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When to PIF?

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jenkins
Frequent Contributor

When to PIF?

Should i pay my balance in full the day before its due or the day before the statement cycle?  Basically what i did last month was paid everything i would have paid with my bank debit card and PIF the day before the due date but it seems that orchard is not reporting to the CRA's. Anyway, which way of PIF would give me better results with increasing my score.

Starting Score: 643
Current Score: 657
Goal Score: 700


Take the FICO Fitness Challenge
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: When to PIF?



jenkins wrote:
Should i pay my balance in full the day before its due or the day before the statement cycle?  Basically what i did last month was paid everything i would have paid with my bank debit card and PIF the day before the due date but it seems that orchard is not reporting to the CRA's. Anyway, which way of PIF would give me better results with increasing my score.



I have the same question because I seem to miss the boat everytime I try to PIF. Last statement cycle for one of my cards it ended up posting 1 day after my statement. What a waste of paying $13 in interest by missing by a day. What a brain fart....Smiley Sad
Message 2 of 5
jenkins
Frequent Contributor

Re: When to PIF?

yea, i really dont have a need for the CC's other than raising my scores i actually dont like using CC's, sometimes i use them and get home and set up the payment to process that same day i guess im just really trying to make sure i dont get into any debit.Smiley Sad

Starting Score: 643
Current Score: 657
Goal Score: 700


Take the FICO Fitness Challenge
Message 3 of 5
Anonymous
Not applicable

Re: When to PIF?

If your CC doesn't have balance to report to CRA it won't do anything for you, but you don't have to pay finace charges in order to have a balance to report.
 
my augest 1 statement has a balance of $226.28, my current balance is $534.31 if I pay $226.28 on or before augest 26th that wil leave $308.03+ what what I charge the rest month to make up my "new balance" for september statement I won't pay any finace charges because Augest's balance(Then "previous balance") is paid off.
 
and to make things simple so you don't risk being late or pay finance charges, you can autherize your CCC to debit your bank account on your due date, that's what I do. I give autherize for statement balance on cards I PIF and the minimum for cards I paid out, in case I forget  or it arrives late I'm still covered, but if they recive it in time, they won'tt make addtional payment, or if your signed up for statement balance, they will statemente less the payments you've made.


Message Edited by rbbyrbsn on 08-16-2007 10:56 AM

Message Edited by rbbyrbsn on 08-16-2007 10:57 AM
Message 4 of 5
fused
Moderator Emeritus

Re: When to PIF?



jenkins wrote:
Should i pay my balance in full the day before its due or the day before the statement cycle?  Basically what i did last month was paid everything i would have paid with my bank debit card and PIF the day before the due date but it seems that orchard is not reporting to the CRA's. Anyway, which way of PIF would give me better results with increasing my score.


For max FICO points in the utilization scoring category, have your revolving accounts reporting balances of 1-9 % of their credit limits.
Message 5 of 5
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