When to Pay CC Balance (credit report, charge, mortgage, range)

[Forrest82]

This may seem like a dumb question but, is it better to pay the full balance on a credit card when you receive your statement, or can you say, use the card at the store or gas station and then pay what you spent in a day or two. Obviously it's not good to carry a balance month to month, but the timing of the payment(s) is confusing to me. I want to know which way is better for credit scores.

[Charles]

Originally Posted by Forrest82

This may seem like a dumb question but, is it better to pay the full balance on a credit card when you receive your statement, or can you say, use the card at the store or gas station and then pay what you spent in a day or two. Obviously it's not good to carry a balance month to month, but the timing of the payment(s) is confusing to me. I want to know which way is better for credit scores.

I pay the statement balance with a date a couple days before the due date. So, if my statement arrives in the mail on November 5th and it says due date is the 23rd, I set it to be paid on maybe the 20th.

[ChiGuy2.5]

Your credit report does not show the dates you paid, it only shows whether your payment was received on time or not. Whatever is easier/safer is what I would do.

I usually make 2 payments a month, one after I get each paycheck. At which point I pay down the entire balance on the card. This has helped me avoid any interest charges and its easier for me to budget for.

[Asheville Native]

Schedule it through BillPay when received to pay a day or two before the due date.

[snowdenscold]

As long as you pay the full balance, it doesn't matter what day between when your billing period ends and the due date for that bill (usually around 30 days to get it done).

So if your billing period was March 1 to March 31, maybe you'll see your bill on April 5 (or earlier online) and have until April 30 to pay. So paying anytime in April is all the same. There's no reason to pay for any of your purchases (made in March) during the month of March, unless it's for self-control / mental reasons.

[Retroit]

I pay mine the day it is due with automatic bill pay (payment is deducted from my bank account). You can sign up for this on the credit card website for most cards.

(I have a perfect credit score.)

[suzy_q2010]

Originally Posted by Retroit

I pay mine the day it is due with automatic bill pay (payment is deducted from my bank account). You can sign up for this on the credit card website for most cards.

(I have a perfect credit score.)

Really? An 850 FICO? Neato.

Would you mind telling us what your credit mix is like: mortgage, how many credit cards, other installment loans?

Just curious.

(DH and I are probably in the 820 to 830 range. A banker once told us we had the highest scores he had ever seen.)

[msdmoney]

I pay mine off online when I get paid twice a month, but using the money from my previous pay check, that way I always have plenty in my checking but I never carry a large credit card balance. That is probably too frequent for most people but they systematic method keeps thing consistent and makes it so I never get close to missing a payment.

[ChiGuy2.5]

I dont think he meant an actual perfect credit score. I think he meant its flawless, meaning no missed payments ever. Its not possible to get a perfect 850 from what I have been told. Kind of like its not possible to get a perfect score in gymnastics, etc.

[flyonpa]

I have my E-Bill pay then the day before it due. E-Bill pay guarantee it will get there on time, and will pay any late fees/interest if it does not.

I'd say 90% of them are done EFT, about 10% of my E-Bill pay bills are actual paper checks they mail.