cancel
Showing results for 
Search instead for 
Did you mean: 

Payment History Question

New Visitor

Payment History Question

If I pay off my credit cards before a statement has come out, that doesn't count as an on-time payment because no payment was ever due, correct?

Message 1 of 17
16 REPLIES
Senior Contributor

Re: Payment History Question


@tsarder wrote:

If I pay off my credit cards before a statement has come out, that doesn't count as an on-time payment because no payment was ever due, correct?


It will when the issuer posts an update to the CB's for your balance info.   Even if a payment isnt due, but you pay it will lower your balance and when that is sent to the CB's it will show as that month paid as well.  when it reports that will show as an on time payment. 




(don't try this at home kids)
Message 2 of 17
Established Contributor

Re: Payment History Question

Like @Jago22 said, if you put charges on the card and make a payment, even before statement cut, it will be reported as an on-time payment on your reports.

 

TCL: $4,000. $500 in wallet, remainder locked away to limit spending.
Gardening until I have $40K in savings. 10% to goal
FICO 5/18/18: EQ 795, TU 819, EX 782
FICO July 2018: TU 807 (7/19), EX 766 (8/4)
FICO August 2018: TU 787 (8/20), EX 766 (8/4)
Message 3 of 17
Moderator

Re: Payment History Question

Welcome to the forums. Just to add to the conversation, if this is a card that requires you to make X payments on time in order to get Y, you should let a balance post (even a small one) so that you DO have a minimum payment to make on time each month.

Message 4 of 17
Senior Contributor

Re: Payment History Question

Yeah..what this guy says 👆.
Let it post unless your utilization is high.




Message 5 of 17
New Visitor

Re: Payment History Question

So I can let $1 post just so I get a bill and that would qualify towards my payment history?
Message 6 of 17
Senior Contributor

Re: Payment History Question


@tsarder wrote:
So I can let $1 post just so I get a bill and that would qualify towards my payment history?

Yeah, you can.  as long as you dont miss a payment, your payment history will be just fine.  if you leave a 1 on that one card, it would honestly depend on how many cards you have and if any of those have a balance as well.   If you are going after a new card/loan, then we all recommend the AZEO (all zero except one) to maximize your scores.   keeping all your cards paid and reporting 0 except one card that should be at least than 8.9% of its credit limit. 




(don't try this at home kids)
Message 7 of 17
Senior Contributor

Re: Payment History Question

I personally don't recommend AZEO while trying to build credit payment history.
Unless you need to squeeze every last point, it is unnecessary IMO.
In a manual review it may hamper you instead of helping. UWs want to see some REAL payment history. Not zero's month after month across your accounts. With only $1 reporting on one card.
We've had members denied credit because they didn't allow payments to report.
Some lenders won't report your payment or the balance, if you pay it too soon.




Message 8 of 17
Senior Contributor

Re: Payment History Question


@tsarder wrote:
So I can let $1 post just so I get a bill and that would qualify towards my payment history?

Let try this from a different angle.   I dont know how you check your scores/profile, and while i'd never recommend CK for scores, the info on there for your accts is good usually.   

 

Say you have a card that you havent used or had to make a payment on in several months.  your profile will still show you have perfect payment history.  0 or $1 balance is the same as long as your not late on a payment. 




(don't try this at home kids)
Message 9 of 17
Senior Contributor

Re: Payment History Question


@Gmood1 wrote:
I personally don't recommend AZEO while trying to build credit payment history.
Unless you need to squeeze every last point, it is unnecessary IMO.
In a manual review it may hamper you instead of helping. UWs want to see some REAL payment history. Not zero's month after month across your accounts. With only $1 reporting on one card.
We've had members denied credit because they didn't allow payments to report.

+1 agree.  it's really only useful if your going after new credit.  On the flip side of that you dont want to look maxed out or pay interest either. 




(don't try this at home kids)
Message 10 of 17