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Wait for Chase Statement to Cut?

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Jon85
Frequent Contributor

Wait for Chase Statement to Cut?

Hi all,

 

So my first Chase statement is due to cut (Amazon Visa) on May 18th and my balance is $900 or so. I'm going to PIF, but I'm not sure if I should just wait for it to cut and post before I pay it, or if I should just pay it now.

 

Does it matter either way for maintaining a good relationship with Chase and for future CLIs?

Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Wait for Chase Statement to Cut?

It doesn't matter.  Pay it now if you have the ability to do so.

Message 2 of 9
takeshi74
Senior Contributor

Re: Wait for Chase Statement to Cut?


@Jon85 wrote:

Does it matter either way for maintaining a good relationship with Chase and for future CLIs?


Don't rely so much on the "relationship" meme.  Your credit profile and your income are the primary considerations and "relationship" will not overrule those even in the situations where it plays a small part.  It is never just about the one account that is held with the creditor.  Your entire credit profile matters.

 

Your revolving utilization is detemrined based on the balances and limits indicated on your reports at time of consideration.  If you're going to apply for new credit, request a CLI or do anything that requires a review of your credit that will look at the balance that is about to be reported then you may want to reduce the reported balance.  If not, then you really don't need to worry about it.  If your reports won't be reviewed until sometime in future then you can drop your reported revolving utilization just prior to that.

 

tl;dr - It will matter when Chase reviews your report but so will everything else on the report and not just the details regarding that one account with Chase.

Message 3 of 9
Kevin86475391
Frequent Contributor

Re: Wait for Chase Statement to Cut?


@Jon85 wrote:

Hi all,

 

So my first Chase statement is due to cut (Amazon Visa) on May 18th and my balance is $900 or so. I'm going to PIF, but I'm not sure if I should just wait for it to cut and post before I pay it, or if I should just pay it now.

 

Does it matter either way for maintaining a good relationship with Chase and for future CLIs?


The only way that I see that it might matter is that by paying before the statement generates, your reported utilization would be better. I'm pretty sure Chase doesn't care either way.

 

My system for paying bills is that every week I PIF all my accounts. So cards I use actively typically get 3-5 payments a month. That's the system I've long been using for my Chase Freedom card and I had no trouble getting instant approval on the CSP a few months back - So Chase seems to be just fine with it. As soon as the CSP was online on my accounts page I just immediately added it to the rotation and paid it just like I normally would any account. By the time the first statement cut I'd made 6 separate payments (I actually made a couple of extra inital small payments making sure both my typical payment accounts were established in the CSP's system) totaling over $1,600, but a small balance did report on the statement simply because I'd used the card between my previous payment and the first closing date. Anyway, Chase certainly doesn't seem to have 'cared' about this behavior.

 

To be honest I basically just disregard all my credit card statement dates, minimum payments, and due dates, etc. I just PIF weekly on the day I set aside to manage all my fiances, which of course always ends up being early and for more than the minimum.

 

 

Message 4 of 9
Anonymous
Not applicable

Re: Wait for Chase Statement to Cut?

I've done it both ways, but now for the ease of everything I just PIF for the statement amount after it cuts. If there is a cash flow problem then paying it as you go is a better option. Doesn't seem like Chase cares either way. 

Message 5 of 9
Anonymous
Not applicable

Re: Wait for Chase Statement to Cut?


@Kevin86475391 wrote:

@Jon85 wrote:

Hi all,

 

So my first Chase statement is due to cut (Amazon Visa) on May 18th and my balance is $900 or so. I'm going to PIF, but I'm not sure if I should just wait for it to cut and post before I pay it, or if I should just pay it now.

 

Does it matter either way for maintaining a good relationship with Chase and for future CLIs?


The only way that I see that it might matter is that by paying before the statement generates, your reported utilization would be better. I'm pretty sure Chase doesn't care either way.

 

My system for paying bills is that every week I PIF all my accounts. So cards I use actively typically get 3-5 payments a month. That's the system I've long been using for my Chase Freedom card and I had no trouble getting instant approval on the CSP a few months back - So Chase seems to be just fine with it. As soon as the CSP was online on my accounts page I just immediately added it to the rotation and paid it just like I normally would any account. By the time the first statement cut I'd made 6 separate payments (I actually made a couple of extra inital small payments making sure both my typical payment accounts were established in the CSP's system) totaling over $1,600, but a small balance did report on the statement simply because I'd used the card between my previous payment and the first closing date. Anyway, Chase certainly doesn't seem to have 'cared' about this behavior.

 

To be honest I basically just disregard all my credit card statement dates, minimum payments, and due dates, etc. I just PIF weekly on the day I set aside to manage all my fiances, which of course always ends up being early and for more than the minimum.

 

 


+1

 

No need to wait for statement to cut, especially if you want to keep your reported UTIL low.

Message 6 of 9
elim
Senior Contributor

Re: Wait for Chase Statement to Cut?


@Anonymous wrote:

I've done it both ways, but now for the ease of everything I just PIF for the statement amount after it cuts. If there is a cash flow problem then paying it as you go is a better option. Doesn't seem like Chase cares either way. 


   +1

 

  I use this method.  Love it simple.   :]

Message 7 of 9
Jon85
Frequent Contributor

Re: Wait for Chase Statement to Cut?

Thank you everyone for your replies Smiley Happy 

 

Since I wont have a need to use this card for another month or so, I will just go ahead and PIF tomorrow. 

 

Message 8 of 9
bada_bing
Frequent Contributor

Re: Wait for Chase Statement to Cut?

I *think* that there is a small advantage to setting up auto-pay PIF scheduled for the due date.

This does a couple things; it announces your intention to PIF on the due date until further notice &

it gives the issuer evidence of stability in that you give them routing numbers to the bank account

that you intend to regularly use. I have had CSR's mention my auto PIF history just as an aside when

speaking about different issues, so they seem to be keyed to notice it, especially if it is a longer history.

 

 There is a difference between how your payment history is viewed from within a  particular issuer's accounts and

globally. Playing utilization games by paying before statement cut doesn't influence that particular account issuer

because the CSR can see the entire history of their accounts. Other issuers aren't privy to your detailed history

at their competitors, so tweaking utilization can make a difference in what they see. There is some benefit to posting

a personal high balance because that number is available on your credit reports and might be used to infer your

typical spend with competitors. Even if I made it a habit to pay off acounts before the balance posts (I personally do not),

I would consider letting a new personal highest balance report to reset my highest account balance higher.

 

 

+ 850 FICO8 since 2015, Thanks MyFICO - 5+ years since last HP
Message 9 of 9
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