Paying Credit Card Balances Weekly of Bi-Weekly
Author: bullet875
Posted: Sat Apr 08, 2006 1:09 pm
Post subject: Is there any disadvantage to...
paying your credit card balances off weekly or biweekly?
I use my rewards cards for EVERYTHING and I'm wondering if it will cause any problems if I pay off some of them weekly...like paying my food bill after I buy groceries? Will if negatively affect my credit rating or affect my credit accounts in any way?
It's just easier for me to keep my accounts (ioncluding checking) straight and up to date this way.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: bullwinkle29
Posted: Sat Apr 08, 2006 2:31 pm
Post subject:
i dont see why it would. you still going to end up w/the same total at the end of the month.
Author: Polonius
Posted: Sat Apr 08, 2006 2:43 pm
Post subject:
There's no harm done, but you're missing most of the advantages of having credit cards, such as the grace period, the ease of paying just once per month, the convenience of integrating your purchases into a computer financial program like Quicken, and so forth.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
Author: TomfromCT
Posted: Sat Apr 08, 2006 2:48 pm
Post subject: Paying Credit Card Balances Weekly of Bi-Weekly
I pay my credit cards all the time using the online billpay.
Towards the end of the month I let some of it hit the statement so that I show about 5% usage.
I have my reason mooo ah aha aha ahahahahaaaaaa
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: tonyb
Posted: Sat Apr 08, 2006 6:13 pm
Post subject:
I can see how it will help.
Let's say you spend $5,000 in a month on your card. You pay the balance off in full at the end of the month. However, the card could report to the credit agencies that you have a $5,000 balance (which is why it's recommended to stop using your cards for a few months before getting a mortgage or other major loan if your credit score might be borderline).
Assuming for the sake of argument, you spent at an even clip, paying twice a month would mean the highest balance would be around $2,500 (again, assuming you didn't buy one $5,000 thing).
So, that could help, by showing the credit agenencies a lower balance than what you would spend in a month. Depends on if that's a concern. I've got high enough CLs, high enough score, and I don't spend that much that it's not really a concern for me, but it could be a useful trick. I'm not sure if it would actually work out that way though.
Author: bullet875
Posted: Sat Apr 08, 2006 1:09 pm
Post subject: Is there any disadvantage to...
paying your credit card balances off weekly or biweekly?
I use my rewards cards for EVERYTHING and I'm wondering if it will cause any problems if I pay off some of them weekly...like paying my food bill after I buy groceries? Will if negatively affect my credit rating or affect my credit accounts in any way?
It's just easier for me to keep my accounts (ioncluding checking) straight and up to date this way.
Author: bullwinkle29
Posted: Sat Apr 08, 2006 2:31 pm
Post subject:
i dont see why it would. you still going to end up w/the same total at the end of the month.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Sat Apr 08, 2006 2:43 pm
Post subject:
There's no harm done, but you're missing most of the advantages of having credit cards, such as the grace period, the ease of paying just once per month, the convenience of integrating your purchases into a computer financial program like Quicken, and so forth.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
Author: TomfromCT
Posted: Sat Apr 08, 2006 2:48 pm
Post subject: Paying Credit Card Balances Weekly of Bi-Weekly
I pay my credit cards all the time using the online billpay.
Towards the end of the month I let some of it hit the statement so that I show about 5% usage.
I have my reason mooo ah aha aha ahahahahaaaaaa
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: tonyb
Posted: Sat Apr 08, 2006 6:13 pm
Post subject:
I can see how it will help.
Let's say you spend $5,000 in a month on your card. You pay the balance off in full at the end of the month. However, the card could report to the credit agencies that you have a $5,000 balance (which is why it's recommended to stop using your cards for a few months before getting a mortgage or other major loan if your credit score might be borderline).
Assuming for the sake of argument, you spent at an even clip, paying twice a month would mean the highest balance would be around $2,500 (again, assuming you didn't buy one $5,000 thing).
So, that could help, by showing the credit agenencies a lower balance than what you would spend in a month. Depends on if that's a concern. I've got high enough CLs, high enough score, and I don't spend that much that it's not really a concern for me, but it could be a useful trick. I'm not sure if it would actually work out that way though.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sat Apr 08, 2006 1:09 pm
Post subject: Is there any disadvantage to...
paying your credit card balances off weekly or biweekly?
I use my rewards cards for EVERYTHING and I'm wondering if it will cause any problems if I pay off some of them weekly...like paying my food bill after I buy groceries? Will if negatively affect my credit rating or affect my credit accounts in any way?
It's just easier for me to keep my accounts (ioncluding checking) straight and up to date this way.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: bullwinkle29
Posted: Sat Apr 08, 2006 2:31 pm
Post subject:
i dont see why it would. you still going to end up w/the same total at the end of the month.
Author: Polonius
Posted: Sat Apr 08, 2006 2:43 pm
Post subject:
There's no harm done, but you're missing most of the advantages of having credit cards, such as the grace period, the ease of paying just once per month, the convenience of integrating your purchases into a computer financial program like Quicken, and so forth.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
Author: TomfromCT
Posted: Sat Apr 08, 2006 2:48 pm
Post subject: Paying Credit Card Balances Weekly of Bi-Weekly
I pay my credit cards all the time using the online billpay.
Towards the end of the month I let some of it hit the statement so that I show about 5% usage.
I have my reason mooo ah aha aha ahahahahaaaaaa
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: tonyb
Posted: Sat Apr 08, 2006 6:13 pm
Post subject:
I can see how it will help.
Let's say you spend $5,000 in a month on your card. You pay the balance off in full at the end of the month. However, the card could report to the credit agencies that you have a $5,000 balance (which is why it's recommended to stop using your cards for a few months before getting a mortgage or other major loan if your credit score might be borderline).
Assuming for the sake of argument, you spent at an even clip, paying twice a month would mean the highest balance would be around $2,500 (again, assuming you didn't buy one $5,000 thing).
So, that could help, by showing the credit agenencies a lower balance than what you would spend in a month. Depends on if that's a concern. I've got high enough CLs, high enough score, and I don't spend that much that it's not really a concern for me, but it could be a useful trick. I'm not sure if it would actually work out that way though.
Author: bullet875
Posted: Sat Apr 08, 2006 1:09 pm
Post subject: Is there any disadvantage to...
paying your credit card balances off weekly or biweekly?
I use my rewards cards for EVERYTHING and I'm wondering if it will cause any problems if I pay off some of them weekly...like paying my food bill after I buy groceries? Will if negatively affect my credit rating or affect my credit accounts in any way?
It's just easier for me to keep my accounts (ioncluding checking) straight and up to date this way.
Author: bullwinkle29
Posted: Sat Apr 08, 2006 2:31 pm
Post subject:
i dont see why it would. you still going to end up w/the same total at the end of the month.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Sat Apr 08, 2006 2:43 pm
Post subject:
There's no harm done, but you're missing most of the advantages of having credit cards, such as the grace period, the ease of paying just once per month, the convenience of integrating your purchases into a computer financial program like Quicken, and so forth.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
Author: TomfromCT
Posted: Sat Apr 08, 2006 2:48 pm
Post subject: Paying Credit Card Balances Weekly of Bi-Weekly
I pay my credit cards all the time using the online billpay.
Towards the end of the month I let some of it hit the statement so that I show about 5% usage.
I have my reason mooo ah aha aha ahahahahaaaaaa
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: tonyb
Posted: Sat Apr 08, 2006 6:13 pm
Post subject:
I can see how it will help.
Let's say you spend $5,000 in a month on your card. You pay the balance off in full at the end of the month. However, the card could report to the credit agencies that you have a $5,000 balance (which is why it's recommended to stop using your cards for a few months before getting a mortgage or other major loan if your credit score might be borderline).
Assuming for the sake of argument, you spent at an even clip, paying twice a month would mean the highest balance would be around $2,500 (again, assuming you didn't buy one $5,000 thing).
So, that could help, by showing the credit agenencies a lower balance than what you would spend in a month. Depends on if that's a concern. I've got high enough CLs, high enough score, and I don't spend that much that it's not really a concern for me, but it could be a useful trick. I'm not sure if it would actually work out that way though.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 10:19 PM
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