@Anonymous wrote:
My first post here indicated and was later clarified that I was asking regarding utilization.
I always pay the minimum usually a week before my due date. Then there is usually a four to five window between the due date to statement cut date. We can all agree on that time frame on this board. (Rough estimate)
I think you were reading into something wrong. I never said I needed to pay my min by the cut date. I was asking because I wanted to make sure 76% utility wasn’t reported to the bureaus if I could still do it by a certain time specially on the statement cut date.
I get paid every week and try to make each card have 9% or less by the time they cut and report.
I never asked help about due dates so I don’t understand the confusion.
All I keep reading on here is pay your minimums and that’s not advice I asked for.
With that said I’ll just mosey back over to rebuilding where things aren’t misconstrued so apparently.
I don’t think we were even reading the same thread!!!!!
And by the way I wasn’t defensive to anyone but you CardNut. And it was within my last two replies.
But my explanation and if you reread the thread should indicate why.
Message #12 shows some defensiveness. I think the poster was confused a little as well.
I looked back at all my posts in my thread and thought I put in a very important point, which I see I missed.
Payments are processed in batch, in most cases. This means that all payments from everyone are held in a file and are run at once. The cutoff time is often the time the batch runs, but not always. Banks have lots of batches to run off hours, many of them cannot be run at the same time, so they schedule them apart. 8pm, midnight, 3am, etc. to avoid batch conflicts. It all varies.
In Cap 1 case, they batch the payments. It's easy to find out by looking for a "Cancel Payment" option after you set up the payment. you have up to the batch run time to cancel. So if you make a payment at 7:58am or 7:58pm, they sit in the same batch to be run at 8pm or whatever time they run it, so it doesn't matter what TIME you make the payment during that day, because it is credited the same day regardless (provided you pay before 8pm, otherwise you are credited the next day). You don't get credited by the time of day.
My point was trying to figure out what the advantage was to pay closer to the cutoff time, rather than any time during the cutoff day. That's all I wanted to know.
