, with credit one, you almost have to pay a week before the statement date, at least, the first time and more than 2 days before for subsequent statements.

Re: When to pay CC bill

Anonymous — Sat, 13 Jul 2019 19:08:55 GMT

Ok good to know. Thank you. I'll do some testing then. Can you pay online?

Re: When to pay CC bill

FireMedic1 — Sat, 13 Jul 2019 19:09:00 GMT

@Anonymous wrote:
Ahh ok. Now I get it. So basically whatever you leave on past the due date is what gets reported when the statement cuts. So then once you see it has been reported you pay the remaining balance to avoid excessive interest charges?

BINGO! Ya got it now!

Re: When to pay CC bill

Anonymous — Sat, 13 Jul 2019 19:11:16 GMT

By the way is WalletHubs credit score the same as CreditKarma and shouldn't be trusted? Haha

Re: When to pay CC bill

FireMedic1 — Sat, 13 Jul 2019 19:18:43 GMT

@Anonymous wrote:
Credit one takes forever to credit your payment. I paid two days before my statement date, and it still wasn't credited by the statement date. Your first online payment to them takes around 5 businss days to credit. You want your balance to show the amount you want reported before the statement date. So, with credit one, you almost have to pay a week before the statement date, at least, the first time and more than 2 days before for subsequent statements. It will show

It can also be a situation between banks and the CCC's. I can pay all my cards and it shows online and on my online bank the next day during the week. Pay something on Friday. It will show on the CCC's website but not until Monday on my banking online account. BB&T and PP takes 2-3 days with Bill Pay during the week. Between pushing payments and pulling payments. They all differ. Once you get who does what with which way to pay. Live by it. Weekdays are always the best. Weekends is like being closed. Especially when some banks due weekly system maintenance on Sundays!

Re: When to pay CC bill

FireMedic1 — Sat, 13 Jul 2019 19:20:16 GMT

@Anonymous wrote:
By the way is WalletHubs credit score the same as CreditKarma and shouldn't be trusted? Haha

Yep. Its all Vantage. Same scores.Wallethub updates TU daily. CK is updated weekly with EQ/TU.

Re: When to pay CC bill

Anonymous — Sat, 13 Jul 2019 19:22:40 GMT

@FireMedic1 wrote:
@Anonymous wrote:
By the way is WalletHubs credit score the same as CreditKarma and shouldn't be trusted? Haha
Yep. Its all Vantage. Same scores.Wallethub updates TU daily. CK is updated weekly with EQ/TU.

Ahh ok. Yeah it seems CK and Wallethub both think that Citi and Chase will both give me cards since they think my credit score is so high. When infact it is so low AND I burned both banks. Ha.

Re: When to pay CC bill

HighAchiever — Sat, 13 Jul 2019 20:01:39 GMT

That’s why it’s usually best to ignore the credit card suggestions/recommendations that those and others give because it’s usually just advertising. It may also suggest a card that you already have as well... 😂

Re: When to pay CC bill

FireMedic1 — Sat, 13 Jul 2019 21:39:26 GMT

Yep. True dat. I have a BK and they say oh you can get the AMEX Magnet, BCE, WF Propel and so many others top dogs with Good or Very Good approval ratings. They wouldnt touch me with a 10 foot pole. Even without burning any credit cards. LOL!!!!!! Nice try guys!

Re: When to pay CC bill

Anonymous — Sat, 13 Jul 2019 22:19:36 GMT

@FireMedic1 wrote:
@Anonymous wrote:
Credit one takes forever to credit your payment. I paid two days before my statement date, and it still wasn't credited by the statement date. Your first online payment to them takes around 5 businss days to credit. You want your balance to show the amount you want reported before the statement date. So, with credit one, you almost have to pay a week before the statement date, at least, the first time and more than 2 days before for subsequent statements. It will show
It can also be a situation between banks and the CCC's. I can pay all my cards and it shows online and on my online bank the next day during the week. Pay something on Friday. It will show on the CCC's website but not until Monday on my banking online account. BB&T and PP takes 2-3 days with Bill Pay during the week. Between pushing payments and pulling payments. They all differ. Once you get who does what with which way to pay. Live by it. Weekdays are always the best. Weekends is like being closed. Especially when some banks due weekly system maintenance on Sundays!

The first time you make a payment with Credit One, they let you know that they wait a week to credit your balance to avoid you going over your limit in case your payment is returned. They are extra.. lol But, I guess with their clientele they are accustomed to a lot of returned payments.

Re: When to pay CC bill

Anonymous — Sat, 13 Jul 2019 22:46:46 GMT

@Anonymous wrote:
So I got approved for a Credit One Visa. $400 limit. Not sure yet how much the annual fee will be. Still waiting on final approval for a Merrick Bank Visa. I have to send in some verification paper work.

My questions is when do CC companies report individual accounts to the CRA's? In regards to payment and balance. Is it right after the due date?

Before I got into trouble with credit I just paid everything down to zero and didn't really pay much attention to my credit score or how CC's and CRA's interacted with eachother.

CreditOne starts charging interest the day after the closing day. There is no grace period. Your annual fee will be more than likely $75. Payment processing is very slow, but usually dated for the day you pay. Dont forget that you can only make 4 total payments per month. My card was $300 limit but I had to pay for lot's of things like car registration, etc. so I cut a payment right after I've noticed something posted because a larger amount would have skewed the utilization % to unrealistic level. Keep it below 10% on a per card basis. I closed CreditOne 11 months after opening because I didn't want to pay another $75 AF. It helped with my score post BK discharge so I have no regrets.

Good luck getting Merrick Visa. I have it too and there are no fees on that.