Current Events > Do you wait until the end of your billing cycle to pay your credit card?

(+) Yeah! (+)

Im paranoid because my parents had trouble with credit in the past so I pay it right after I charge anything. Or if its something big, Ill pay as much as I can every cycle.

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Nah, because that shit adds up fast

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no because there's literally no point in waiting other than risking unnecessary fees

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Unsugarized_Foo posted...

Nah, because that shit adds up fast

so youre like me?

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yes, do autopay.

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I just have it auto pay on schedule a few days before, never have to worry about it

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i pay as soon as i receive the bill

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I pay it almost every day I use it once it posts.

I've never once paid interest.

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I'll usually time it around the nearest paycheck day before it's due.

I've never actually needed the paycheck to pay the bill but it makes me feel better seeing some money come in at the same time as it goes out

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I have autopay enabled, but I've never trusted it. I end up checking my balances once or twice a month anyway, so I just pay it then.

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Yes, I wait for the statement to pay.

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I'll check on it once in a while or if I know I've been spending a lot. Sometimes I'll pay it off right away if it looks high.

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Usually pay $50 or so over 5 to 10 days before it's due on each card.

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Usually a couple days early. No need to be paranoid

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Try and pay before, and here's why.

Basically, your credit card company has a certain date of their choosing in which they send the info to the credit bureaus. So, for example let's say you have a credit card with a max of $1,000 and your due date is the 25th but they report everything on the 15th.

Say you use $800 of that $1,000. That's high utilization and not a good look and will hurt your credit. But, you pay it back in full which is good, causes you not to carry a balance or accrue interest, and theoretically should make your utilization 0%. But, let's say your credit card company reports on the 15th, your due date is the 25th, and you pay on the 20th. Theoretically you should be in good shape, but because they reported on the 15th and you didn't pay til the 20th, it shows a utilization of 80% which actually hurts your credit.

Not fair but it happens. That's why it's a good idea to pay early if you can.

Bleuets posted...

Try and pay before, and here's why.

Basically, your credit card company has a certain date of their choosing in which they send the info to the credit bureaus. So, for example let's say you have a credit card with a max of $1,000 and your due date is the 25th but they report everything on the 15th.

Say you use $800 of that $1,000. That's high utilization and not a good look and will hurt your credit. But, you pay it back in full which is good, causes you not to carry a balance or accrue interest, and theoretically should make your utilization 0%. But, let's say your credit card company reports on the 15th, your due date is the 25th, and you pay on the 20th. Theoretically you should be in good shape, but because they reported on the 15th and you didn't pay til the 20th, it shows a utilization of 80% which actually hurts your credit.

Not fair but it happens. That's why it's a good idea to pay early if you can.

only matters if you are getting ready to run your credit and are close to your limits. I have 4 credit cards with a combined limit of like $80k, but at most have like $5k on in a month. Having a 6% utilization is totally fine and has an incredibly small impact on my credit.

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I autopay that shit

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Typically utilization would be:

under 30% helps build credit
30%-50% is neutral
over 50% can hurt your credit

That said, it depends. 15% utilization is great when you're building your credit and have a 600 score. But if you have an 830 and have 15% utilization, that could actually hurt your credit. Basically, the better your credit score the more critical they become so what could help with a lower credit score might not with a very high credit score.

Sometimes I'll log in and pay off some mid month just cuz. But I'll wait maybe 4 days before the cycle is over and pay it all off usually.
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Just set up auto pay. It's worth it; you don't want lower credit points because you are late on payments.

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