Credit cards

[chicklets123]

Do you try to pay these off a few times a month to keep it down to Zero?


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[Assetup]

No we pay the full bill every month on autopayment.  I figure the longer I keep my money the better. (I gain interest on it)

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[terran]

No, I pay the statement balance in full by automatic withdrawal from my bank account on the due date to avoid any interest or other charges. 800+ credit score, so carrying the balance for that time has not caused issues with my credit score.

[Morning Glory]

I pay in full as soon as the statement posts. I usually go ahead and pay the "current balance" if it is more than the statement balance. If I use a store card or a card that I don't normally use or that doesn't link to Mint I will pay it off earlier to avoid the risk of forgetting that I used it and getting a late payment (that happened with my Kohl's card once, years ago [statement got sent to a spam folder by mistake] so I am a bit paranoid about it).

[DadJokes]

I usually pay mine twice per month, sometimes more frequently and sometimes less. I'm always churning, so I check the balance at least weekly and am not at risk of letting a balance carry over. However, I should still set up automatic payments, in case something happens to me. I guess I'll do that now.

[RWD]

I also autopay the statement balance.

[kanga1622]

I generally pay mine off every week or two. I like to clear it up the day or so before the cutoff so it shows $0 on my credit report. However, I have a large bill I'm floating on it right now. I want to earn a bit more interest before making the payment.

As long as you don't pay any interest on the cards, I say pay whenever works best for you.

[use2betrix]

I pay off a few times a month. I don’t really like seeing the balance in my Personal Capital.. My checking account that it comes from doesn’t have as much of an interest rate so it works fine on my end..

[Blue Skies]

I pay in full when the statement is due.  I don't track it weekly, and have no interest in starting, just seems like too much trouble.

[Morning Glory]

I generally pay mine off every week or two. I like to clear it up the day or so before the cutoff so it shows $0 on my credit report.

I tried that once to see if I could get an 850, and it made my score drop a few points because I had no revolving debt. Actually hit 850 a few months later when I had a couple small balances.

[jojoguy]

I`ve just been trying to keep my balances below $25. Credit score is 810 right now. Chase sent me an offer for an approval for a $400,000 house loan with no down payment recently. No thankyou. I`m content in my semi-small $87,000 home with a 3.75% interest rate. The house has actually gained $23,000 in value since we bought it.

[hadabeardonce]

Statement balance paid monthly. It isn't advantageous for us to send money that isn't due by paying the full balance down or paying more than once per month.

I contact my CC companies to raise my credit limits to reduce my utilization rate.

40,500 Discover (Used for 2% back on gas. Oldest card.)
25,000 Chase Amazon (Used for 2% back at restaurants, 3% at Amazon and Whole Foods.)
20,200 Chase Freedom (Used for utility bills on auto pay only. 1.5% back)
30,000 Chase Southwest (Used for travel.)
30,000 Credit Union VISA Signature (Used for everything else. 1.5% back)
3,100 Target (Used only at Target. 5% off)

I want to get a Target MasterCard, but I hear those are hard to get approved for. The higher limit would further reduce my utilization.

834 FICO score

[Indexer]

I pay them off when I get paid, which is every two weeks.

Then I take the excess left in my checking above 2k and move it all to Vanguard.

[frugalnacho]

I also autopay the statement balance.

Same.  Only exception is the ones I sell tradelines on.  I have a reminder set before my due date to go on and pay the balance down below 10% utilization (but not to zero) for that card.

[Phenix]

I typically pay off the whole balance on the statement closing date.  I like seeing $0 due when I get the email that my statement is ready.

[TomTX]

I let it autopay (after reviewing the charges) - if the CC company wants to float me money for ~45 days, why should I argue?

One exception - I did pay down some large charges before the statement posted when we were aiming for a refi. Might as well make the numbers look awesome (up from the normal excellent.)

[chicklets123]

How did everyone manage the holiday bills? Did you pay more than once when the bill was due?


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[RWD]

How did everyone manage the holiday bills? Did you pay more than once when the bill was due?

I didn't even think about it. Autopay.

[Xlar]

I generally pay mine off every week or two. I like to clear it up the day or so before the cutoff so it shows $0 on my credit report. However, I have a large bill I'm floating on it right now. I want to earn a bit more interest before making the payment.

As long as you don't pay any interest on the cards, I say pay whenever works best for you.

This is a terrible plan... If your credit report always shows $0 then anyone that looks at your report (e.g. a bank) will think that you have never used your credit card and that you have no history of making on-time payments...

Pay off the entire balance every time you get a bill. You can setup auto pay if you want. The only exception/caveat is that you should keep the total balance of all your cards below ~1/3 of the total credit you have available.

[Phenix]

I generally pay mine off every week or two. I like to clear it up the day or so before the cutoff so it shows $0 on my credit report. However, I have a large bill I'm floating on it right now. I want to earn a bit more interest before making the payment.

As long as you don't pay any interest on the cards, I say pay whenever works best for you.

This is a terrible plan... If your credit report always shows $0 then anyone that looks at your report (e.g. a bank) will think that you have never used your credit card and that you have no history of making on-time payments...

Pay off the entire balance every time you get a bill. You can setup auto pay if you want. The only exception/caveat is that you should keep the total balance of all your cards below ~1/3 of the total credit you have available.

I am going to say this is false.  I pay my cards off on the statement closing date showing a zero dollar balance every statement and the bank gladly handed over a loan back in May with my 828 credit score.  I going to go out on a limb and say it's more about having 0 negative remarks on your credit report and having a long credit history.

[Wrenchturner]

I like to wait for the statement, review it, then pay it within a day or two.  One advantage is there are about three weeks between when the statement is issued and when the bill is due, so if I have a drop in pay/an unexpected debit bill in that period for some reason, I can wait for the next pay period to pay the credit card bill. 

[DeniseNJ]

I am an outlier here.  I pay it within a day of charging something.  Reason is I used to have a cc problem.  Had 30K in cc debt, was paying ridiculous interest, would pay 1K and family would charge 900 and a few hundred in interest and it just kept rising.

Then I found MMM.  I took out a TSP loan, paid off the cc debt, put a block on them, and only used bank card for everything, and started to aggresively pay off the TSP loan 2K per month and then some.  We stopped using all cc for about a year, just couldn't be trusted to even use just for the cash back.  We also stopped spending like drunken sailors.

Only now am I comfortable having cc's and want to sell tradelines eventually.  So I got a few cards and have to spend $500 in 3 months and will get $150.  So I buy groceries on the cc's and go home and pay the bill.  I just still don't feel comfortable having a cc balance at all.  I feel like we will think we have money and spend and then the bill will come and we won't have the cash--that's what used to happen.  Now that I found MMM, that is defintiley not the case and we have plenty o' cash, but I just can't shake the feeling.

[bacchi]

I generally pay mine off every week or two. I like to clear it up the day or so before the cutoff so it shows $0 on my credit report. However, I have a large bill I'm floating on it right now. I want to earn a bit more interest before making the payment.

As long as you don't pay any interest on the cards, I say pay whenever works best for you.

This is a terrible plan... If your credit report always shows $0 then anyone that looks at your report (e.g. a bank) will think that you have never used your credit card and that you have no history of making on-time payments...

Pay off the entire balance every time you get a bill. You can setup auto pay if you want. The only exception/caveat is that you should keep the total balance of all your cards below ~1/3 of the total credit you have available.

I am going to say this is false.  I pay my cards off on the statement closing date showing a zero dollar balance every statement and the bank gladly handed over a loan back in May with my 828 credit score.  I going to go out on a limb and say it's more about having 0 negative remarks on your credit report and having a long credit history.

Agreed. The credit report still shows on-time payments even if your statements show up as $0.

Even customer reps look at recent transactions. E.g., a Barclays' recon call goes better if you simply use your other Barclays card and not whether the statement has a $15 balance on it.

[Xlar]

I generally pay mine off every week or two. I like to clear it up the day or so before the cutoff so it shows $0 on my credit report. However, I have a large bill I'm floating on it right now. I want to earn a bit more interest before making the payment.

As long as you don't pay any interest on the cards, I say pay whenever works best for you.

This is a terrible plan... If your credit report always shows $0 then anyone that looks at your report (e.g. a bank) will think that you have never used your credit card and that you have no history of making on-time payments...

Pay off the entire balance every time you get a bill. You can setup auto pay if you want. The only exception/caveat is that you should keep the total balance of all your cards below ~1/3 of the total credit you have available.

I am going to say this is false.  I pay my cards off on the statement closing date showing a zero dollar balance every statement and the bank gladly handed over a loan back in May with my 828 credit score.  I going to go out on a limb and say it's more about having 0 negative remarks on your credit report and having a long credit history.

Agreed. The credit report still shows on-time payments even if your statements show up as $0.

Even customer reps look at recent transactions. E.g., a Barclays' recon call goes better if you simply use your other Barclays card and not whether the statement has a $15 balance on it.

I have to admit that I am having a hard time finding information about this as Googling $0 balance and the like show up articles about carrying a balance and paying interest...

My understanding is that while it shows that you made on-time payments, that shows up the same as if you had not used the card at all that month on your credit report. Now sure, if you have a Barclays' credit card and you go to Barclays for a loan they can check your recent transactions. But if you go to Chase or Bank of America they cannot do that.

You can definitely still have a high credit score and pay off your card before the statement closes. Just like you can have a high score and not have a mix of credit accounts. But it would be better if you do because it shows that you can responsibly make payments on your credit card.

[HBFIRE]

No reason to unless you need short term credit score manipulation.  Take the free 0% 30 day loan.

[hadabeardonce]

I generally pay mine off every week or two. I like to clear it up the day or so before the cutoff so it shows $0 on my credit report. However, I have a large bill I'm floating on it right now. I want to earn a bit more interest before making the payment.

As long as you don't pay any interest on the cards, I say pay whenever works best for you.

This is a terrible plan... If your credit report always shows $0 then anyone that looks at your report (e.g. a bank) will think that you have never used your credit card and that you have no history of making on-time payments...

Pay off the entire balance every time you get a bill. You can setup auto pay if you want. The only exception/caveat is that you should keep the total balance of all your cards below ~1/3 of the total credit you have available.

I am going to say this is false.  I pay my cards off on the statement closing date showing a zero dollar balance every statement and the bank gladly handed over a loan back in May with my 828 credit score.  I going to go out on a limb and say it's more about having 0 negative remarks on your credit report and having a long credit history.

Agreed. The credit report still shows on-time payments even if your statements show up as $0.

Even customer reps look at recent transactions. E.g., a Barclays' recon call goes better if you simply use your other Barclays card and not whether the statement has a $15 balance on it.

I have to admit that I am having a hard time finding information about this as Googling $0 balance and the like show up articles about carrying a balance and paying interest...

My understanding is that while it shows that you made on-time payments, that shows up the same as if you had not used the card at all that month on your credit report. Now sure, if you have a Barclays' credit card and you go to Barclays for a loan they can check your recent transactions. But if you go to Chase or Bank of America they cannot do that.

You can definitely still have a high credit score and pay off your card before the statement closes. Just like you can have a high score and not have a mix of credit accounts. But it would be better if you do because it shows that you can responsibly make payments on your credit card.

Look at credit karma or better yet a real credit report to get an idea of how much information is being tracked. Hyperactive paranoia level paying down of a credit card still shows payment history and maintains good status. Low utilization helps maintain a high score. Many people do this prior to applying for a loan for a short term boost in their credit score. If you made it a habit all the time, your score would be higher on average.

High score = credit worthiness = shows that you can responsibly make payments and manage credit

[MrThatsDifferent]

I try to pay mine off every two weeks when I get paid. Like someone else said, I used to have a cc problem and used to only pay the minimum. I’ve since seen the light and now I’m obsessed with wiping out what I owe as soon as possible. I’m still using the cc’s more than I should and I need to reduce that.

[kanga1622]

I generally pay mine off every week or two. I like to clear it up the day or so before the cutoff so it shows $0 on my credit report. However, I have a large bill I'm floating on it right now. I want to earn a bit more interest before making the payment.

As long as you don't pay any interest on the cards, I say pay whenever works best for you.

This is a terrible plan... If your credit report always shows $0 then anyone that looks at your report (e.g. a bank) will think that you have never used your credit card and that you have no history of making on-time payments...

Pay off the entire balance every time you get a bill. You can setup auto pay if you want. The only exception/caveat is that you should keep the total balance of all your cards below ~1/3 of the total credit you have available.

I am going to say this is false.  I pay my cards off on the statement closing date showing a zero dollar balance every statement and the bank gladly handed over a loan back in May with my 828 credit score.  I going to go out on a limb and say it's more about having 0 negative remarks on your credit report and having a long credit history.

Agreed. The credit report still shows on-time payments even if your statements show up as $0.

Even customer reps look at recent transactions. E.g., a Barclays' recon call goes better if you simply use your other Barclays card and not whether the statement has a $15 balance on it.

I have to admit that I am having a hard time finding information about this as Googling $0 balance and the like show up articles about carrying a balance and paying interest...

My understanding is that while it shows that you made on-time payments, that shows up the same as if you had not used the card at all that month on your credit report. Now sure, if you have a Barclays' credit card and you go to Barclays for a loan they can check your recent transactions. But if you go to Chase or Bank of America they cannot do that.

You can definitely still have a high credit score and pay off your card before the statement closes. Just like you can have a high score and not have a mix of credit accounts. But it would be better if you do because it shows that you can responsibly make payments on your credit card.

Look at credit karma or better yet a real credit report to get an idea of how much information is being tracked. Hyperactive paranoia level paying down of a credit card still shows payment history and maintains good status. Low utilization helps maintain a high score. Many people do this prior to applying for a loan for a short term boost in their credit score. If you made it a habit all the time, your score would be higher on average.

High score = credit worthiness = shows that you can responsibly make payments and manage credit

Just chiming back in to say I don’t understand all the stuff that makes up a credit score but ours hang between 820 and 840. As long as they remain high enough to give us the best rates for insurance and the off chance we’d want to take out a car loan or HELOC, I don’t truly care what the official number is. I’m just an accounting nerd that enjoys “clearing” the books every week or two.

[libertarian4321]

I pay once a month.  I set the payment for the last day of the grace period.  I pay the "statement balance" in full.

[Much Fishing to Do]

I let it autopay full balance due when due. 

The only reason I see to do anything different is that if the next month is one where you would care what your exact credit score is you could pay off the CCs (except for a few bucks) the day before your statement is generated.  Given that's the number that gets reported to the reporting agencies, it would then show you are using 1% of your balances which would give you the highest possible score with all other factors being equal.  This is in fact the only real 'trick' I know of where you can effectively raise your credit score in some easy way, so I 'd say worth doing if you're gonna apply for a mortgage the following month, etc.

[SpareChange]

I also just let it autopay in full once a month.