Author Topic: Is it possible to automate a credit record?  (Read 2338 times)

Spiliph

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Is it possible to automate a credit record?
« on: October 10, 2014, 05:48:36 AM »
Hey guys, so from reading the forum I understand what it takes to get a decent credit score. The only reason that I am interested in getting a good score is so that we can purchase a home in a couple of years.

Is there any way to automatically debit an amount from a credit card, and then have that amount paid in full at the end of the month?

TN_Steve

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Re: Is it possible to automate a credit record?
« Reply #1 on: October 10, 2014, 06:41:43 AM »
Do you have monthly recurring bills?  Put one of them on the credit card (say, newspaper, garbage, electric, RW or other phone, water, etc.) if provider permits.  Easy to set up as an automatic thing.

Then just connect the card to your bank account with autopay feature on the web site.


hdatontodo

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Re: Is it possible to automate a credit record?
« Reply #2 on: October 10, 2014, 07:07:14 AM »
The automatic payment setup for my Amazon/Chase card has two choices

Minumum Payment Due

Full Amount Due

and you select the bank account from which to pay
« Last Edit: October 10, 2014, 07:25:02 AM by hdatontodo »

Spiliph

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Re: Is it possible to automate a credit record?
« Reply #3 on: October 10, 2014, 07:43:10 AM »
Awesome idea. Thanks guys. Automating this is the only way to go :)

arebelspy

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Re: Is it possible to automate a credit record?
« Reply #4 on: October 10, 2014, 08:01:56 AM »
Also a credit card doesn't necessarily have to be used.  I have cards that have sat in a drawer for years, no activity, and still report as paid on my credit score.
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forummm

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Re: Is it possible to automate a credit record?
« Reply #5 on: October 10, 2014, 09:13:07 AM »
Also a credit card doesn't necessarily have to be used.  I have cards that have sat in a drawer for years, no activity, and still report as paid on my credit score.

I've heard from mortgage brokers that at least some of your accounts have to be "active" to count fully for a credit score, i.e. used occasionally. Unused open accounts show up on your credit report, but may not be fully factored into your credit score. YMMV.

arebelspy

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Re: Is it possible to automate a credit record?
« Reply #6 on: October 10, 2014, 09:34:06 AM »
Also a credit card doesn't necessarily have to be used.  I have cards that have sat in a drawer for years, no activity, and still report as paid on my credit score.

I've heard from mortgage brokers that at least some of your accounts have to be "active" to count fully for a credit score, i.e. used occasionally. Unused open accounts show up on your credit report, but may not be fully factored into your credit score. YMMV.

Yes, I've heard this too.  But I've also had many CCs report as active and paid in full, even when not used.  In other words, there is no difference on how they appear on my credit score versus one that has been used (and paid off before the bill, so both show 0 balance).  So usage may not be as necessary as some claim.  YMMV.  :)
I am a former teacher who accumulated a bunch of real estate, retired at 29, spent some time traveling the world full time and am now settled with three kids.
If you want to know more about me, this Business Insider profile tells the story pretty well.
I (rarely) blog at AdventuringAlong.com. Check out the Now page to see what I'm up to currently.