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I keep the $80 because Americans are punished for paying their debt off by the almighty FICO score.
My FICO is 811.
Yes, but you can have a balance that posts to your credit report without ever paying interest. As long as you pay the balance each month, you'll still have the current month's charges becoming your next month's balance due, but will never have interest.
Yes, but you can have a balance that posts to your credit report without ever paying interest. As long as you pay the balance each month, you'll still have the current month's charges becoming your next month's balance due, but will never have interest.
OK, I might try that.
I do live overseas, so I'm very sensitive to the "almighty FICO debt score" in the USA.
I have my cc's auto-paid on the due date for the total amount due for that period, and I've had no hit to my FICO score. I refuse to pay interest on anything except a mortgage.
I keep the $80 because Americans are punished for paying their debt off by the almighty FICO score.
My FICO is 811.
Well....you may be correct. Just checked mine and it's only 806.....so you're 5 points ahead of me IF that means anything. Personally, I get more satisfaction out of knowing I'm not paying them a dime interest than that extra 5 points.
Haven't borrowed for anything in close to 20 years (financed a new work truck, paid it off in two years from business income), paid cash for last new car in 2011, and will do the same for any future car. Haven't had a mortgage in close to 30 years. Can't think of a thing I might buy in the future I'd need to borrow money to do so.
I do realize credit score affects things like insurance rates, so in that respect, I guess it's semi-important, but for borrowing, don't care. Done with it decades ago and ain't going back.
A FICO score over 760 is considered excellent, so it's not like someone who has a score of 815 gets a better offer than someone who has a FICO score of 800.
Every card I've ever had the statement close date occurs after the payment due date. Wouldn't make much sense to have it any other way.
Huh ? How would they know HOW to calculate what you owe this month in that case ??
All 3 of mine have a statement closing date approximately 2 1/2- 3 weeks before the payment due date. For example, the Visa I pulled back out of the drawer just now has a closing date of the 12th, they mail me the statement, I usually get it around the 15-16th, and it's due on the 1st of the following month.
As soon as I get the mailed statement, I go online, schedule it to pay electronically from my credit union account 2-3 days before the due date, write the confirmation # of that scheduled payment on the statement and chuck it in the drawer.
Huh ? How would they know HOW to calculate what you owe this month in that case ??
All 3 of mine have a statement closing date approximately 2 1/2- 3 weeks before the payment due date. For example, the Visa I pulled back out of the drawer just now has a closing date of the 12th, they mail me the statement, I usually get it around the 15-16th, and it's due on the 1st of the following month.
As soon as I get the mailed statement, I go online, schedule it to pay electronically from my credit union account 2-3 days before the due date, write the confirmation # of that scheduled payment on the statement and chuck it in the drawer.
We are looking at it slightly differently, but the point of the original conversation was how to keep a balance for credit purposes but not pay interest. What you owe on your "Payment Due Date" is your balance from last month, not this month. Think of it like this:
I have $1,000 charged on my Visa. My due date is say May 24th. I pay them $1,000 on the 24th. I now have a $0 balance. Except my Visa doesn't close until the 27th. So I make $500 worth of purchases on the 25th and 26th. My Visa then closes on the 27th, and I have $500 as a statement balance due by the 24th of June. As long as I pay them that $500 by June 24th, I will have no interest to pay even if I charge up $10,000 before my card closes on June 27. That 10,000 will just become July's statement balance.
You're paying for the month behind, not the current month.
I keep the $80 because Americans are punished for paying their debt off by the almighty FICO score.
My FICO is 811.
Not true. Where you got this info from?
I pay all my living expenses with a credit card (don't have house, car or student loan payments) then pay off in full every month, by the end of the billing cycle. My FICO is higher than yours.
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Personally, I get more satisfaction out of knowing I'm not paying them a dime interest than that extra 5 points.
