topic Re: This is How I Pay my Bills Thread in Credit Cards

This is How I Pay my Bills Thread

BrokaToe — Sun, 17 Mar 2013 05:01:36 GMT

I was just curious as to how most of you handle your credit lines and payments.

Personally, I will let my paychecks build in my checking account and tend to pay some each week until my balances are PIF right before the statements cut. Leaving a small balance on 1 alternating card each month to report for maximum FICO scoring. (yes, even though I'm not apping for anything, I'm just psycho like that lol)

Let's hear from the Family!

Do you:

1. Keep all your cards paid off as you charge on them.

2. Make larger payments either weekly or bi-weekly, making sure they're PIF by statement cut.

3. Let the money build in your checking account and then pay cards in full only once a month.

4. Let the money build in your checking account and then pay a better than minimum payment monthly, but not PIF.

5. Let the money build in your checking account and make minimum payment each month leaving a balance to report or revolve.

Just thought it may be a helpful thread for those wondering how to best manage their payments, by hearing from all the experts.

Re: This is How I Pay my Bills Thread

twall06 — Sun, 17 Mar 2013 05:03:46 GMT

I have low limit cards so I pay in full usually twice a month on each card . Then ill let one card have a 5% balance when the statement cuts.

Re: This is How I Pay my Bills Thread

kimmiller112 — Sun, 17 Mar 2013 05:07:15 GMT

Once a week, I check all of my accounts even if I haven't used them during that week (it is to make sure that someone hasn't used it). I pay each one I have a balance on that week and I pay in in full and I do that all four weeks during the month. That way, I don't forget anything. Everything gets paid in full and I leave 2 - 5 % utilization.

Re: This is How I Pay my Bills Thread

09Lexie — Sun, 17 Mar 2013 05:13:41 GMT

I make multiple payments throughout the statement period. Depending on the card, I will let a sm bal report and then PIF. Currently, I am keeping a sm bal on my Discover but I still make multiple large payments throughout the month. Last week, I purchased 2 flat screens on 0%-36 mo financing- so those balances will report for a few months unil I eventually PIF later this year.

Re: This is How I Pay my Bills Thread

Ravensfan2001 — Sun, 17 Mar 2013 05:30:37 GMT

I PIF monthly close to the due date. I don't PIF with my NFL Extra Points Ravens Visa (go Ravens!) because right now it's at 0% APR, although I PIF'd last month.

Re: This is How I Pay my Bills Thread

DaveSignal — Sun, 17 Mar 2013 05:31:20 GMT

I have 6 cards that I don't use at all... they just report $0 balance.

I have 2 cards that I carry balances at 0% interest... I pay a discretionary amount before the due date.

I have 2 cards that I use occasionally that I always pay just before the statement date, so they always report $0 and I don't have any payment due.

I have 1 card that I use all the time. I pay this one in full before the due date, but because I use it continuously, some balance will report by the time the statement cuts.

This system has been working great for me. I don't pay anything more than once a month.

Re: This is How I Pay my Bills Thread

Anonymous — Sun, 17 Mar 2013 12:24:05 GMT

Back when I first started repairing my credit and was in heavy debt, I made multiple monthly payments to reduce the interest I was paying. Then when everything was paid off except one balance that is now at 0% interest, I PIF all cards with one or two payments before statement date.

At the end of last year I decided to start paying as most people do that don't read here - after the statement cut but by the due date. I never let a large balance report on mulitple cards because I don't have the CLs to support that kind of utilization so my monthly payment will include the balance from prior month and some current charges. I've let multiple balances report for three months and the ding to my score has been very little that I can see.

Re: This is How I Pay my Bills Thread

navigatethis12 — Sun, 17 Mar 2013 12:39:28 GMT

I pay all cards I use completely before the statement closes, except for one to make the report look its best. I never know when a good sign up bonus will come along and I may not have time to wait until the cards stop reporting thousands of dollars in balances.

Re: This is How I Pay my Bills Thread

RockinRay — Sun, 17 Mar 2013 12:40:03 GMT

I pay mine on the due date - in full. At one time, I paid them each week.

Re: This is How I Pay my Bills Thread

tcbofade — Sun, 17 Mar 2013 12:49:25 GMT

I'm somewhere in between.

I budget to make more than the minimum payment every month on every card.

At the end of month x, whatever dollars I have left get added to the next month's CC payment budget...thus raising the actual payment made the following month...

We've got six or eight cards with zero balance that we don't use.

We've got four cards that I pay weekly and we use constantly.

Thank God for Excel....

Re: This is How I Pay my Bills Thread

shorrttyycm1 — Sun, 17 Mar 2013 13:13:02 GMT

I pif all cards when i use them. I try not to use them for anything that i dnt already have the cash for then when transaction post i pif. My merrick has a low limit and monthly fee so i just let that $4. report. I'm i little obsessive about it because i got myself into alot of trouble in the past and never wanna go there again.

Re: This is How I Pay my Bills Thread

Open123 — Sun, 17 Mar 2013 15:57:13 GMT

When I had reason for lower utility, I'll just push a payment before it reports, or just use my charge card. Now, I just wait for the ebill, and click pay through my online banking.

Re: This is How I Pay my Bills Thread

Anonymous — Sun, 17 Mar 2013 16:20:25 GMT

3...Easiest and most logical option

Re: This is How I Pay my Bills Thread

Revelate — Sun, 17 Mar 2013 16:44:59 GMT

Somewhere between 3 and 4.

1-2: I think those are outlier behavior to banks

5+: Doesn't make much sense unless you're either high balance chasing, or have to float the debt for whatever reason. Not certain there's a whole lot of point to the first except on a BOFA NPSL card that stubbornly refuses to report a limit, and the second one other than 0% financing, I tend not to do unless I'm either saving cash (during my unemployed times), or I don't have the money to cover the marker... those two tend to be synomymous in my current life.

Re: This is How I Pay my Bills Thread

j_casteel — Sun, 17 Mar 2013 16:38:09 GMT

i only really use my NFCU card currently, and I make one large payment ($3k-$5k) a few days before statement cuts.

As for the rest of my cards, when i do use them, i usually give it a few days then pay them off b/c they are usually smaller purchases anyway ($200 or less)

I also pay all my bills through my NFCU card except for the bills that require ACH payments.

Re: This is How I Pay my Bills Thread

compassion101 — Sun, 17 Mar 2013 16:47:15 GMT

3. I use the float for all of them too unless I need to apply for credit (in which case I'll pay early.

Re: This is How I Pay my Bills Thread

OnTheRebound — Sun, 17 Mar 2013 18:27:32 GMT

Normally I PIF every account once a month a couple of days before the due date. Except major 0% purchases. I milk those to the max and then PIF a couple of months before the promotion ends.

However, if I plan on applying for credit, I PIF every account before the statement cuts and let a minimal amount report.

The last couple months we have been spending a lot on home improvements and once again I'm PIF'ing every account before the statement cuts to keep utilization low to not spook anyone.

Re: This is How I Pay my Bills Thread

variableResistor — Sun, 17 Mar 2013 18:15:22 GMT

I pay in full the week I receive the e-statement.

Re: This is How I Pay my Bills Thread

distantarray — Sun, 17 Mar 2013 18:34:44 GMT

autopay from my Chase account at middle of my billing period for $50 to each cards I use a lot, and minimum payment set up from each credit card directly. This way even if one bank screws up I'm in the clear

also use mint.com pageonce.com and awardwallet.com

Re: This is How I Pay my Bills Thread

Anonymous — Sun, 17 Mar 2013 20:45:50 GMT

@BrokaToe wrote:
I was just curious as to how most of you handle your credit lines and payments.

Personally, I will let my paychecks build in my checking account and tend to pay some each week until my balances are PIF right before the statements cut. Leaving a small balance on 1 alternating card each month to report for maximum FICO scoring. (yes, even though I'm not apping for anything, I'm just psycho like that lol)

Let's hear from the Family!

Do you:

1. Keep all your cards paid off as you charge on them.

2. Make larger payments either weekly or bi-weekly, making sure they're PIF by statement cut.

3. Let the money build in your checking account and then pay cards in full only once a month.

4. Let the money build in your checking account and then pay a better than minimum payment monthly, but not PIF.

5. Let the money build in your checking account and make minimum payment each month leaving a balance to report or revolve.

Just thought it may be a helpful thread for those wondering how to best manage their payments, by hearing from all the experts.

None of the above.

My 2 priorities are "Never be late" and "Rarely par interest"

So after the statement closes, I pay the minimum payment and sometimes more.

Then before the due date I make a 2nd payment to pay the rest of the the statement balance before so no interest is due.

If it is a zero interest deal then I let it ride.