When should I change my due dates?

[icyhot]

Right now I'm spreading my monthly recurring payments between two cards. The due dates and statements are as follows:

BofA Cash- Car insurance due 15th, cable due 20th, due date is the 19th, statement cuts on the 22nd

AAdvantage- Storage due 1st, phone due 21st, gym membership due 27th, due date is the 22nd, statement cuts the 26th

I want to be able to pay the full amount AFTER all the charges hit and BEFORE the final statement cuts for the month. I think it would be easier to change the card due dates to coincide with when the charges will hit. So my question is when should I change the due dates so I have enough time before the statement cuts to PIF after the charges hit?

[Anonymous]

Sorry to derail this thread here, but as a newcomer I have a few questions.

Is it really worth it to a person to spend all this extra time worrying about due dates, the reporting amounts, etc??? I mean, if you have enough credit lines, and your util is low, does it really matter?

I havent changed any of my dates. I pay everything together, the same day every month. Now some of the things are paid 3 weeks early, and others only 5 days early, but that works for me.

I guess if you were maybe wanting to get a mortgage you would not want super high amounts to be reporting..but then again, would it really matter, because if you are paying it off, it will show that you paid it off with the payment amount, no?

[taxi818]

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@Anonymous wrote:

Sorry to derail this thread here, but as a newcomer I have a few questions.

Is it really worth it to a person to spend all this extra time worrying about due dates, the reporting amounts, etc??? I mean, if you have enough credit lines, and your util is low, does it really matter?

I havent changed any of my dates. I pay everything together, the same day every month. Now some of the things are paid 3 weeks early, and others only 5 days early, but that works for me.

I guess if you were maybe wanting to get a mortgage you would not want super high amounts to be reporting..but then again, would it really matter, because if you are paying it off, it will show that you paid it off with the payment amount, no?

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Well some of us have more than a handful of cards. so yes managing Due dates is important. for me. i set them in catagories. all on the same day. spread out in the month. most have automatic payments so i will never miss. but. still nice to have in your mind. payments due. im mostly a month ahead on all bills. so as i get a statement i pay. if not in full just the minimum. then later pay again.  that way never an issue. because staying at least a month ahead.

[Anonymous]

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@Anonymous wrote:

Sorry to derail this thread here, but as a newcomer I have a few questions.

Is it really worth it to a person to spend all this extra time worrying about due dates, the reporting amounts, etc??? I mean, if you have enough credit lines, and your util is low, does it really matter?

I havent changed any of my dates. I pay everything together, the same day every month. Now some of the things are paid 3 weeks early, and others only 5 days early, but that works for me.

I guess if you were maybe wanting to get a mortgage you would not want super high amounts to be reporting..but then again, would it really matter, because if you are paying it off, it will show that you paid it off with the payment amount, no?

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Becuase not everyone manages their money/income/debt the same way! 

[Anonymous]

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@Anonymous wrote:

Sorry to derail this thread here, but as a newcomer I have a few questions.

Is it really worth it to a person to spend all this extra time worrying about due dates, the reporting amounts, etc??? I mean, if you have enough credit lines, and your util is low, does it really matter?

I havent changed any of my dates. I pay everything together, the same day every month. Now some of the things are paid 3 weeks early, and others only 5 days early, but that works for me.

I guess if you were maybe wanting to get a mortgage you would not want super high amounts to be reporting..but then again, would it really matter, because if you are paying it off, it will show that you paid it off with the payment amount, no?

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You make some good points, but different people have different priorities. I don't micromanage utilization since I keep a 740-750 score even with multiple cards reporting balances that I PIF each month. I automate minimum payments and PIF the outstanding balance on all my cards about 1-2 times a month. Unless I were looking to go on a CC app spree, finance a car, or get a mortgage, it is unlikely I would try to get all my cards to report optimal balances (i.e. sub 10% balance on 1 card and zero balances on all others). With that said, every person here has different priorities. 

For people looking to pick up new CCs, an optimized score and lowered utilization could result in an approval where they otherwise might get rejected, or it might get them better terms (e.g. higher CL). For rebuilders with below average credit (under 700) or those with poor credit (under 650 or 600), this can be especially important. For those of us with thick files and excellent credit, micromanaging utilization is not needed very often. 

@icyhot - Cards tend to report a zero balance when charges are only pending on the day they report. If your autopay is billed on the day your card reports, in most instances it won't report a balance. Pending charges usually take 2-3 days to post, but I have seen them take 5 or more days in the past. If you want to ensure all your cards report a zero balance make the final charge on the card 1 week before the card reports . This will give you time for any charges to post AND time for your payment to post as well since this can add 1-2 days. 

[icyhot]

To jfriend33....yes my overall UTL is important because I'm in the process of rebuilding and I carry a balance on at least 3 cards at a time and don't want balances reporting on cards I know I'm going to PIF....my overall credit lines aren't THAT high.

Random83 thanks for that. Most of the charges are on autopay, but the actual credit card bill isn't. I want to have a bit of control over when that's paid. But most of the charges due dates can't be changed so I need to figure out when to change the due dates so the statement will cut after I pay all the charges

[Anonymous]

Well I suppose I should follow suit here. I recently received multiple CLIs across multiple accounts, and added some, so I should be worrying about this. Before I was basically PIFing 2-5 times a month on some cards so it didnt matter.

What options does a person have besides changing the dates? I really liked the idea here on paying the minimum due and then whatever else later. But for me, at least with my cap1 qs when it had a 1k limit, I never had a minimum due!

Sorry if I offended anyone. It is just so much information to worry about. But this thread has taught me something new and made my day.

[Anonymous]

As much as I am new to this game myself; I completely understand the importance of the low balance game.

I have been lucky so far on my orginal statement dates (the most important dates to ensure your near or PIF is posted on that date for reporting). Pay the minimum +$10 the day after on auto pay from your bank side. This addiction helps if you accidentally carry a balance or are carrying a balance for 0% benefits, etc. If you normal minimum is $35 have your bank auto set to pay $45 the Saturday after the statement (and of course after a pay day).

You want to adjust your payment (statements) around two (or four depending on your situation) extremely important dates ... your pay dates every two weeks. Officially using cards as debit cards this is extremely critical in knowing if I am truly carrying a balance for a couple weeks or can PIF all debts.

My statement range of dates are:

Statement Dates Preferred

8th - 14th (11th) :: Major

15th - 21st (18th) :: Store

My second draft (sometimes first depending on accounting cutoff dates) each month includes travel and expense reimbursement so I can hit major cards a lot harder and right before they hit the statement. The following week let the small department and gas card(s) come due and pay that with a weekly routine paycheck. Leaving open my last check and first check of each month for savings and mortgage (when I finally have one, again).

Also it can help with all the little bills: cable, car insurance, toll, home insurance, storage and other routine bills to auto on a credit card. I am having those hit my Citi AA for miles on auto pay (only one not allowed to hit a credit card is Edison - oh how I would love those miles this summer.)

I completely understand your need to make life simple while trying to maintain a good relation (score) with creditors.

Hope this schedule and my simple plan helps clear up your time each month.

[Anonymous]

I prefer to keep my FICO score at the optimal level so I can apply for a credit card without waiting. Otherwise it will take up to 40 days to maximize my score if I let a balance close on statement. (30 days for next statement + 10 for CRA to report. I don't want to rely on CRA reporting on time to maximize my score.

I set my statement close date as close to the 30th. That way I know all my due dates are somewhere after the 20th to the 28th.

[takeshi74]

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@icyhot wrote:

I think it would be easier to change the card due dates to coincide with when the charges will hit.

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I don't see how that's easier and it seems like you're making the matter more complicated than it needs to be.  All you need to do is ensure that your payment clears before statement cut.  It doesn't really matter what the date is.

However, how you handle this is ultimately your call.  We just need more information in order to make recommendations.  How much time do you need to PIF?  How long do these transactions take to post?