BEST Day to Pay your Credit Card Bill (Increase Credit Score)
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- Опубліковано 11 кві 2023
- #creditscore #creditcard
In this video we discuss the best day to pay off your credit card. Doing so on this day could easily boost your credit score.
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Making those early payments is key!! I personally set a reminder to pay off my credit cards down to 1-2% utilization BEFORE the statement close date and then set up autopay to pay the rest of the statement balance off by the due date. It's worked great for me so far!
I pay down my cards every Friday except the last one of the statement period ( unless I made large purchases) and then auto pay handles the rest. Been hitting 2-3% utilization
@@ninevanillaninjas1018 That's a great way to do it too!
@@SpencerJohnsonOfficial I have heard that some banks report to credit bureaus mid statement period, no idea if it's actually true but if they pull mine in the middle utilization should still be low.
@@ninevanillaninjas1018 That's interesting.. I don't think I had heard that before. I guess you'll be all set though!
I’m a little confused, so if my due date is on the 1st of every month and my closing date is on the 3rd of every month, when should I be paying off my CC?
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Thank you Jesus for explaining all this - this explains why my score has been dipping and won’t go up - I will pay off before the statement date now, thank you sooooooo much sir!!!
Very informative video thank you John!
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Thank you for this!
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Nah I think it’s the same rate
@@saultrealtorcarolit's a bot lol
You can have good credit with no history. No history with good credit is as bad ass no credit at all. So you need a lil debt to show you can manage it
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Interesting. Will try this. I have 802 and just have my autopay set up and have never thought anything more of it
You could jump up to 850. Good luck!
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Thanks for your video, it’s really help me boost up my credit score
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In a nutshell, if the payment is due the 3rd of each month, and your statement closing date is on the 6th of each month: Turn off AutoPay or modify it, set reminders, pay 99% of your balance on or prior to the 1st, and then pay off the final 1% balance on the 15th so that the 1% is reported to the bureaus. Generally, the statement close is 3 days after the due date, but other companies like Capital One I can have my payment due the 3rd of each month, but the statement close may be on the 8th, or 7th, so that's why I chose to pay it off the 1% on the 15th each month.
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Just an alternative experience. First, processing payments for some cards seems to take place after processing the amount owed. This likely maximizes interest for the banks so I get why they do this. In that case what gets reported is likely your balance. If you really want to show low or zero utilization then paying the day before your statement day is likely safer.
Additionally, for many years I have paid the day before my due date so that what’s due is zero across all cards.
In effect what this means is it shows up as zero utilization. Which in some scenarios can have a negative impact in your score.
When I changed to ensuring payments happen the day before the due date to bring utilization at ten % or less, but still some
Balance owed…for me that is the sweet spot for maximizing score if that’s your goal say for bouncing you up a few points to ensure you get the best rate for a potential loan.
Paying before the due date makes no sense. You still have to pay again on the due date unless you pay the entire balance.
@@krane15 if you want to max your score for something, this is the way.
And I might add, it’s not exactly hard to press the four or five buttons to pay a credit card.
Thanks a lot for the tip!
Thank you, this really helps
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Crap, why didn't I thought of this.. this whole time my money's been sitting in my checking waiting for the due bill notice meanwhile I've been wondering why my credit score be rollercoastering up and down thru out the years, I'll put it to use, thank you so much!! Knowing is half the battle!
So do you make two payments? 1. Prior to statement close date/statement close date AND due date. I have an AMEX so I need to pay the full balance each time.
This may have been touched on in the comments. I have always paid my credit and charge cards off before the cycle went through. We had some personal situations that made it so I could not pay some of them before they cycled but rather before they were due. When I checked my credit, it jumped up 10 pts or so (to 836). I played around with my payments and found that if I keep 1,000-2,000 on my cards for the cycle (and still pay off by the time they are due) my credit is at its highest. I also found that it's not due to the credit bureaus thinking the card is inactive, because I can leave $20 on each one and my credit scores are still drops. Why is it that I have to keep a thousand or so dollars on the cards for the end of the cycle?
So I just tried this this past billing cycle and it actually worked! I always paid my cards in full on the first of the month but paid this month right before the billing cycle ended for each card. In a week my vantage score went up 6 points. My goal is an 840 credit score.
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I also got to and what I've noticed is it's best not to use your card about 3 to 4 days before your statement closed date because any of that will be adding to your utilization. This happened to me. Just don't make no charge like it 4 days before. Unless you're really low on your neutralization
Thanks for Info.. the last time I checked my score 830 so still work to do.
You forgot to mention to actually leave a balance of less than 10% of credit line on statement date, so your statement date doesn't show $0 balance. As credit company takes snapshots, that will show low use of c/c which ding you when you request a credit line increase. Happened to me.
What if you have a credit card you're not using? If you're not trying to request a credit line increase for that card, is there any harm in leaving $0 balance?
@@gracehuang8571 correct, if you not using it, you don't need a credit line increase, so leaving it $0 is OK
@Roelof I pay my credit cards in full as soon as they post and my credit score has gone up 100 points in the last two months lol leaving a balance in not necessary lol
@@gracehuang8571 , there's such a thing as having too much credit, and there's such a thing as closing an unused credit card that will negatively impact your credit score. Why get the card in the first place? Hopefully, you don't have a high credit limit on the card. If you do, you can ask the issuer to lower it.
@@bradIeyyy thank you
This was perfectly done! Thank you! This exact thing happened to me last month even though my usage was still well below 30% 🤦♀️
I've found the best dates differ depending on statement closing dates. I have one with a closing date of the 3rd or 4th of every month depending on whether it falls on a weekend or holiday, so I just make a payment 1 week before the 3rd of every month now. The card issuer then reports the balance to the credit bureau and I notice the credit bureau doesn't update the new score until close to the 17th. Basically, I make a payment a few days before the 30th of the month, and don 't touch the card until the new score is updated.
I've watched countless videos on this and left more confused than before I watched them. You explained this better than anyone i have watched. Utilization has been my downfall. Excited to put this into action! Thank you!!
Bot? Wtf
@@internetstresswhy?
If I make a charge on the card before the statement close date and also completely pay it off before then, are they going to think I didn’t use card at all that month since from my understanding they would report a 0% utilization then? I want them to still see that I’m using the card.
I've been wondering for so long why my score drops so much even though I'm always paying off my statement balances on time! Thank you for the info! And no thanks to the banks who don't want us to know this.
Awesome video man! Subbed 🤝
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*All you just need to do is just to look their name up online to see their website*
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What if you pay the card off same day. Swipe your card, then go online and pay it off consistently?
Hey John, quick question for you. How does my American express gold card which has no preset spending limit affect my credit utilization rate, and my total available credit over the span of multiple cards?
Charge cards do not impact utilization
It’s important to add to pay AND make sure the payment POSTS before the statement close date. Some accounts will reflect a payment but won’t actually post to the account for several days.
yep, gonna try doing it at least 3 days before in advance would do the trick and avoid the posting after closing date fiasco .. thnx!
Thank you! This is exactly what I came to this video to find out.
@@retro9173 for some banks, it won't post for a while if it's an ACH transfer so consider that, especially if the closing date is a Monday or Tuesday and you want ot pay on a Friday or something.
@@MichaelCarrPilot Hell I’ll push for 7 days window for it to go thru if I have to .. but thanks 😉
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The credit utilization explains why when I switched to paying it off twice a month, it raised my credit score a lot (I'm caught up now so I don't carry a balance)
Very informative ❤
I've made a lot of mistakes and as a result my credit is trashed. I did obtain a secured credit card and plan on using it to pay for gas. I will be using this tip for sure!
From a budgeting standpoint, it's much easier for me to pay off my cards bi-weekly timed with my paychecks. Is it possible to pay your cards off too often, where maybe your utilization appears too low?
I found this to be the case. The issuer makes money on the APR. Yeah, your score may go up but, there are no guarantees the creditor will increase your credit limit because they base it on a percentage of your income.
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I love your videos, they are super helpful! However I’ve heard this concept before and it always confuses me. My closing dates are always 5-6 days after my due date. So if I pay in full on the due date, unless I just happen to have a huge purchase in that couple of days, I don’t usually have much spent in just a few days so I can’t understand how this would really affect my score much to pay again 5 days later. Is this more useful if you just happened to have a big purchase in those few days after your due date or am I missing something else here?
In your scenario, your due date is from the previous closing date.
@@rmknicks the statement close is always before the due date. So nearly a month before your due date is the statement close. Then comes your due date, and 5 days later (in your scenario) the NEXT statement close date occurs. The NEXT due date amount will be based on the statement close that came BEFORE it.
@@EthanPatrick_CreditCards Yep that's what i wrote
@@innerpeace3973For example my statement date is on the 16 th every month so recently may 16th it closed. All payments from April 16th to May 16th will be on the statement but the due date isn’t until June 13th
@@EthanPatrick_CreditCards Exactly how many days before the statement closing date do you think should we pay our credit card bills?
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I just pay mine constantly. Transaction goes through: I make a payment.
Something most people would find annoying and totally non beneficial.
Same here.
@@krane15 but you’ll never be charged interest, that’s worth the 30second of annoyance it takes to hit ‘make a payment’
@@SWISSMUSICFCyeah but if you do that then the credit card company will think you’re not using the card in the end and your credit score lowers. How do I know this? It happened to me when I first got a CC. You’re supposed to let them know you’re using it hence paying off the STATEMENT BALANCE and not the full balance. Ik it sounds counter intuitive.
You suggest a low utilization, below 10%. Does it mean that you use the card only to 10%, or that you could use the card even at 50% but before the statement closure date you take it down to 10%? Also, would taking it down to 0% instead be better for the credit score?
Nice video and thank you! One question, my credit limit so far is only $1,000. My statement closing day is coming up, should I pay off and make it $0 in my account? Will it help my credit maximum? Or should I leave it like $10? Which one is better?
exactly. Cause I've done both and my credit score still goes down. Super frustrating!
Great! Thanks😊
Super helpful video! I'm a bit new to credit cards, but have figured this out myself. All I remembered was that I needed to keep my credit utilization as low as possible, and when I noticed that my current balance was above that, I made sure to pay a good portion of it off so it would be around 10% by the statement date. Nice to see that this video confirms that what I've already been doing is what I should keep doing 😊My credit score has improved around 30 points as well and my credit limit increased a couple hundred bucks.
Exactly how many days before the statement closing date should we pay our credit card bills.
@@eliteforce8017 how many days before the statement close date doesn't matter. All that matters is that you have most of it paid off before that date. Just make sure to keep a small portion unpaid so the cc company's screenshot of what they send to the credit bureau can see you are able to use credit(borrowed money) but you're not risky with how you do it. That's the name of the game, showing them you are responsible with the borrowed money.
So if a credit card limit is 10,000 and you use over the recommended 30% utilisation (let’s say 75%) but you pay back 3,500 before the statement close date, will you utilisation be 30% on the due date? Forgive me I’m new to this.
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I was paying off before the statement close date to avoid the interest charge. nice to know
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Thank, I just finished setting up auto pay on my two cards to PIF a week before the statement closing date.
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I have a question. My statement closing date is on the 7th of every month, but my due date is the 4th of every month, and I've always paid my entire balance on the due date. How would I work with that, since I rarely rack up a huge bill within the first 3 days after I've paid my card off?
Same if i took his logic i would have to spend enough in 2 days (from due date on 8th) so on my statement date (the 13th) it shows i have 10%-20% utilization.
Appreciate your channel! What do you think about Auto-pay? Mines are usually the exact day my payment is due.
I have a question. I generally pay off all my credit cards the day before the statement day and only leave the equivalent of 2% of each credit card's individual credit limit on balance. I wonder if it would be the same to pay all my cards in full the day before the statement day and only leave a balance equal to 2% of my total credit limit on a single card. What advantages or disadvantages could it bring?
Debt-to-income ratio is calculated across all cards, not just the one. All you would be doing is showing 2% on one card and 0% on the others, which i dont believe will do anything good or bad. It's just kind of sitting there.
That being said, keeping all your cards at a certain percentage, ensures that your overall credit utilization % is the same. For example, if you had 3 credit cards with a $500, $1,000, and $20,000 limit, 30% for each of those would be $150, $300, and $6,000 respectfully. If you add those all up, you get $6,450 which, you guessed it, is still 30% of $20,000.
So by keeping all your cards at or below 30%, you keep your overall credit utilization at or below 30%
Also, if im reading correctly, you said what if you put your overall 2% on one card? Dont do that, unless that 2% overall is still under 30% on that singular card. If you max out one credit card, but you're still using only 30% of your overall credit line, you're still maxing out a credit card
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But what if your closing statement is after your due date? And you paid off your bill in full and the score still gets dinged?
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Dont use credit cards. Best advice Dave Ramsey ever gave.
Yea because if you’re not responsible u dont need a credit card. If you are responsible credit cards are your best friend
You’re giving away between 1-5 percent of your purchase amounts (assuming you’re smart enough to use cards that pay you reward points) by using cash, in addition to a 30 day float, Always use credit cards but pay them in full by the due date.
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Excellent video...
Thank you for that info, sir, very informative.
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You can call the company and they can move the close date for you, you can like it up with your pay days
Good information.
Hard inquiries could stay in your report for three years and Trans Union keeps it for six years. Already checked with Trans Union and Equifax keeps it a little bit shorter for three years. It’s not two years only in America but I live in Canada.
Short, snappy, and to the point !
Thank you so much for the information about the length of credit. I was not able to get that information from my bank or Experian. I was going to close one of two cards at my bank (the latest was to get bonus miles) and now I have the knowledge to go back and see if that card or the one from another bank are the oldest, I assume that is correct and if the first mentioned card is the oldest, then suck it up and pay the $95 annual fee.
Great video, thank you so much.
One question: would bank think about me “negatively” if I close whole credit debt before statement date? Like would they think “he has credit card, but he doesn’t use it, we don’t need him”?
I literally saw 6 different videos with 4 different dates to pay on...LOL...youtube you have to love it.
Hey John, thanks for this video. Question - if you pay on your close date, how do you know how much you really owe, especially when setting up auto payment? Not a brag, but I pay off my balance every month - however, I wouldn't know how much to pay until after my close date. For example, my close date is on the 5th, and my due date is on the 2nd. I would pay off previous month's transactions on the before my close date, but the current statement's full transaction amount wouldn't be known. I'd have to manually check my card and figure my auto payment every month. Wouldn't be bad if I had just 1 card, but maybe I'm missing something?
My credit score dropped 6 points simply because my utilization is at 10% and I didn’t pay down on my card before the statement 😂🤦🏽♂️ oh well at least I know now! Thank you! your videos are extremely beneficial
I got my first credit card around a month 1/2 ago. My credit has already shot up almost 95 points. I pay my cell bill which used 24% of my credit. $25 payment on the 1st - $23 payment on the 13th before my bill cycles on the 15th 🎉
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