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Paying credit card on time?

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Valued Member

Paying credit card on time?

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?

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Current Score: 557
Goal Score: 750


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Message 1 of 10
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Valued Contributor

Re: Paying credit card on time?

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.


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Entering the garden 5/27/2019, staying until 2020
Message 2 of 10
Valued Contributor

Re: Paying credit card on time?

And as far as the autopay question you specifically asked, as long as the payment is initiated by the time and date indicated, and it goes through, you’re good. The money may not clear your bank account the same day but as long as you get the confirmation screen saying “thanks for your payment” then you’re credited for making the payment.

Pay attention though - many of my cards will credit a payment on the date I make it as long as I do so by midnight EXCEPT on the due date. On that day, it may be an earlier time, like 5pm. You don’t want to go make your payment on the due date at 10pm and then find out it was due 5 hours before. This is another reason to pay early in the cycle - ample time to send payment and see it credited to your account.


Rose Gold/BCP/Delta Gold/Hilton Surpass/Hilton Honors | IT | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Kohl’s

Heir apparent to the SJ Special (finally got a Disco CLI of $300)

5/24, 1/24, 76445/24, who cares #HappyWithAmex





Entering the garden 5/27/2019, staying until 2020
Message 3 of 10
Established Contributor

Re: Paying credit card on time?

You can set autopay to a few days before the due date, it doesn’t have to be on the same day. That way if there are any issues, you’ll have time to fix it. Also, many card issuers will credit you on the day payment is made, so just make sure that is the case. I would definitely keep an eye on your accounts in the beginning to get a feel for how long it takes for payments to go through. Depending on your limits and use, you might have to make a few payments a month to keep utilization down anyway.


Aug 2019:

Stats:
Message 4 of 10
Contributor

Re: Paying credit card on time?

I’ve always autopayed my accounts on the due date and have never received a late payment.

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Message 5 of 10
Community Leader
Senior Contributor

Re: Paying credit card on time?


@ImTheDevil 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

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JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 6 of 10
Community Leader
Senior Contributor

Re: Paying credit card on time?


@solway 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. 

GOALS: Garden til APR 2020 and 800 Club



JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 7 of 10
Community Leader
Super Contributor

Re: Paying credit card on time?


@Bears4910 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

 

 

 

 

EX 754 EQ 773 TU 752
Message 8 of 10
Contributor

Re: Paying credit card on time?


@CreditInspired wrote:

@solway 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.

Discover It - 19.1K
Citi Double Cash - 16K
AMEX BCP - 35K
Elan Financial - 24.2K
Uber - 25K
Amazon Prime Visa Sig - 9.6K
Fort Knox Platinum - 2.5K
US Bank Cash+ - 14K
Citi AAdvantage PSWE - 16.5K
Message 9 of 10
Valued Contributor

Re: Paying credit card on time?


@ImTheDevil 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

Message 10 of 10
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