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Will using automatic bill pay reflect positively or negatively on my credit report? A friend told me that because I wasn't the one actually making the payment it would lower my score. As long as the bill is being paid and I am the one who initiated the automatic bill pay, I would think that it wouldn't matter.
Will using automatic bill pay reflect positively or negatively on my credit report? A friend told me that because I wasn't the one actually making the payment it would lower my score. As long as the bill is being paid and I am the one who initiated the automatic bill pay, I would think that it wouldn't matter.
Your friend is an ignoramus. Companies don't know and don't care where the money comes from to pay your bills, as long as they are paid on time. A rich uncle could write all of the checks to pay your bills, loans, etc, but you would still get the benefit on your credit report.
I use automatic bill pay and my credit score is in the 790's... so no, it doesn't lower your score... I primarily pay by automatic bill pay whenever I have the opportunity (saves me on stamps and ordering new checkbooks)...
The only way I can think of that automatic bill pay would lower your credit score is if you use it incorrectly. If you set it to always pay bills 3 weeks late, or if you tell it to pay a set amount below what you actually owe, or some other stupid thing.
I use automatic bill pay and my credit score is in the 790's... so no, it doesn't lower your score
right...but, you're credit score isn't in the 790's because of automatic bill pay. it's because you're bills are being paid on time...automatic bill pay is merely a method of paying bills...another method is mailing your check along with your bill, or paying the bill on-line.
Automatic payments do nothing for credit score. Myself, I can't stand them. I like to review bills before I pay them. Its much easier to remove some type of fee before you pay compared to asking for a credit. I've had several occasions where they said they were going to credit only to see they did not which required another call.
Automatic payments do nothing for credit score. Myself, I can't stand them. I like to review bills before I pay them. Its much easier to remove some type of fee before you pay compared to asking for a credit. I've had several occasions where they said they were going to credit only to see they did not which required another call.
+1,000,000.99
this is my main reason for never going to auto bill payments...i absolutely despise calling a company, going throught the options, verifying all my stupid information, and debating an error on my bill...and to make matters worse, when it doesn't get corrected, you have to call back, do the same stupid routine, only to talk to someone else, who has to go throught the same stupid story you explained last week....talk about tired head, ugh!
Funny, my companies all send me a full bill of statement prior to billing my online autopay. This includes utilities, cable, CC companies, etc. I always look at these. All my bills are sent to me electronically at a minimum a week prior to getting autopaid, sometimes a month prior, plenty of time to review. Maybe you opt out of getting the bill completely?
Some stuff like credit card charges, you should review often if not daily anyway depending on your charging habits.
this is my main reason for never going to auto bill payments...i absolutely despise calling a company, going throught the options, verifying all my stupid information, and debating an error on my bill...and to make matters worse, when it doesn't get corrected, you have to call back, do the same stupid routine, only to talk to someone else, who has to go throught the same stupid story you explained last week....talk about tired head, ugh!
I don't disagree with you about the hassles of talking with a live person. But I fail to see how autopay induces billing errors. That sounds like shady business practice if a company overcharges you if they find out you are doing autopay. Autopay doesn't mean auto-ignore of your bill, you still look at them for errors.
Automatic payments do nothing for credit score. Myself, I can't stand them. I like to review bills before I pay them. Its much easier to remove some type of fee before you pay compared to asking for a credit. I've had several occasions where they said they were going to credit only to see they did not which required another call.
I do automatic payments to my cc so if there is an issue I can dispute it with them. I religiously check my cc statements with all the receipts.
My mortgage I have on auto pay from online bill pay and since it is always the same amount I do not worry about it. But I do not have any bill where the biller takes money from my account.
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