Statement date versus due date - Does it matter?

[lshwn]

Thanks!  My question was about paying them during the grace period versus the exact due date.  For example, I am not using my credit cards so I am not accruing any new transactions.  I am paying down debt.  Is it better to pay in advance of the due date if I want to improve my credit score? Or does it have the same impact if I pay on my exact due date?

I thank you all for the responses.  I will do better with my questions

[MrFiah]

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@SoCalGardener wrote:

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@MrFiah wrote:

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@lshwn wrote:

Thanks all!  I obviously didn't ask my question the right way.  Let me try again

I am paying down debt and not using my credit cards.  If I have a credit card bill due the 10th of every month -- does it matter if I pay it 1-2 weeks beforehand? Or should I just pay it on the due date?

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Is everyone missing this? The cards aren't being used!  Why continue to round and round about statement date, closing dates, due dates, blind dates, first dates, etc....If the cards are being paid down, the sooner the better.

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I do feel like I'm missing something! How does that have any impact on the OP's question? Just because the OP isn't *currently* using the cards doesn't mean the cards have zero balances. They're paying them down, they're receiving bills every month, the bills have due dates, closing dates, etc. The OP still needs to pay these cards even though they're not adding new charges to them!

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Yep...still getting bills that are due by the one and only due date!  Plenty discussion above about "you can pay your bill in full by the due date but if you use it again you can still have a balance report on the statement date.... if you want better utilization, pay the statement balance plus current charges... etc" Just pointing out what's being discussed is outside the parameters of the original inquiry imo.

[MrFiah]

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@lshwn wrote:

Thanks!  My question was about paying them during the grace period versus the exact due date.  For example, I am not using my credit cards so I am not accruing any new transactions.  I am paying down debt.  Is it better to pay in advance of the due date if I want to improve my credit score? Or does it have the same impact if I pay on my exact due date?

I thank you all for the responses.  I will do better with my questions

Grace period usually means from the time of purchase till the following statement due date.....if not paid in full by the due date you may start being charged interest.  Since you aren't actively using the cards I don't think this applies.

You might have a 0% promo going that specifies that as long as the minimum payment is made each month you aren't charged on any interest.   If that's the case you definitely want to make sure you are making the minimum payment by the due date.

If you are being charged interest, the sooner and more often you pay the better.  Doing so will reduce the balance you are being charged interest on, more money in your pocket long term.

As for you score, I don't think it matters as  most card issuers only report once a month regardless of when or how often you pay. $5 paid now or $5 next Tuesday will have the same effect long term.

[FishingGuy]

I always make certain that I pay more than  (often substantially more than) the amount due by the due date.  I rotate the usage on my cards and often "sock drawer" a card a week before the statement cut date..... and use other cards where the due date & statement cut date has just passed... giving me the longest time to pay before the next statement cutting date.

When I want a lower balance or a zero balance to appear I very often make an additional payment after the due date but before the statement cut date, so the lowest possible balance (if any) reports.  I have noticed that on some cards... even if I use them extensively, and pay it to a zero balance before the statement cut date,  and they report a zero balance,  it doesn't show the last usage as that month.... so I sometimes leave a small balance on those cards.   I try to practice AZEO, or as close to it as I can... usually reporting under 1-2% usage.

This has  worked for me.

[Otto77]

If you are paying interest, you should simply pay it as soon as possible. Interest accrues daily. The sooner the balance goes down, the less interest you pay. This should take precedence over optimizing a credit score.