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I’ve always autopayed my accounts on the due date and have never received a late payment.
@Anonymous wrote:
The best way to build your profile and scores is actively managing your accounts. The first rule in credit is to never, ever miss or be late on a payment. Autopay is a good idea as a backup in case you’re incapacitated or otherwise unable to get online and pay, but don’t just put your accounts on autopilot and forget about them.
Actively monitor your accounts at least a few times a week. Don’t wait til the last minute to pay - pay sooner rather than later in the unlikely event that there’s a snag in the transfer of funds. Make a spreadsheet to track it all and check it along with your accounts, update it as needed. Waiting til the last day to pay is playing with Fire. I usually pay within a day or two after the statement cuts so I KNOW the bill is covered and then throughout the rest of the statement period I can pay extra if I don’t PIF at first. Get into the mindset of caring for it like a newborn and as time goes by you’ll see where and when you can relax, but at first the vigilance is best, as it’ll ingrain the necessary mindset required for properly managing your accounts.
Excellent advice
@Anonymous wrote:I’ve always autopayed my accounts on the due date and have never received a late payment.
But there’s always a first time for everything. It’s Murphy’s Law—if it can happen, it will.
IMHO, it’s just best to be safe than sorry.
@Anonymous wrote:
I just got a first progress and green dot secured card. My question is this...if I setup auto pay would my payment ever new late? Like for instance off my bill is due on the 15th and then it auto pays the 15th but the Credit card doesn't get the money the same day, am I considered late? Whats the best way to not be late on my payments?
Pay at last 4-5 days in advance in case something goes wrong. It gives you enough time to do some damage control.
Autopay may not work properly during the fist cycle, so make sure your payment goes through when you first set it up.
You would not be late in your example, but should you accidentally transpose numbers or something, you'd be late and have returned payment
@CreditInspired wrote:
@Anonymous wrote:I’ve always autopayed my accounts on the due date and have never received a late payment.
But there’s always a first time for everything. It’s Murphy’s Law—if it can happen, it will.
IMHO, it’s just best to be safe than sorry.
A few months ago my bank account was frozen (not my fault) and my Citi CC payment was due & rejected. I had to pay a returned check fee, called Citi, paid my CC 6 days after the due date but before the end of the billing period and there was no hit to my credit.
@Anonymous wrote:
The best way to build your profile and scores is actively managing your accounts. The first rule in credit is to never, ever miss or be late on a payment. Autopay is a good idea as a backup in case you’re incapacitated or otherwise unable to get online and pay, but don’t just put your accounts on autopilot and forget about them.
Actively monitor your accounts at least a few times a week. Don’t wait til the last minute to pay - pay sooner rather than later in the unlikely event that there’s a snag in the transfer of funds. Make a spreadsheet to track it all and check it along with your accounts, update it as needed. Waiting til the last day to pay is playing with Fire. I usually pay within a day or two after the statement cuts so I KNOW the bill is covered and then throughout the rest of the statement period I can pay extra if I don’t PIF at first. Get into the mindset of caring for it like a newborn and as time goes by you’ll see where and when you can relax, but at first the vigilance is best, as it’ll ingrain the necessary mindset required for properly managing your accounts.
+1