I like paying the cards off weekly. That way I can remember better certain recent transactions. But does this help or hurt my credit? Thank you!

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AutoModerator t1_iybq124 wrote on November 30, 2022 at 5:10 AM

#794,128

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[deleted] t1_iybq8gm wrote on November 30, 2022 at 5:12 AM

#794,184

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aiaor t1_iybqbpw wrote on November 30, 2022 at 5:13 AM

#794,205

It should have no effect on your credit. As long as every payment is made before due.

[deleted] t1_iybqj0a wrote on November 30, 2022 at 5:15 AM

#794,269

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Interested_Redditor t1_iybrjdc wrote on November 30, 2022 at 5:25 AM

#794,528

You should consider charging up to 50% and then letting that balance be billed, then pay that off. That shows good credit usage.

If you need more credit than that 50% then ask for more credit.

Paying it off weekly does absolutely nothing for you.

ChillinTomi t1_iybrmh1 wrote on November 30, 2022 at 5:26 AM

#794,557

If you’re monthly payment is after the billing cycle ends, yes.

Edit: paying off weekly would leave you with a lower statement balance, so that would otherwise have a positive effect

DoubleHexDrive t1_iybs7yp wrote on November 30, 2022 at 5:32 AM

#794,731

I do this, has a small positive benefit of lower utilization, but that’s not a significant reason to pay them off weekly.

HippoAggravating3481 t1_iyc46bg wrote on November 30, 2022 at 7:59 AM

#797,759

I just pay on the app whenever it shows a balance. I have two credit cards and my utilization rate is 0-1%. This has very much helped my credit score compared to when I carried a balance.

The only time it is not 0% is when there is a payment pending when my statement comes out, but it doesn’t change my credit score much, if at all.

kveggie1 t1_iycgjlq wrote on November 30, 2022 at 11:00 AM

#800,700

I do this when we have a large charge on the card. For example we bought new appliances for about 5K in June and I paid it off within one week after the charge was posted.

We do not like to run high balances on the credit cards. (we already have the cash before we buy big item stuff)

Grunchlk t1_iydds3b wrote on November 30, 2022 at 3:56 PM

#810,838

I always pay early, sometimes twice a billing period if I don't feel like paying it in full the first time. My credit hasn't been affected negatively, can't say if it's been affected positively. The bank keeps increasing my credit limit though, trying to get me to make larger purchases I guess.

Ndi_Omuntu t1_iydx30u wrote on November 30, 2022 at 6:01 PM

#817,130

Replying to Interested_Redditor (#794,528)

Do not pay interest on a credit card if at all possible. It does not help your credit score.

I'm not sure if that's what you meant by "letting the balance be billed" but if it is, it's bad advice.

Interested_Redditor t1_iyetvdf wrote on November 30, 2022 at 9:30 PM

#828,233

Replying to Ndi_Omuntu (#817,130)

No, paying interest is not the point. Paying the balance due after it's been billed is the advice.

Ndi_Omuntu t1_iyev7rk wrote on November 30, 2022 at 9:39 PM

#828,787

Replying to Interested_Redditor (#828,233)

I just don't think I've ever heard someone use the word "billed" in this context.

I interpreted what you said as "wait until they charge you for it, then pay" which I interpreted the charge as the interest.

I think it's also because nobody would ever pay a balance before its billed (like, pay in advance on the credit card I guess?) so it makes it hard to interpret your advice I guess.

Just a misunderstanding.