Perhaps a stupid question, but need some advice....

[Anonymous]

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MidnightVoice wrote:

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rbbyrbsn wrote:

pepole are to are too obsessed about this. unless your planning on applying soon an wanting maxinum points. or otherwise  have a balance that might "spook" an Univerial Default creditor, it makes no sense giving the bank their money 3 to 4 weeks early for a few ponits you won't need/use.

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However, it can take 2 months to get all the utilizations down to the right level, reporting to the CRA and receive the resultant score jump.  So unless the amounts are really high, it does not cost much. 

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the whole balannce reporting game is lost cause with discover , I haven't recived my first Statement and they already reporting a balance. they must be a busy bunch.

[MidnightVoice]

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rbbyrbsn wrote:

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MidnightVoice wrote:

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rbbyrbsn wrote:

pepole are to are too obsessed about this. unless your planning on applying soon an wanting maxinum points. or otherwise  have a balance that might "spook" an Univerial Default creditor, it makes no sense giving the bank their money 3 to 4 weeks early for a few ponits you won't need/use.

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However, it can take 2 months to get all the utilizations down to the right level, reporting to the CRA and receive the resultant score jump.  So unless the amounts are really high, it does not cost much. 

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the whole balannce reporting game is lost cause with discover , I haven't recived my first Statement and they already reporting a balance. they must be a busy bunch.

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I track everything on line, and pay on line.  Gives me a lot of flexibility, and payments get there the day after I tell them to go 

[Anonymous]

I have also found the best way to pay is at the company's own website, that way it gets credited as soon as i hit pay. I am trying to get some point jump so I can apply for my mortgage.

It wont be that big of a deal after that, but am just still trying to understand the whole thing.

For example...

Discover card due date 2nd with balance of 2500 out of 2800CL

Closing Date 7th

Does this mean I can pay the minimum due by the 2nd and the remaining by the 7th and not carry over a balance? Any charges/payments between the 2nd and the 7th show up on the next statement, correct?

Thanks

[Anonymous]

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sleepynurse3 wrote:

I have also found the best way to pay is at the company's own website, that way it gets credited as soon as i hit pay. I am trying to get some point jump so I can apply for my mortgage.

It wont be that big of a deal after that, but am just still trying to understand the whole thing.

For example...

Discover card due date 2nd with balance of 2500 out of 2800CL

Closing Date 7th

Does this mean I can pay the minimum due by the 2nd and the remaining by the 7th and not carry over a balance? Any charges/payments between the 2nd and the 7th show up on the next statement, correct?

Thanks

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it's depends, if your daily average balance, then if you pay the whole "New Balance"  on or before the 2nd, then the balance left over will be finace free. if you are two cycle, then you would have to pay the "New Balance" fron your  previous Statement by it due date. it this is ture then no finace charges are not inposed on either balance.

two cycle is a bit ticky  they overlap statements with payments.

with a daily average balance where you might have a closing date of first 09/01 with a due date of 26th.  with two cycle it would be 10/26 so you would get another statemenr before you had to pay anything on the last statement. this is why the say pay the previous new balance, basicly your monthly payment is one statement cycle behind.

Message Edited by rbbyrbsn on 10-01-2007 04:06 PM