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Maybe stupid, but curious..
let's say I have a statement balance due Jan. 5th for 1500 with min. payment due of $25. If I paid let's say 500 now then 1000 again before 1/5/16..does that still count as paying full statement balance? is it correct that credit score history doesnt get accounted for until AFTER your statement due date?
@Anonymous wrote:Maybe stupid, but curious..
let's say I have a statement balance due Jan. 5th for 1500 with min. payment due of $25. If I paid let's say 500 now then 1000 again before 1/5/16..does that still count as paying full statement balance? is it correct that credit score history doesnt get accounted for until AFTER your statement due date?
Yes, that still counts. The number of payments is irrelevant, only the total amount paid by the due date is relevant.
As for your credit scores - each month creditors report both statement balance and amount paid since the last statement. So, even if you make payments after the due date (but before the statement cuts) the total amount paid during the statement period will show up on your reports and thus effect your score. Again, the number of individual payments is irrelevant, just the total amount paid during the statement period.
@Aahz wrote:
@Anonymous wrote:Maybe stupid, but curious..
let's say I have a statement balance due Jan. 5th for 1500 with min. payment due of $25. If I paid let's say 500 now then 1000 again before 1/5/16..does that still count as paying full statement balance? is it correct that credit score history doesnt get accounted for until AFTER your statement due date?
Yes, that still counts. The number of payments is irrelevant, only the total amount paid by the due date is relevant.
As for your credit scores - each month creditors report both statement balance and amount paid since the last statement. So, even if you make payments after the due date (but before the statement cuts) the total amount paid during the statement period will show up on your reports and thus effect your score. Again, the number of individual payments is irrelevant, just the total amount paid during the statement period.
This should only be done after you have made at least the minimum payment by the due date. Never miss that minimum payment amount before the due date. And it is hit or miss whether payments after the due date will be processed and included in the statement balance. Possible, yes, not guaranteed.
@Anonymous wrote:is it correct that credit score history doesnt get accounted for until AFTER your statement due date?
Payment is due by the due date. The minimum is the minimum required to keep your account current, If you intend to pay the statement balance in full then as long as you pay the amount of the statement balance by the due date you're good. It doesn't matter if you do it in 1 payment or in X payments.
Your Payment History isn't adversely affected until you're 30+ days late and you have not paid at the least the minimum. If you've paid at least the minimum by the due date then your Payment History will be fine even if you don't pay the full statement balance.
@Aahz wrote:So, even if you make payments after the due date (but before the statement cuts) the total amount paid during the statement period will show up on your reports and thus effect your score.
Picking nits but it won't effect the score. The score already exists. It can, however, affect the score.
Payment History is concerned with whether or not payments are on time and least the minimum. The balance impacts score based on impact to revolving utilization which falls under Amounts Owed.