Autopay

[Anonymous]

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@bz386 wrote:
If you had autopay setup, it would be extra insurance in case you forgot to pay. Why would you not setup at least minimum balance due payments?

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Is there some "Autopay Corporation" that you work for that we don't know about?

[Anonymous]

I don't auto pay. I like to chose when I'll pay it. I also think that if I'm paying multiple times a month they still may take that minimum payment on the due date. I don't know tho but we have three accounts. 1 is strictly for bills so we don't keep a lot in there. EOW we know what money is going out and to who. So we deposit that amount into the account.

[bz386]

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@Anonymous wrote:

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@bz386 wrote:
If you had autopay setup, it would be extra insurance in case you forgot to pay. Why would you not setup at least minimum balance due payments?

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Is there some "Autopay Corporation" that you work for that we don't know about?

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Haha, not at all. I just read this forum and see cases where people either forget to pay or pay too late. Then there was this story of someone who ended up in the emergency room and only came back from hospital a month later and was asking what he can do about the late payment on his credit report. It seems so stupid to mess up one's credit because of something like this. I understand the cases of people who get into financial trouble and can't pay their bills, but I just can't wrap my head around how people get into trouble due to sloppiness, when it is so easy to prevent it.

For the health of your credit, the single most important thing to do is to always pay on time. Setting up automatic payments is the best way to ensure that this always happens. Yet a surprising number of people don't do it, so I'm curious why.

[Anonymous]

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@Anonymous wrote:
I don't auto pay. I like to chose when I'll pay it. I also think that if I'm paying multiple times a month they still may take that minimum payment on the due date. I don't know tho but we have three accounts. 1 is strictly for bills so we don't keep a lot in there. EOW we know what money is going out and to who. So we deposit that amount into the account.

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I don't think that happens, every payment reduces the min pay due, so that really is not a concern (at least with any of the banks I use).

To me, the huge advantage of PIF on due date is that you are maximizing the float (paying the last possible day) and the CCC is responsible (so long as you have enough money in the account) for taking the payment in time.    And, if you have utilization concerns, you can still pay down during the month (losing some of the float advantage)

[bz386]

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@EddieK wrote:

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@bz386 wrote:
If you had autopay setup, it would be extra insurance in case you forgot to pay. Why would you not setup at least minimum balance due payments?

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You're probably right, I just believe I won't miss one with the amount of times I check them.  

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This reminds me of the guy who ended up in the emergency room and had to stay in hospital for a month, then was asking on here how to fix the 30 day late on his credit report. Not that I wish anything like that would ever happen to you, but it potentially can.

[bz386]

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@Anonymous wrote:

I don't think that happens, every payment reduces the min pay due, so that really is not a concern (at least with any of the banks I use).

To me, the huge advantage of PIF on due date is that you are maximizing the float (paying the last possible day) and the CCC is responsible (so long as you have enough money in the account) for taking the payment in time.    And, if you have utilization concerns, you can still pay down during the month (losing some of the float advantage)

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+1. This.

[Anonymous]

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@bz386 wrote:

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@Anonymous wrote:

I don't think that happens, every payment reduces the min pay due, so that really is not a concern (at least with any of the banks I use).

To me, the huge advantage of PIF on due date is that you are maximizing the float (paying the last possible day) and the CCC is responsible (so long as you have enough money in the account) for taking the payment in time.    And, if you have utilization concerns, you can still pay down during the month (losing some of the float advantage)

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+1. This.

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Disclaimer:  I work for BZ386 at Autopay 'R' Us and he made me post !

[bz386]

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@Anonymous wrote:

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@bz386 wrote:

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@Anonymous wrote:

I don't think that happens, every payment reduces the min pay due, so that really is not a concern (at least with any of the banks I use).

To me, the huge advantage of PIF on due date is that you are maximizing the float (paying the last possible day) and the CCC is responsible (so long as you have enough money in the account) for taking the payment in time.    And, if you have utilization concerns, you can still pay down during the month (losing some of the float advantage)

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+1. This.

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Disclaimer:  I work for BZ386 at Autopay 'R' Us and he made me post !

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Geez, now you're making me consider starting a business with that name. I wonder if Toys'R'Us would mind

[Anonymous]

Every one of my accounts is set up auto-pay. Works great and I don't have to worry about a missed payment. The manual snail mail or logging in to issue a check to the bank or even remembering to electronically pay is old school.

[Anonymous]

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@Anonymous wrote:

There are some cards (such as some of the Comenity ones) that do not have autopay

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There has to be one in every crowd