CC Overpayment

[Anonymous]

Hey, all.

I have a Credit One CC that I'm sending in a payment over the payoff amount to try to get it to report 0 (they tack on some fees and AF the second after the statement cuts, so just sending payoff by due date results in 10-15 bucks being reported to CRA). My question is, if I send in an extra 20 bucks via money order, will that balance of -20.00 sit there until statement date (resulting in 0 ish after AF, etc on statement), or will they just send me back the difference?

I'm just trying to determine whether to do it now (2 weeks early), or try to plan on sneaking it in on them the day before so they wouldn't have a chance to process a refund. I've failed at AZEO 3 months in a row over this type thing and it's p*ssing me off. Thanks!!

[gdale6]

You can do it for 2 months, on the 3rd month they would refund any credit balance due per the card act but after they of course take out their fee.

[Anonymous]

@gdale6 Ah ok, thank you so much for the response. 2 of the 3 cards I have pull that bs (rebuilding type cards), so I suppose I'll have to switch off every 2 months which my AZEO reporter is (just tracking the rebuild, no real need for AZEO atm...but even a few more points keeps me motivated)

Anyway, will that work? It's 2 in a row or 2 in a lifetime? Ie 8/0/0 twice, then 0/8/0 twice, then rinse/repeat?

[gdale6]

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@Anonymous wrote:

@gdale6 Ah ok, thank you so much for the response. 2 of the 3 cards I have pull that bs (rebuilding type cards), so I suppose I'll have to switch off every 2 months which my AZEO reporter is (just tracking the rebuild, no real need for AZEO atm...but even a few more points keeps me motivated)

Anyway, will that work? It's 2 in a row or 2 in a lifetime? Ie 8/0/0 twice, then 0/8/0 twice, then rinse/repeat?

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That should work and its not limited to 2 in a lifetime. really what I would do is just pay the AF exactly in addition to whatever else your balance is with a push from your bank account so it zeros out every month on statement day.

[JR_TX]

Have you tried the Secured card route OP? The $100 a year fee just seems to steep just to rebuild. Credit One is only a last resort if all else fails just my 2¢.

There are plenty of Secured card players out there that you can take up on. 

[UpperNwGuy]

Why are you trying to do an AZEO?  What is your objective?  How are you planning to achieve it?  Do you have a good long-term strategy?

[NRB525]

Why not make the CreditOne card the card that reports the small balance?

With the monthly fee there is no chance of it reporting zero, it's Fail Safe

[AllZero]

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@NRB525 wrote:

Why not make the CreditOne card the card that reports the small balance?

With the monthly fee there is no chance of it reporting zero, it's Fail Safe

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[Anonymous]

AZEO to see where my optimized MMS will be. I don't plan on a mortgage app for 4-5 more months, but I want to see where MMS settles when it's at its best.

Well, I have Credit One, Indigo, and my local CU for CCs. Both the crappy cards do the same way with reporting AF even if PIF an hour before statement cuts (along with some other small amount I assume is trailing interest). I just picked one to overpay, it doesn't really matter which.

Yes, I'd replace them with secured cards as mentioned, but that's 2 new accounts 5 months from a mortgage so I chose to just ride then out. They were my starting rebuilder cards. I pre-qual for better cards now, that I'll replace them with after mortgage.

[Kforce]

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@gdale6 wrote:

You can do it for 2 months, on the 3rd month they would refund any credit balance due per the card act.

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If activity on card every month, it can report negative every month for ever.

Month 1 charges 700, pay 900, bal -200 :  month 2 charges 300, pay 200, bal -100, etc

The card act neg balance rule is for static forgotten funds not ongoing over payments.

When playing with "Azeo"  , I had neg balances on all but one of my cards for over a year.

You just can't over pay and walk away.