clarify when to pay

[granny031350]

so if I have a cc with the payment due date of 12/29/07 but the statement comes out on 1/04/08, when exactly does one pay.  I have always paid before the due date (but not in full yet, but will be here soon) so if I wanted to boost my scores by playing the cc game of PIF etc, when do I pay, 1/5/08 or anytime before 1/29/08???  Thanks

[Red1Blue]

Usually good to pay after the statment cut and before the statment due date. Also if you want to boost your scores keep the balance on the card less than 10% of the CL. The less the balance the better.

[Anonymous]

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granny031350 wrote:

so if I have a cc with the payment due date of 12/29/07 but the statement comes out on 1/04/08, when exactly does one pay.  I have always paid before the due date (but not in full yet, but will be here soon) so if I wanted to boost my scores by playing the cc game of PIF etc, when do I pay, 1/5/08 or anytime before 1/29/08???  Thanks

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I don't understand, how is it that your payment is due before the statement actually gets to you? It appears backwards.

Yes, I have had statements sent almost a couple days before the due date so if I had sent it in the mail it would have been late, so I pay it online- to beat them at their game. It is a tiny cred. limit store card.

Can you explain how your payment date is before your statement date please?

[Anonymous]

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netpanther wrote:

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granny031350 wrote:

so if I have a cc with the payment due date of 12/29/07 but the statement comes out on 1/04/08, when exactly does one pay.  I have always paid before the due date (but not in full yet, but will be here soon) so if I wanted to boost my scores by playing the cc game of PIF etc, when do I pay, 1/5/08 or anytime before 1/29/08???  Thanks

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I don't understand, how is it that your payment is due before the statement actually gets to you? It appears backwards.

Yes, I have had statements sent almost a couple days before the due date so if I had sent it in the mail it would have been late, so I pay it online- to beat them at their game. It is a tiny cred. limit store card.

Can you explain how your payment date is before your statement date please?

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NP, I think OP is referring to two different billing cycles:

12/29/07: Payment due

1/4/08: Next statement closes

1/29:08: Next payment due

OP, here's what I do, and it works for me.

Usually I PIF the day after the statement cuts, but when I don't, I pay the minimum payment right away.  That way there is no chance I will forget and end up being late.  Then, I PIF the balance at least five days before the payment due date, in order to avoid finance charges.

Even if I'm not planning to PIF that month, I always make sure to pay at least the minimum payment the very next day after the statement cuts.

[haulingthescoreup]

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@Anonymous wrote:
I think OP is referring to two different billing cycles:

12/29/07: Payment due

1/4/08: Next statement closes

1/29:08: Next payment due

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Agree!

But I think OP is talking about timing payments to minimize the amount that reports. OP, the amount that is due by 12/29 is for the charges that you put on the card in November and early December, plus any balance from previous months. Obviously you need to pay that PDQ if you haven't already!

For the statement that is due around January 4, which should have your December charges, go online around 12/31 (5 days beforehand), and pay it down to whatever your target figure is: $0, under 10%, whatever. That * should * give the payment time to post, so that when your statement drops on 1/4, it will show the new low balance. Also, you will need to stop using the card, to keep more charges from popping up after you pay.

Once that payment has reported to the CRA's, you can go ahead and pay off any remaining balance.

To make this work, pay from the credit card site, not from your banking site. If the credit card company is decently organized, it should credit your account that day or the next, even if it might not display immediately. I would call your customer service number for online payments beforehand to check with them if there are any weirdnesses in their set-up.

The thrill of this wears off pretty quickly. I wound up just keeping all but one card PIF'd, because my attention span is too short to keep track of all this junk for long!

[granny031350]

My goal is to PIF in January and then after that will just pay the monthly fees that accrue each month, as I have those fee oriented cards.  But the score simulator said once PIF my fico scores will go up just the same as those who have those prime cards.  LOL  every little bit counts.

[haulingthescoreup]

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@granny031350 wrote:

My goal is to PIF in January and then after that will just pay the monthly fees that accrue each month, as I have those fee oriented cards. But the score simulator said once PIF my fico scores will go up just the same as those who have those prime cards. LOL every little bit counts.

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That will keep your life simple! So basically, you will just be moving your payment date up a little.

However, for some reason, your scores might drop if all cards are PIF'd all the time. So you might let one report each cycle. FICO seems to like being teased, go figure.

[Anonymous]

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@haulingthescoreup wrote:

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@Anonymous wrote:
I think OP is referring to two different billing cycles:

12/29/07: Payment due

1/4/08: Next statement closes

1/29:08: Next payment due

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Agree!

But I think OP is talking about timing payments to minimize the amount that reports.

[snip] 

Ack!  As usual, you are correct, HTSU!

And I need to read more closely.