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Multiple Credit Card Payments vs Autopay… I'm Nuts

Home Personal Finance and Budgeting Multiple Credit Card Payments vs Autopay… I'm Nuts

  •  mapplebum 
    Participant
    Status: Spouse
    Posts: 191
    Joined: 04/17/2018

    Not only do I pay manually, every month I log all spending / expenses in a PHYSICAL NOTEBOOK. I have just about every month since 2012.

     

    First of the month I pay it off in full. Logging in means I scroll through to make sure the charges at least make sense. Find out of hubby’s been buying lunch again…little things.

    Click to expand…

    And I thought I was nuts.   😆  😉

    At least open an excel file??  Then you can at least make some meaningful data out of it.

    Those lunches really do add up.  Glad my wife’s employer still feeds them for free.

    Click to expand…

    The one time my husband saw me using excel his words were “you know that can add it up for you, right?” I just like doing it the hard way. So basically, if I ever have time for another continuing education course it’ll be on how to use Excel.

    #156120 Reply
    Liked by Craigy
     Bmac 
    Participant
    Status: Physician
    Posts: 275
    Joined: 10/21/2017

    Not only do I pay manually, every month I log all spending / expenses in a PHYSICAL NOTEBOOK. I have just about every month since 2012.

     

    First of the month I pay it off in full. Logging in means I scroll through to make sure the charges at least make sense. Find out of hubby’s been buying lunch again…little things.

    Click to expand…

    I don’t intend this to be disparaging, but what is the benefit of using a PHYSICAL NOTEBOOK? If you are taking the time to do that, why not use something like Quicken so that you can search and generate expense reports and the like? I’ve been manually entering all credit card and checking account items into Quicken for nearly 20 years which provides a very rich database. How many times have we dined out at restaurant X? How have our income and expenses changed year to year? When did I last renew that magazine subscription for which I’ve just received a “great offer?” And on and on. I can easily answer all of those. Hey, if you are putting in the time at least reap the most benefits.

    #156197 Reply
    Liked by Zaphod, triune, Kamban
     DallasFromTexas 
    Participant
    Status: Physician
    Posts: 1
    Joined: 01/09/2019

    Honestly, maybe everyone knew this, but I just learned that when I pay off my card in full (as is our monthly habit) before the statement closes (rather than a day or two afterward), my “statement balance” on the card is usually 10-15 dollars from random purchases in the day or two between when I paid it off and the official closing date. This month, I didn’t do my extra end-of-the-month paydown and let my autopay through the credit card kick in (highest it will let me set autopay is the statement balance).  I got a CreditKarma alert that my score dropped from 777 to 692!  I was so mad, and only through this experience learned the numerator in the debt to credit utilization calculation: it’s the statement balance.  Seems like a no-brainer now, but I honestly didn’t know how they measured the “debt” portion when I was paying cards in full.  Now we all know! For people trying to make sure the credit score number is awesome, the key is using 1-3% of the credit limit (better effect on credit score than using 0%/having a zero balance when the statement closes).  Best of luck, all!

    #179974 Reply
     Peds 
    Participant
    Status: Physician
    Posts: 2661
    Joined: 01/08/2016
    Disability Insurance

    Honestly, maybe everyone knew this, but I just learned that when I pay off my card in full (as is our monthly habit) before the statement closes (rather than a day or two afterward), my “statement balance” on the card is usually 10-15 dollars from random purchases in the day or two between when I paid it off and the official closing date. This month, I didn’t do my extra end-of-the-month paydown and let my autopay through the credit card kick in (highest it will let me set autopay is the statement balance).  I got a CreditKarma alert that my score dropped from 777 to 692!  I was so mad, and only through this experience learned the numerator in the debt to credit utilization calculation: it’s the statement balance.  Seems like a no-brainer now, but I honestly didn’t know how they measured the “debt” portion when I was paying cards in full.  Now we all know! For people trying to make sure the credit score number is awesome, the key is using 1-3% of the credit limit (better effect on credit score than using 0%/having a zero balance when the statement closes).  Best of luck, all!

    Click to expand…

    i am suspicious that was not the only reason your score dropped.

    or were you using a 100% of your credit balance?

     

    i never pay off my card early. my score is *quick check* 830 out of 900. it is down from 837 due to the holidays.

    #180126 Reply
    Liked by Zaphod
     Tim 
    Participant
    Status: Accountant
    Posts: 1095
    Joined: 09/18/2018

    Not a big fan of credit card hopping or using multiple cards for rewards. Just pick another card (with no fee) that you like. As long as you request a decent size credit limit, just autopay a small bill. Stick the card in the file once you met the bonus.
    Keep using the one you like. I have three at Chase where I bank. I carry CapOne Venture. The convenience of the travel miles.

    #180131 Reply
     RocketBooster 
    Participant
    Status: Pharmacist
    Posts: 64
    Joined: 05/06/2018

    Same OP, autopay and I pay them off at least twice a month. Zero balance feels good man… plus it takes like <15 seconds using an app nowadays.

    #181003 Reply
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 5224
    Joined: 01/12/2016

    Not only do I pay manually, every month I log all spending / expenses in a PHYSICAL NOTEBOOK. I have just about every month since 2012.

     

    First of the month I pay it off in full. Logging in means I scroll through to make sure the charges at least make sense. Find out of hubby’s been buying lunch again…little things.

    Click to expand…

    And I thought I was nuts.   😆  😉

    At least open an excel file??  Then you can at least make some meaningful data out of it.

    Those lunches really do add up.  Glad my wife’s employer still feeds them for free.

    Click to expand…

    The one time my husband saw me using excel his words were “you know that can add it up for you, right?” I just like doing it the hard way. So basically, if I ever have time for another continuing education course it’ll be on how to use Excel.

    Click to expand…

    Excel is pretty self explanatory, you can just google what you want to do and there is a ton of info out there.

    I would never add it up myself (unless just checking math), you are definitely going to make more mistakes. Of course you can make mistakes in formulas or whatever, but much better overall.

    I got a CreditKarma alert that my score dropped from 777 to 692! I was so mad, and only through this experience learned the numerator in the debt to credit utilization calculation: it’s the statement balance.

    Click to expand…

    You did something else, nothing to do with when you paid. I just autopay the balance whenever its due and it causes zero issues. There is no benefit to doing it some other way from a credit or any other standpoint. You may have gone over a utilization threshold which can kick you down, over 30%, 50% etc…all start knocking points off. Open more cards, increase available or make sure not to overload cards.

    #181012 Reply

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