Conflicting info on building credit.

[Suss&Camm 2,213]

3 hours ago, N-o-l-a said:

 

I can assure you that paying off your credit cards every month does not leave them at 0% utilization, unless you do not use the card at all the next month.  What happens is that you are paying off the statement balance, so on your hypothetical $290 statement, you are paying off $290, but your card balance on that date might in fact be $350, however you are not being charged the interest on the $60 left because it is on the next statement.  So, yes, you should always pay the statement balance in full, but not the actual balance on that date (unless it is the statement balance).   For the record, I have several credit cards that I don't use at all with high limits - that doesn't hurt my score in the least.  

People have a hard time separating billing cycles from one another I've noticed.

[Athens 101]

Hello guys, I don’t want to get confused. I initially welcomed the idea of paying off in full at least few days before my due date. Ok pls help out now. I spent $40 from my $200 secure card, my next due date is December 2. When and how can I pay? 

I have also been advised not to do auto pay. Pls kindly advise. 

[N-o-l-a 7,167]

4 hours ago, Athens said:

Hello guys, I don’t want to get confused. I initially welcomed the idea of paying off in full at least few days before my due date. Ok pls help out now. I spent $40 from my $200 secure card, my next due date is December 2. When and how can I pay? 

I have also been advised not to do auto pay. Pls kindly advise. 

 

When did your statement close?

 

You can pay in full any time between the date of the statement closing and the due date.  

 

There is nothing wrong with auto pay if you keep an eye on it.  Especially as you begin to have more bills or life obligations, auto pay will save you from late fees and interest.

[Athens 101]

9 hours ago, N-o-l-a said:

 

When did your statement close?

 

You can pay in full any time between the date of the statement closing and the due date.  

 

There is nothing wrong with auto pay if you keep an eye on it.  Especially as you begin to have more bills or life obligations, auto pay will save you from late fees and interest.

 I received my card on November 3, statement closed on November 6, next due date is on December 2. 

[N-o-l-a 7,167]

4 minutes ago, Athens said:

 I received my card on November 3, statement closed on November 6, next due date is on December 2. 

Ok, but is that $40 from the Nov 6th statement?  Just pay what the statement balance is from November 6th.  There should be an option when paying online to pay the statement balance.

[Athens 101]

18 minutes ago, N-o-l-a said:

Ok, but is that $40 from the Nov 6th statement?  Just pay what the statement balance is from November 6th.  There should be an option when paying online to pay the statement balance.

It’ says 00. But pending $40 dollar. It’s not asking me to pay the $40 yet. 

 

Current balance $40

Last statement balance $00

minimu payment due 12/2 $00

 

i don’t think I need to pay thfor $40 right now but wait till  close to due date or when it shows I have to pay

 

 

Edited November 13, 2017 by Athens

[N-o-l-a 7,167]

1 minute ago, Athens said:

It’ says 00. But pending $40 dollar. It’s not asking me to pay the $40 yet. 

Then you needn't worry about it until after your next statement comes out.

 

[Athens 101]

Ok

[SusieQQQ 11,586]

On 11/12/2017 at 5:15 AM, Richard Purves said:

The best advice I've ever seen is on NerdWallet.com. The short version is:

1. If you've an Amex card direct from Amex, they have a Global Transfer scheme that can help a lot.
2.  

I'm planning to do the first three after I get over.

The key here is “direct from Amex”, and it’s not necessarily something a cardholder would know. The country I’m from doesn’t participate in global transfer for example,  but it’s not until you actually ask that you discover this is the case ( Amex cards there are issued under license from a local bank but this is mpg obvious) -so I’d suggest if anyone is looking to open an Amex account specifically for this reason, check that your country participates! If it does, it is indeed a good start on the credit record journey.